Riding The Wave News Summary 203

Bitcoin whales in a ‘buying frenzy’ ahead of catalyst: analyst, This NYU Student Owns a $6 Million Crypto Mine. His Secret Is Out., & more.

Dec 28, 2023

∙ Paid

Welcome to Riding The Wave. If you have questions or feedback, please reply to this email. If you are new to the Newsletter, please check out what we provide on our about page and consider subscribing. Within the Newsletter, I provide News Summaries, Weekly Status Updates, & Deep Dive Articles on Specific Topics (Ex: How do I pick which coins/tokens to buy?). More details here

News

Tweets

https://twitter.com/BTC_Archive/status/1732173858545840303

https://twitter.com/BTC_Archive/status/1732099407737172191

https://twitter.com/BTC_Archive/status/1732089366535660025

https://twitter.com/GameofTrades_/status/1732022016235147382

https://twitter.com/EricBalchunas/status/1732918824406487435

https://twitter.com/EricBalchunas/status/1733157335399297063

https://twitter.com/WatcherGuru/status/1734034285177315798

https://twitter.com/KobeissiLetter/status/1734052844536295537

https://twitter.com/EricBalchunas/status/1734205088774725654

https://twitter.com/BTC_Archive/status/1734261457674465441

https://twitter.com/nickgerli1/status/1734287639795376544

https://twitter.com/WatcherGuru/status/1735011751580610790

https://twitter.com/BTC_Archive/status/1734954990165275103

https://twitter.com/WatcherGuru/status/1735337367341318443

https://twitter.com/WatcherGuru/status/1735684960969756972

https://twitter.com/WatcherGuru/status/1735699453410005147

https://twitter.com/burrytracker/status/1735703630081413593

https://twitter.com/EricBalchunas/status/1736765569095922108

https://twitter.com/EricBalchunas/status/1736906286388703444

https://twitter.com/BTC_Archive/status/1737931480964255776

https://twitter.com/BTC_Archive/status/1737909289371459841

https://twitter.com/BTC_Archive/status/1737892298699030705

https://twitter.com/WatcherGuru/status/1738216355021652171

https://twitter.com/BTC_Archive/status/1738201302620848187

https://twitter.com/EricBalchunas/status/1738192728226197559

https://twitter.com/BTC_Archive/status/1739274141931327983

https://twitter.com/BTC_Archive/status/1739246752115347943

Bitcoin whales in a ‘buying frenzy’ ahead of catalyst: analyst

A crypto analyst believes several major catalysts could fuel further Bitcoin price increases.
In a Dec. 27 YouTube video, the analyst behind the popular CryptosRUs channel said he believes Bitcoin (BTC) is seeing renewed buyer demand ahead of multiple potentially market-moving events in the coming weeks and months.
The analyst says the launch of a spot Bitcoin exchange-traded fund (ETF) in the U.S., expected within weeks, is the next likely trigger for Bitcoin’s price. An ETF could bring significant new investor inflows, providing buying pressure the analyst believes could push Bitcoin to $48,000 from current levels of around $43,000.

The analyst believes Bitcoin has much further to run in its current bull cycle, expecting new highs above $100,000 in 2024. He cited Bitcoin’s previous price action around the Christmas holidays as one precedent for this view, noting Bitcoin has tended to post gains over the holidays in past bull cycle years.

Full Article

This NYU Student Owns a $6 Million Crypto Mine. His Secret Is Out.

Jerry Yu has the trappings of what the Chinese call second-generation rich. He boasts a Connecticut prep-school education. He lives in a Manhattan condominium bought for $8 million from Jeffrey R. Immelt, a former General Electric CEO. And he is the majority owner of a bitcoin mine in Texas, acquired last year for more than $6 million.
Yu, a 23-year-old student at New York University, has also become — quite unintentionally — a case study in how Chinese nationals can move money from China to the United States without drawing the attention of authorities in either country.
The Texas facility, a large computing center, was not purchased with dollars. Instead, it was bought with cryptocurrency, which offers anonymity, with the transaction routed through an offshore exchange, preventing anyone from knowing the origin of the financing.

None of this would be known had Yu’s company — BitRush Inc., also known as BytesRush — not run into troubles in the tiny Texas Panhandle town of Channing, population 281, where contractors say they weren’t fully paid for their work on his mine there.
A flurry of lawsuits over the work has shaken loose documents that bring to light transactions not normally made public as Chinese investors have flooded into the United States, spending hundreds of millions of dollars to build or run crypto mines, after the Chinese government banned such operations in 2021.

The records specified that $5,077,000 was due at closing, and publicly available transaction records show that the wallet, registered to a crypto brokerage company called FalconX, accepted $5,077,146 in tether around that time last year. The documents said $500,000 in tether had already been paid as a deposit, with the remaining $750,000 to come — also to be paid in tether — after BitRush took possession of equipment, supplies and materials at the site.
The source of the funds, however, was not publicly recorded and is known only to Binance, the exchange that handled the transaction. The agreement never specified exactly who would make the payment, and Clarkson said BitRush itself never sent or received any money through Binance.

Full Article

Taproot Wizards Contributor Launches Script To Remove Bitcoin Ordinals Inscriptions

Keep reading with a 7-day free trial

Subscribe to Riding The Wave to keep reading this post and get 7 days of free access to the full post archives.

Riding The Wave