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Crypto Daily Roundup 08 Jan: Spot Bitcoin ETFs Steal the Crypto Show

08-Jan-2024 By: Lokesh Gupta
Crypto Daily Roundup

Cryptocurrency values have fallen during the last 24 hours.

TOP 5 Losers Coins

IndicesLTPChange (%)
Astar$0.11817.27%
Internet Computer$10.7114.69%
IOTA$0.226813.96%
Conflux$0.170613.79%
Axie Infinity$7.0813.23%

Crypto News Key Highlights:

  • With the SEC expected to approve the spot Bitcoin ETF, attention turns to the approaching Bitcoin Halving. Historical data reveals substantial post-halving BTC price surges, indicating its significance as a key driver for increased crypto market funds and subsequent rallies for Bitcoin and altcoins.

  • Former SEC enforcement officer John Reed Stark criticizes spot Bitcoin ETF applicants as "opportunistic cartels" with no intrinsic value, alleging they cater to financial giants for fee extraction. Stark contends the push for a Bitcoin ETF is a calculated scheme, supporting Better Markets' call for regulatory denial.

  • Spot Bitcoin ETF approval anticipation is at an ATH, with Bloomberg's Eric Balchunas reducing rejection odds from 10% to 5%. Analysts note potential backlash, citing Grayscale's past lawsuit win against the SEC, suggesting legal precedents make further rejections unlikely.

  • VanEck's Matthew Sigel suggests BlackRock's Spot Bitcoin ETF may attract over $2 billion in inflows upon SEC approval, citing a reliable source. Bloomberg's Eric Balchunas notes BlackRock's history of substantial first-day investments, anticipating a potential record-breaking launch. The SEC may issue approval orders for various issuers on January 11.

  • CoinsPaid, a crypto payment gateway, faced its second security breach in six months, with Cyvers detecting unauthorized transactions amounting to nearly $7.5 million. The attacker manipulated CPD tokens, swapping for ETH and transferring funds to various exchanges. CoinsPaid suffered a similar breach in July 2023, blaming the North Korean Lazarus Group.

  • Increased awareness of FIU notices propelled users towards secure Indian platforms, leading to substantial crypto deposit surges. Mudrex witnessed a $1 million increase and gained 10,000 new users. CoinDCX experienced a remarkable 2000% surge since December 28, indicating growing confidence in compliant Indian exchanges. Further growth depends on regulatory clarity, measures against non-compliant platforms, and the ability of Indian exchanges to uphold user-friendly and secure services.

  • In the upcoming week, key U.S. economic events cover reports on consumer credit, trade deficit, and wholesale inventories. The December Consumer Price Index (CPI) release on Thursday is critical for gauging inflation trends. Friday features anticipated bank earnings from Wells Fargo and JPMorgan Chase. The ARK 21Shares spot Bitcoin ETF decision on Wednesday is anticipated to receive simultaneous approval, preventing a first-mover advantage.

Also read - 24 Crypto Update, 07 Jan: SEC Warns of FOMO in Spot Bitcoin ETFs

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