Crypto Daily Roundup 06 Jan: All Eyes on the Imminent ETF Verdict

Cryptocurrency prices have fallen in the previous 24 hours.

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Crypto News Key Highlights:

• The U.S. SEC moves closer to approving spot Bitcoin ETFs as 11 applicants submit 19b-4 amendments just days before the deadline. Final S-1 documents are anticipated by Monday, with potential approval before Jan. 10. While optimism exists, a survey suggests only 39% of U.S. financial advisers believe in approval this year.

• The December non-farm payroll data revealed a job growth of 216,000, above the projected 170,000. Immediate market reactions followed, pushing the 10-year yield beyond 4% and causing the crypto market to fall. The 3.7% unemployment rate was the 36th consecutive monthly increase in job growth.

• BlackRock, positioning aggressively for SEC approval of a spot Bitcoin ETF, reportedly has $2 billion ready for existing holders to transition into its ETF in the first week of trading. Expectations point to a potential ETF launch on January 11, 2024, pending SEC approval by January 10. Major players, including BlackRock, have completed 19b-4 amendments, signaling the final stages before the historic launch of the first-ever spot Bitcoin ETF in the United States.

• Ethereum's non-exchange wallet holdings reach an All-Time High, while the top 150 exchange wallets decrease. On-chain data suggests a potential ETH rally as market participants accumulate, reducing intent to sell. Ethereum's price at $2,250 may retest $2,450 resistance, but short-term volatility indicates risk, urging caution for traders seeking immediate gains.

• Coinbase is set to acquire a MiFID-licensed entity in Cyprus, aiming to expand its derivatives offerings in the European Union, pending regulatory approval. This move, enhancing Coinbase's 2024 market presence, emphasizes compliance standards and signifies a strategic growth initiative, acknowledging the regulatory challenges while remaining optimistic about the acquisition.

• VanEck, a potential Bitcoin ETF provider, pledges 5% of profits to Bitcoin core developers through nonprofit Brink upon ETF approval. The firm expresses commitment to the Bitcoin ecosystem, already donating $10,000. The move aims to align with core industry principles and foster support amid potential ETF approval.

• Coinbase's potential role in a Bitcoin ETF faces scrutiny due to past SEC litigation. Regulatory hesitance or delay may arise from this conflict. Analysts, however, remain hopeful for a timely Bitcoin ETF approval before January 20, 2024. Coinbase's pivotal involvement, if approved, could boost market sentiment and coincide with the upcoming Bitcoin Halving event.

Also read - 24 Crypto Update, 05 Jan: Is Bitcoin Bracing for ETF Approval Impact