Today in crypto, CryptoQuant boss Ki Young Ju thinks Bitcoin could end 2024 under $59,000 despite it hitting new highs, Elon Musk voiced his support for ending the United States Federal Reserve, and Edward Snowden criticized Solana’s venture capital funding.
Bitcoin futures “overheated,” could end year at $58,000 — CryptoQuant
CryptoQuant CEO Ki Young Ju believes Bitcoin could end the year at just under $59,000 as he thinks the cryptocurrency’s futures market is overheated.
“I expected corrections as BTC futures market indicators overheated, but we’re entering price discovery, and the market is heating up even more,” he said. “If correction and consolidation occur, the bull run may extend; however, a strong year-end rally could set up 2025 for a bear market, [in my opinion].”
CoinGlass data shows Bitcoin has a record level of open interest — a measure of how many active positions are open on Bitcoin derivatives like futures and options — at nearly $50 billion.
Open interest on Bitcoin is sitting at record levels. Source: Coinglass
Collective Shift CEO Ben Simpson told Cointelegraph that a pullback to $58,000 was possible, but he believed it was “very unlikely” to happen by the end of this year pointing to Donald Trump’s election win, possible interest rate drops and consistent Bitcoin exchange-traded fund volumes.
Bitcoin has continued to climb since Trump’s win on Nov. 5, hitting its current all-time high of $81,943 on Nov. 11 on Coinbase.
Elon Musk wants to end the Fed
Billionaire Elon Musk appeared to back calls to end the Federal Reserve Bank by retweeting a social media post from Utah Senator Mike Lee, who argued that the Bank needs greater oversight from the Executive Branch of the United States.
Lee claimed that the current lack of sufficient executive oversight over the bank is a deviation from the Constitution of the United States and called for ending the Fed entirely.
Source: Elon Musk
Musk reposted Lee’s argument with a 100% emoji — echoing widespread calls from sound money advocates to abolish the central bank established in 1913.
Snowden calls for decentralization, criticizes VC influence on Solana
Edward Snowden, the privacy advocate and former National Security Agency (NSA) contractor, addressed decentralization during his appearance at Near’s Redacted conference in Bangkok, Thailand.
Speaking on topics like cryptocurrencies, artificial intelligence and blockchain technology, Snowden also addressed the impact of venture capital (VC) on blockchain projects, using Solana as an example.
He described Solana as “born in prison” due to its heavy VC funding, suggesting that financial backing can impede a blockchain network’s ability to operate independently.
While he acknowledged Solana’s rapid growth, Snowden expressed concerns that too much ownership has been ceded to investors, though he noted Solana could “become something” in the future.
Edward Snowden giving a talk on decentralization, Solana and AI at Redacted on Nov. 10. Source: Cointelegraph
Throughout his talk, Snowden emphasized the importance of decentralization in countering the expansive surveillance capabilities enabled by AI.
He warned of AI-driven surveillance allowing governments and corporations to process large volumes of personal data in real time, potentially paving the way for live data analysis on a massive scale:
“They want to train it on everything, and they want to be able to say, you know, who looks anomalous […] Look at everybody, look at the whole human body, and pick out anybody who is weird.”