💪 Bitcoin Steady Climb to $100,000

Happy Monday dear subscribers! After a shake out, have you guys already made your wish list for Christmas? Santa is coming…

In today's bulletin we are covering:

• Surfing the Market, with analysis on Bitcoin and Ethereum.

• Don't miss the News about Ledger Hack and Bitcoin ETF

• KASPA under the spotlight

• Short article about Bulls vs Bears

• Our selection of the best Gems on X

Bitcoin correcting a bit in this opening but holding the main support. Remains bullish. Just 155 days until the halving. Be ready.

Ethereum also took a dip and is visiting the $2,100 range support, which has been a key resistance. Consolidation here enables the bullish reversal for the short/mid and long term:

Security Breach Hits Ethereum DApps Through Ledger, Resulting in Losses

Multiple Ethereum-based decentralized applications (DApps) such as Zapper, SushiSwap, Phantom, Balancer, and Revoke.cash experienced security breaches due to a compromise in Ledger's Connect Kit.

The Paris-based hardware wallet manufacturer fixed the malicious code, but the extent of the damage and losses remains unclear. Blockaid, a blockchain security firm, estimated over $150,000 in crypto losses from this supply chain attack on Ledger's Connect Kit, widely used in the decentralized finance (DeFi) ecosystem.

• Multiple Ethereum-based DApps, including Zapper, SushiSwap, Phantom, Balancer, and Revoke.cash, compromised due to a security breach in Ledger's Connect Kit.

• Ledger, a Paris-based crypto hardware wallet manufacturer, fixed the malicious code, but the extent of losses is unknown.

• Blockaid estimates over $150,000 in crypto losses from this supply chain attack on Ledger's Connect Kit, widely used in DeFi.

• Sushi Chief Technology Officer warns users not to interact with any DApps until further notice.

• Tether freezes the explorer's address hours after the hack, showcasing the ability for on-chain measures to track and pressure attackers.

This incident raises concerns about security in the crypto industry and highlights the risks associated with decentralized applications.

Bitcoin Poised for Resurgence in 2024, Says Blockstream CEO Adam Back

Blockstream CEO Adam Back anticipates a Bitcoin resurgence in 2024, attributing the recent price downturn to a confluence of factors, including the COVID-19 pandemic, inflation, and regional conflicts.

Back notes that Bitcoin is currently below the historical price trend line for previous mining reward halving events. He suggests that the macro events affecting the market in recent years, including the aftermath of COVID-19, have subsided, setting the stage for a potential price surge.

• Blockstream CEO Adam Back predicts a Bitcoin resurgence in 2024.

• Attributes recent Bitcoin price downturn to various factors, including the COVID-19 pandemic, inflation, and regional conflicts.

• Bitcoin is currently below the historical price trend line for previous mining reward halving events.

• Macro events affecting the market in recent years, including the aftermath of COVID-19, have subsided.

• Emphasizes the potential impact of a spot Bitcoin exchange-traded fund (ETF) approval for significant capital inflows into the crypto space.

Back references the "stock-to-flow" model and predicts that Bitcoin could have reached $100,000 already if not for these macro factors. He also emphasizes the potential impact of a spot Bitcoin exchange-traded fund (ETF) approval, opening the door for significant capital inflows into the crypto space.

Let’s look into KASPA today!

The project is a Proof of Work Layer 1 blockchain.

Kaspa is a fast, scalable instant confirmation transaction engine built on a proof-of-work (PoW) GHOSTDAG protocol;

It supports high block rates while maintaining security by allowing the creation of blocks in parallel arranging them through consensus.

Their goal is to solve the blockchain trilemma by providing speed and scalability without compromising decentralization or security with a pure, stake-less, proof-of-work consensus mechanisms.

Going through their fundamentals I have come up with a handful of bullish points:

• Scalability and Speed.

• Innovation.

• Resilience to Congestion.

• Open Source Framework.

• Decentralized.

• There was no pre-mine, zero pre-sales, and no coin allocations on $KAS.

• Continuous halving (see tokenomics next).
  

As usual, fundamentals can be right but need to be backed by good tokenomics, in this case, The token $KAS currently has ~75% of the supply circulating with the rest being mined until it reaches its 28.7B total supply. 

The emission schedule halves once per year via monthly reductions by a factor of (1/2)^(1/12), meaning that on January 1st, 2025 it will have ~87.4% circulating supply and by July 10th, 2026, about 95% will have been mined.

The $KAS tokens have some utility and can be used for: 

• Governance: To participate in decision-making processes and vote on protocol upgrades and changes.

• Incentive: For miners to contribute computational power to secure the (PoW) blockchain.

• wKAS: Wrapped KAS token to gain access to various Dapps and services available on Ethereum. (1:1 pegged with $KAS tokens)

If this summary was enough to pick up your interest you can have a deeper view into the project on their website and Twitter.

I hope you liked it! If you want to bring other projects under the spotlight come to our free discord and let us know! 

Bulls vs Bears

We constantly hear that bulls have taken over the market or that bears come back from hibernation, but do we really know why we are talking about these animals to refer to market moves? Let’s explore this wild market together.

There are different theories about the origin of this picturesque description of the market. 

The most common one refers to the animal’s attacking style: bulls tend to use their horns to attack from bottom to top, describing a market upside swing; while bears use their front paws to attack from top to bottom, describing a market downtrend, as shown in the picture above.

Another theory dates back to the 18th century when the director of the Dutch West India Company built a wall to the south of the island where Manhattan is located today. This wall was intended to protect people from bears while keeping bulls from leaving the city.

A third theory connects to circus shows in antiquity. One of the most famous events was a fight between a bull and a bear.

That’s why we see a bull as the iconic monument of Wall Street. Spoiler alert: there isn't a bear there because markets are designed to go up!

Really interesting thread about the SOL ecosystem and its influence: 

Bitoin mining difficulty reached a new ATH:

Timeline and poor excuses from Ledger about the data breach:

Don’t sleep on this market, lots of opportunities to come, see you next week!