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It's Frrriiiddaayyyyy Folks! Bitcoin is trading up at $43,908.52. Bitcoin continues to struggle ahead of the perceived announcement of the Bitcoin ETF. Let's get on with the news...
SUMMARY
Yesterday, Only 39% of financial advisers believe a 2024 Bitcoin ETF will be approved: Bitwise.(3) Today,Bitcoin facing crucial Friday with almost $1B option expiring as ETF approval rumors swirl and it rebounds above $44K as Spot BTC ETF approval looks increasingly likely.(4)
How and where to start investing in cryptocurrencies in 2024
Bitcoin (BTC) has witnessed its most substantial surge in transactions exceeding $100,000 in nearly two years, according to crypto analyst Ali Martinez. Omega candle for Bitcoin (BTC) price Is very real, believes Samson Mow. Arthur Hayes says Bitcoin's bull run could face a 20-30% correction.(5) Marathon Digital breaks own record with 1,853 Bitcoin mined in December.(3) Bitcoin declines as market awaits news from SEC about ongoing review of applications for spot ETFs.
US employers added 216,000 jobs in December, beating the 170,000 estimate, while unemployment stayed at 3.7% month-on-month. Higher job numbers expose a strong labor market, which might delay the Fed's decision to drop interest rates until after Q1. US Securities and Exchange Commission could start approving Bitcoin ETFs and drive up Bitcoin's price through higher demand. VanEck pledges 5% of potential spot BTC ETF profits to Bitcoin core developers at Brink.
Bollinger Bands founder John Bollinger sees bullish upside for Bitcoin ahead of potential ETF approvals. Crypto traders gamble $1.5M on Bitcoin ETF approval results. SEC meets with stock exchange reps for anticipated spot Bitcoin ETF approval. Less than half of financial advisors expect a spot Bitcoin ETF approval in 2024, contrasting with analysts' 88% likelihood estimate. Financial advisors view an approved Bitcoin ETF as a key catalyst, with 88% awaiting a Bitcoin ETF approval to invest in Bitcoin. CryptoQuant analyst Maartunn said institutional investors were heavily accumulating BTC ahead of the SEC's spot Bitcoin ETF decision. CNBC senior market reporter Bob Pisani expects Bitcoin ETFs to potentially see an improvement, perhaps this weekend, most likely on Monday or Tuesday. VanEck Digital Assets Research Manager Matthew Sigel stated in his statement that he heard rumors that BlackRock was keeping $2 billion aside as support in case of approval of Bitcoin Spot ETFs. Nate Geraci, President of The ETF Store, made a bold prediction for 2024. He believes that cumulatively, spot Bitcoin ETFs will break all existing ETF launch records.(2)
Ethereum testnets will undergo serious update to get prepared for upcoming Prague upgrade. Ether ETF likely coming as SEC ‘implicitly’ nodded ETH as commodity. Anatoly Yakovenko, co-founder of Solana, has raised critical concerns about Ethereum's potential move towards centralized execution hotspots. XRP price approaches key horizontal support level.
Tether's recent minting of 2 billion USDT aligns with historical patterns suggesting a correlation with Bitcoin price and Analysts predict a potential "huge pump" in Bitcoin's value, forecasting a peak of $48,628, followed by a pullback. Another technical analyst indicates a possible Bitcoin rally toward $48,000, with risks of a retracement to $34,000.
Coinbase is central to the operation of proposed spot Bitcoin ETFs, providing roles such as custody, trading execution, and market surveillance. The SEC's ongoing lawsuit against Coinbase for allegedly operating illegally poses a potential risk to ETF issuers relying on the firm. Despite legal battles, Coinbase claims to be ready for ETF approval, touting the resilience of their products and their robust track record.
Crypto lender Celsius to unstake $470M in Ethereum ahead of repayments; Ethereum validator exit queue spikes as Celsius, Figment withdraw stakes.(4) Ethereum validators forced to wait days to unstake amid Celsius withdraws; this means there is now a 5.6 day wait for validators to exit the Ethereum blockchain.
Crypto venture capital firm Polychain Capital has confirmed the X account of its founder and CEO, Olaf Carlson-Wee, has been compromised, with the hacker posting phishing links disguised a website to claim an airdrop. Blockchain security company CertiK's X account was hacked: Don't Click the Links!(2) This was done by a Forbes impersonator.(2) TRM Labs reported North Korean hackers potentially stole up to $700 million in crypto in 2023, with $600 million confirmed according to its research.(2)
WATCH
LISTEN
Podcast of the Day: Did a Matrixport Report Really Send BTC Crashing? | The Breakdown
Other Podcast
- The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share | Unchained
- Matrixport SHOCKED w/ Report Chaos | Crypto Town Hall | TWOAS
- ROLLUP: Bitcoin ETF Rumors | IRS Tax Rules | Ethereum Dencun | Bankless
- Weekly Roundup 01/05/24 (ETF looming, DoJ drops SBF charges, TNG DDY) (EP.495) | OTB
