Bitcoin slips below $40K, BNY Melon expects significant BTC contribution, Charles Schwab open to BTC trading, Intel readies new mining chip, US policymakers call miners to congress, as Russia considers crypto ban.

Six month low

Bitcoin followed a slide in global stonks to end lower for the third week in a row.

Fidelity adds BTC exposure to portfolio funds and predicts accelerating sovereign adoption, Rio de Janeiro to buy BTC, Jack Dorsey plans to build an open Bitcoin mining system, Cash App integrates the Lightning Network, and 68% of Swiss private banks intend to offer Bitcoin to clients

Macro headwinds

Bitcoin is on pace to end the week little changed after two weeks of declines.

BMN to launch capital raise on Bitfinex Securities in 9 days, El Salvador readies regulatory framework for upcoming BTC bond, Goldman Sachs says BTC is taking SoV market share from gold, Kazakhstan miners hit by internet outage, and listed miners announce massive CAPEX plans.

Risk-off

Bitcoin is on pace for its second consecutive red candle and the worst weekly decline since November.

Bitcoin ends 2021 at an average price of $47,400, Ray Dalio says BTC has proven itself, MicroStrategy backs up the truck, Southeast Asia sees mining boom, Marathon buys $900M of miners, and Morgan Stanley funds add to GBTC position

Hope springs eternal

Bitcoin is on pace to end the last week of 2021 modestly lower and almost spot on the full-year average price of $47,400 (up 4.3x from last year’s full-year average price of $11,126).

German banks gear up to support BTC interest, Ray Dalio calls Bitcoin the younger generation’s gold, Myanmar’s shadow gov adopts USDT, NYDIG raises $1B and BTC passes a major milestone with 90% of BTC mined

Glass ceiling

Bitcoin is on pace to give up most of its post FOMC bounce to end the week modestly lower as consolidation just north of the 200-day moving average stretches into the 13th consecutive day.

MSTR buys the dip with another $82M buy, Visa starts BTC consulting service, Senator Ted Cruz says BTC could fix the Texas grid, industry reps make a good showing on Capitol Hill, and Natixis reports increasing institutional interest in Bitcoin

Are we there yet?

Bitcoin is on pace to end this week down, bringing weekly declines to the fourth in a row — the first four-week losing streak since November of 2019.

Fidelity launches new BTC ETF in Canada, GS considers BTC lending, VanEck files for mining ETF, Jack pivots to BTC, India drafts new crypto regs, Korean Exchange head calls for crypto integration and Paraguay looks to legalize BTC mining

Consolidation

Bitcoin is on pace to finish the week fractionally lower and likely to post its third consecutive week of declines.

El Salvador announces $1B tokenized sovereign debt issuance with Blockstream and Bitfinex, Morgan Stanley funds add to BTC positions, Cathie Wood is still a net buyer of Bitcoin, and price gets hammered as options expiry triggers another ~ $173M in liquidations and covid worries spook markets

Black Friday Liquidation Sale

Bitcoin is on pace to follow up on last week’s -10% drop with another -8% this week.

BMN wraps up tranche 7, El Salvador connects volcanoes to Blockstream satellites, Fidelity becomes Canada’s first insto focused BTC custodian, Australia's biggest bank doesn’t want to get left behind, Mt Gox repayment gets final approval…was that the dip?

Uncorrelated

Bitcoin is on pace for its worst weekly drop in more than six months.

Blockstream

Blockstream is the global leader in Bitcoin & blockchain technology, making financial markets more efficient by reducing reliance on trust.

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