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JPMorgan stated that it was cautious regarding cryptocurrency markets in 2024. however, expects ether will outperform other cryptocurrencies and bitcoin due to an upgrade which will make the Ethereum Blockchain more scalable. The SEC’s decision on approving a spot BTC ETF is unlikely to spur major gains as there is a “high chance of buy-the-rumor/sell-the-fact effect,” JPMorgan analysts wrote on Wednesday. Ether will likely shine because of the upgrade or proto-danksharding. Danksharding is a new development in sharding (splitting the network into smaller shards) to improve transaction speeds. The proto-danksharding adds a new type of transaction to Ethereum, the “blob carrying transaction.”

Cathie Wood’s investment firm ARK Invest sold a large chunk of Coinbase on Wednesday, as the Nasdaq listed crypto exchange’s shares rose to a high for 20 months. ARK sold 283,104 coins worth $42.6m based on Coinbase’s last close price of $150.46. Since December 5, the firm has sold shares worth over $150 million. COIN rose by more than 7.7% on Wednesday to reach $150 for the very first time since April 20,22. Despite the recent sales, ARK still holds over 10% of the exchange’s assets and the exchange retains its top position on their list of 10 top holdings. The investment firm sold shares worth $1.63million of Grayscale Bitcoin Trust.

In the last few weeks, the value of Cardano ecosystem has grown rapidly as an increase in Ethereum alternatives may be pushing crypto users and investors to other blockchains for returns and capital allocation. This week, the total value of all Cardano projects reached over $440,000,000. It was a significant increase from its previous high of $330,000,000 in April. Cardano’s ADA token is up 17% over the last 24 hours. This brings its monthly gains to nearly 80%. At the beginning of December, the total amount of capital that was locked or staked in all DeFi protocols had reached $50 billion for the first six-month period. The Solana protocol led the way as the optimism surrounding the blockchain increased in recent weeks.

Chart of the Day

COD FMA Dec. 14 2023 (Glassnode)(Glassnode)

  • Deribit, for example, shows the ratio between open or active Bitcoin puts and calls.
  • In less than three weeks the so-called open interest put-call ratio increased from 0.40 up to 0.52, indicating a growing preference for options or puts that offer downside protection.
  • The ratio is still well below 1 and indicates a bullish bias.
  • Source: Glassnode

– Omkar Godbole

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Sheldon Reback is the editor.