24 Crypto, 08 Jan: BTC Hits 21-Month Peak, ETF Approval Looms Large

Crypto market rose by 6.80% in 24 hours, reaching $1.80 trillion.

• The Securities and Exchange Commission (SEC) in the United States has commenced the reception of S-1 amendments submitted by potential ETF issuers.

• A former SEC chairman asserts that the approval of a spot Bitcoin ETF is "inevitable."

Major Events To Watch:

Crypto Fear and Greed:

In the last 24 hours, the market witnessed significant buying activity, leading to an impressive performance. As a result, the "Greed and Fear Index" surged, reaching a reading of 76 on its 0 to 100 scale.

Latest Market Update: 

• Bitcoin reached $47,000 early Tuesday at the time of writing.

• This marks Bitcoin's first time touching the $47k high since April 2022.

• Anticipation of potential approval for BTC spot exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) is fueling investor interest.

• Popular altcoins, including Ethereum, Ripple, Litecoin, Solana, and Dogecoin, all showed gains.

• Memecoin BONK emerged as the top gainer, with a remarkable 24-hour jump of over 28.61 percent.

• In contrast, GMT became the single and largest loser, experiencing a 24-hour dip of over 8.08 percent.

• Total crypto market volume in the last 24 hours: $115 billion, reflecting a 57.53% increase.

• DeFi (Decentralized Finance) total volume: $6.15 billion, constituting 10.37% of the overall crypto market 24-hour volume.

• Stable coins total volume: $49.46 billion, representing 83.32% of the total crypto market 24-hour volume.

• Bitcoin dominance: 54.56%, showing a 1.00% increase over the day.

Major Worldwide News Update:

• Latin America witnesses a crypto surge as Solana invests $10M in Brazil for Web3 projects, fostering decentralization in art, AI, and tokenization. Tether expands in Venezuela, seeking to stabilize the crypto landscape amidst economic challenges. Bitcoin Argentina advocates Bitcoin acceptance for asset regularization, underscoring its role as a strategic reserve.

• Bitcoin soared above $47,000 as major players like VanEck, Bitwise, and BlackRock updated SEC paperwork for spot Bitcoin ETFs. VanEck seeded its ETF with $72.5 million, Bitwise with $500,000, and Pantera Capital expressed a non-binding interest of $200 million. Standard Chartered Bank predicts Bitcoin could reach $200,000 by 2025.

• As anticipation for SEC approval of spot Bitcoin ETFs intensifies, WisdomTree and VanEck, among the 11 applicants, have listed their ETFs on DTCC, just 48 hours before the SEC's decision on the Ark 21Shares Bitcoin ETF. Tickers $HODL and $BTCW have been assigned, but this listing doesn't confirm regulatory clearance.

• CleanSpark Inc., a Nasdaq-listed Bitcoin miner, is set to acquire up to 160,000 Bitmain S21 miners, potentially reaching a 50 EH/s hashrate. The initial agreement covers 60,000 units, contributing 12 EH/s, with an option to buy an additional 100,000 units, aiming to quadruple the current hashrate. This strategic move aligns with preparations for the upcoming Bitcoin halving.

• OpenAI has responded to The New York Times' copyright lawsuit, firmly denying allegations of content replication with ChatGPT. OpenAI asserts misrepresentation, emphasizing its commitment to lawful practices, fair use principles, and expresses a desire for collaboration with The New York Times despite the legal dispute.

• Thailand's government secures approval to borrow $14 billion for a digital handout program, distributing 10,000 baht ($300) to 50 million citizens. While some economists express inflation concerns, the ruling party argues the initiative will boost the economy. The plan faced previous opposition citing potential constitutional violations.

• Curve Finance, a key player in DeFi, faces a critical moment as founder Michael Egorov's $100 million debt, backed by CRV tokens, poses a stress test in February. Fears of a price collapse and potential ripple effects in the broader DeFi sector arise as OTC tokens become liquid.

COIN GABBAR Views: Following Bitcoin's surge to $50K, there's speculation about a looming massive rally. Bitcoin ETF applicants remain undeterred by recent US SEC comments on S-1s, signaling optimism for potential approval. The current SEC status regarding Bitcoin ETF approval is uncertain, raising questions about a potential delay to Q2. To get latest news Stay tuned us at coingabbar

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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