Bitcoin Sets 16 Month High 💪

GM. This is Degen Scoop. It’s Thursday, here’s the scoop:

• Bitcoin Sets 16 Month High 💪

• FTX Getting Bids For Restart 📨

• Mexican Senator: Bitcoin As Legal Tender 🫰

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Bitcoin Sets A 16 Month High After Breaking $35,000 Due to ETF Speculation

Bitcoin has reached a new recent high of $35,000 which was last seen in May 2022. All in all, it has been a very bullish week for Bitcoin after experiencing a 24% pump over the last seven days. This positive momentum has influenced other majors, with Ethereum, XRP, Solana, Cardano, and Dogecoin all posting significant gains as volatility comes back to the market.

Solana has seen the largest increase among the top ten posting a 41% rise in the past week. This rally is attributed to renewed hopes of a Bitcoin ETF approval, with major players like BlackRock, Fidelity, Ark Invest, and Invesco competing for SEC approval. The consensus opinion is that all of the ETFs will get passed at the same time, but that remains to be seen.

BlackRock's significant entry into the space has garnered attention, with its recent amendment sparking interest at the chance of an initial market acceptance of a Bitcoin spot ETF. These amendments indicate progress in the approval process and show that we will likely see an ETF get the green light next year if not sooner.

FTX in Talks With Three Bidders Aiming To Restart the Crypto Exchange

FTX, once one of the world's largest crypto exchanges, is considering proposals from three bidders to restart trading. No one in the crypto community will forget the day in which FTX filed for bankruptcy last year amid fraud allegations which set off market wide contagion. The case with Sam Bankman-Fried (SBF) is ongoing in New York.

The decision on how to proceed with the bankruptcy, whether by selling the entire exchange, bringing in a partner, or rebooting the platform independently, will be made by mid-December. FTX has been trying to raise funds to repay creditors and has recovered about $7 billion in assets.

The company, along with its main creditor groups, has tentatively settled some disputes, paving the way for a detailed payout plan expected to be filed in December. FTX's founder SBF resigned as CEO last year, and he is currently on trial in New York on charges related to alleged misuse of FTX customer money; his testimony will be taking place today.

Mexican Senator Kempis Proposes Bitcoin As Legal Tender in Mexico

Mexican Senator Indira Kempis, renowned for her introduction of a bill proposing a CBDC, has shifted her political focus to integrate Bitcoin into her agenda. Kempis initially faced opposition from the crypto community for her CBDC proposal but later revised the bill to include Bitcoin as legal tender.

Despite encountering criticisms, Kempis remains committed to advancing a legal framework that recognizes and accepts Bitcoin as legal tender within her country. As she runs for the presidency in the 2024 elections, Kempis aims to continue her advocacy for Bitcoin within the legislative branch, working towards the implementation of well-considered laws and regulations.

While acknowledging Bitcoin's transformative potential, she maintains a practical perspective, stating, "It's not a panacea," highlighting that Bitcoin alone may not address all of Mexico's challenges. Hong Kong has positioned itself to be a crypto hub for the years to come and other countries like Mexico are taking notice to not be left behind.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.