Bitcoin Hits $38K Mark During Tranquil Holiday Weekend

• Bitcoin Peaks at $38,000 for the First Time Since May 2022
• Grayscale Bitcoin Trust (GBTC) Sees Large Investments
• Extradition Approved for Terra Founder
• Chart of the Day: Dominance of the Dollar in SWIFT Transactions
• Crypto Market Developments

Bitcoin Peaks at $38,000 for the First Time Since May 2022

On the morning of the day after the U.S. Thanksgiving holiday, Bitcoin$42,260 -0.64% briefly reached a high of $38,000. This milestone has not been achieved since May 2022. Despite a slight dip, the cryptocurrency is still trading 1.5% higher than the previous day. Crypto experts predict a continuing upward trend in the short term. According to trader Michael Van Pope, the next expected Bitcoin price point is $40,000. He stated on Twitter that an immediate break above $38,000 could signal this price point. Furthermore, Ether saw a 2% increase on the same day, trading at around $2,100.

Grayscale Bitcoin Trust (GBTC) Sees Large Investments

A JP Morgan research report revealed that a large number of Grayscale Bitcoin Trust (GBTC) shares were purchased in the secondary market this year. These shares were bought at a significantly lower price than the net asset value in anticipation of the trust's conversion to an exchange-traded fund (ETF). The expectation is that this conversion will be approved by the U.S. Securities and Exchange Commission (SEC). The bank's estimates point to a net flow of $2.5 billion into GBTC since the start of the year, which increases to $2.7 billion when covering short interest.

Extradition Approved for Terra Founder

A court in Podgorica, the capital of Montenegro, has approved the extradition of Terra founder Do Kwon. Kwon might be extradited to either South Korea or the United States. In March, Kwon was arrested at Podgorica's airport for possessing falsified documents. The decision on extradition will be made by the Montenegrin justice minister after Kwon completes a four-month prison sentence for document forgery. Aside from this, Kwon is facing multiple counts of fraud charged by U.S. federal prosecutors, in addition to existing civil charges in the U.S. and an ongoing investigation in South Korea related to the collapse of TerraUSD last year.

Chart of the Day: Dominance of the Dollar in SWIFT Transactions

The chart depicts the share of the U.S. dollar, euro, and Chinese yuan in SWIFT transactions since 2010. Despite the growing narrative of de-dollarization, the U.S. dollar remains the most used currency in financial transactions. On the other hand, de-euroization seems to be picking up pace, as the single currency's share has dropped to its lowest in over 13 years.

Crypto Market Developments

Hong Kong Investment Firm Victory Securities has secured a retail crypto trading license. Furthermore, Binance's recent settlement with U.S. authorities is viewed as a positive development for both the crypto market and the exchange by JP Morgan. This news concludes with Binance's CZ and the end of the 'Borderless' Crypto Company.

Edited by Jonathan Stoker