Crypto Daily Roundup, 12 Jan: Bitcoin Unmoved, ETH Bull Run Unleashed

Cryptocurrency prices have plunged during the last 24 hours.

TOP 5 Losers Coins

Crypto News Key Highlights:

• Vanguard opts out of offering spot Bitcoin ETFs, citing the highly speculative and unregulated nature of the crypto market, aligning with their cautious long-term investing philosophy. On the first trading day, clients faced hurdles on various platforms, impacting the anticipated influx into BlackRock's IBIT.

• Newly approved spot bitcoin ETFs, including those from Grayscale, BlackRock, and Fidelity, achieved a remarkable $4.50 billion in trading volume on their first day, indicating strong investor interest. Bitcoin experienced a 1.3% uptick to $46,851. The SEC's approval is seen as transformative, projecting potential 2024 inflows of $50-100 billion. 

• Spot Bitcoin ETF approval by the SEC has spurred interest in potential XRP ETFs, according to Valkyrie's CIO, Steve McClurg. With a focus on Ethereum ETF filings, McClurg suggests Ripple's XRP could be the next contender. The prospect of an XRP ETF could attract institutional investors, boost mainstream visibility, and provide a liquidity boost for the cryptocurrency.

• U.S. lawmakers demand answers from the SEC and Chair Gensler after a fake tweet about bitcoin ETF approval from the SEC's compromised X account. The letter highlights concerns about the lack of two-factor authentication and requests a briefing by January 17, 2024.

• Fundstrat's head of research, Tom Lee, predicts Bitcoin's short-term price at over $150K and envisions a long-term potential of $500K in five years. He emphasizes finite supply and increased demand with spot Bitcoin ETF approval, echoing a bullish sentiment shared by others in the industry.

• Cathie Wood, CEO of Ark Invest, disclosed that roughly 25% of her net worth is in Bitcoin, emphasizing her confidence in innovation. While focusing on Bitcoin holdings, she hinted at other digital assets in Ark's funds. Wood also discussed the long-term impact of the newly approved Bitcoin ETFs.

• According to Coingabbar, Crypto scams in India persist, targeting educated individuals like engineers. A recent case involves an engineer losing $15,000 after joining a Telegram group. The platform is frequently used for scams due to low digital awareness. Despite government strictness, scams continue, prompting potential future regulatory measures.

Also read - 24 Crypto Update, 11 Jan: Ethereum Shines as Bitcoin Takes a Breather