Bitcoin briefly hit $38,000 on Friday morning for the first time since May 2022, while trading in traditional markets was quiet the day after the US Thanksgiving holiday. The cryptocurrency has since declined slightly but remains up 1.5% on the day, with some observers predicting a short-term rise. Trader Michael Van Pope said in a tweet that the next price point for Bitcoin is $40,000. “A slow rise to a new resistance point and a break above $38,000 immediately means $40,000 is next,” he wrote. Ether gained nearly 2% on the day, trading at around $2,100.
A significant number of shares of the Grayscale Bitcoin Trust (GBTC) were purchased on the secondary market this year at a significant discount to net asset value in anticipation of the trust’s conversion into an exchange-traded fund (ETF) being approved by the U.S. Securities and Exchange Commission and Exchange Commission will be approved by the Exchange Commission (SEC), JPMorgan said in a research report on Thursday. The bank estimates that there has been a net flow of $2.5 billion into GBTC since the start of the year, which increases to $2.7 billion when short interest coverage is included. “Assuming this buying flow was primarily speculative in nature in anticipation of GBTC being converted into an ETF, then it is likely that this $2.7 billion would come from GBTC as these investors take profits once GBTC is converted,” wrote analysts led by Nikolaos Panigirtzoglou.
A court in Podgorica, the capital of Montenegro, approved the extradition of Terra founder Do Kwon to South Korea or the United States, according to an update posted on the judiciary’s website. Kwon was arrested in March after being caught with fake documents at Podgorica airport. The final decision on extradition will be made by the Montenegrin justice minister after Kwon serves a four-month prison sentence for document falsification, it said. Following his arrest in Montenegro, Kwon faces multiple fraud charges from U.S. federal prosecutors, in addition to existing civil suits in the U.S. and an investigation in South Korea related to the collapse of terraUSD last year.
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