Five Things to Know in Crypto This Week: BTC Hits 2023 High with DOGE Returning to $0.10

Bob Mason
Published: Dec 9, 2023, 09:22 GMT+00:00

The crypto market continued to respond to BTC-spot ETF-related news, countering anti-crypto rhetoric from Capitol Hill.

Five Things to Know in Crypto This Week

In this article:

Key Insights:

  • Bitcoin (BTC) climbed to a 2023 high of $44,747 on BTC-spot ETF-related news.
  • Dogecoin (DOGE) held onto the $0.10 handle for the first time since December 2022.
  • Anti-crypto rhetoric from Capitol Hill failed to impact investor sentiment toward the crypto market.

Bitcoin Continues the March Toward $60,000

Bitcoin (BTC) was up 10.68% for the current week ending December 10, 2023. Significantly, BTC struck a 2023 high of $44,747.

Progress toward a crypto-spot ETF market fueled buyer demand. Throughout the week, news of discussions between BTC-spot ETF issuers and the SEC raised hopes of the SEC approving a batch in January. A January 5-10, 2023, approval window could prove pivotal to BTC targeting $60,000 and the ATH of $69,276.

Fidelity met with the SEC to discuss the Fidelity Wise Origin Bitcoin Fund structure. The news sent BTC to the 2023 high of $44,747. BTC is eying an eight-week winning streak. Another weekly gain would give BTC its longest winning streak since November 2020.

BTC eyes an eight week winning streak.
BTC Weekly Chart 091223

Senator Elizabeth Warren and US Bank CEOs Target Cryptos

CEOs of US banks attended a Banking, Housing, and Urban Affairs Committee hearing. Senator Elizabeth Warren called on the Bank CEOs to support a push for the crypto industry to fall under banking regulations and oversight. The hearing took place on Wednesday.

Once more, Senator Warren linked cryptos with crime and called for anti-money laundering rules for crypto, saying,

“When it comes to banking policy, I don’t usually agree with the CEOs of multi-billion dollar banks. But enforcing anti-money laundering rules against crypto to protect national security is common sense & critical. It’s time for Congress to act.”

JPMorgan Chase (JPM) CEO Jamie Dimon was the most vocal of the CEOs despite launching the JPM Coin in 2019. In an anti-crypto tirade, the JPM CEO said,

“If I was the government, I would close it down.”

However, the anti-crypto rhetoric failed to spook investors. After a Wednesday decline, the total crypto market cap rose to a 2023 high of $1,624 billion on Saturday.

Crypto market cap hits a 2023 high.
Crypto Market Cap Daily Chart 091223

Coinbase Extended the Winning Streak to Six Weeks

Coinbase (COIN) gained 9.61% in the week ending December 8, after a 61.72% surge in November.

The anti-crypto rhetoric from Capitol Hill failed to impact buyer demand. Increasing trading volumes and improving investor sentiment supported a move toward $150. Coinbase shares hit the highest level since April 2022, with a 2023 high of $147.86.

Notably, the gains came despite the ongoing case with the SEC. In August 2023, Coinbase filed a motion to dismiss (MTD), arguing the SEC has no statutory authority to regulate crypto exchanges.

Presiding Judge Katherine Failla will hear oral arguments on the motion in January 2024. If Judge Failla grants the MTD, it could have a material impact on the US digital asset space. The timing is significant as the anti-crypto establishment becomes more vocal on Capitol Hill. A victory may force lawmakers to revisit the SEC and its regulation by enforcement mantra.

The SEC filed charges against Coinbase in June for allegedly operating as an unregistered securities exchange, broker, and clearing agency. Other charges included the unregistered offering and selling of securities in connection with its staking-as-a-service program.

Coinbase extends winning streak to 6 weeks.
Coinbase Weekly Chart 091223

Dogecoin Enjoyed a Breakout Week and a Return to $0.10

Dogecoin (DOGE) retook the $0.10 handle for the first time since April 2023 in the week ending December 10, 2023. Notably, DOGE held onto the $0.10 handle for the first time since 2022.

Dogecoin celebrated its 10th anniversary on December 6, which coincided with the return to $0.10.

Speculation about Tesla (TSLA) accepting DOGE as payment for the Cybertruck contributed to the gains. On December 3, the Dogecoin Community shared coding from the Cybertruck checkout webpage showing numerous references to DOGE.

For the current week ending December 10, DOGE was up 20.82% to $0.1033.

DOGE retakes the $0.10 handle.
DOGEUSD Weekly Chart 091223

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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