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Crypto Roundup 20 Dec: Bitcoin ETF Approval Signals Market Shake-Up

20-Dec-2023 By: Lokesh Gupta
Crypto Roundup 20 De

Cryptocurrencies have fallen in price during the last 24 hours.

TOP 5 Losers Coins

Indices LTP Change (%)
Bonk $0.00001843 13.24%
BitTorrent(New) $0.000001141 8.59%
Internet Computer $9.36 8.48%
Osmosis $1.37 6.70%
THORChain $5.24 5.84%

Crypto News Key Highlights:

  • Bitcoin bull Michael Saylor sees the potential approval of a spot Bitcoin ETF as the most significant Wall Street development in 30 years. Anticipating a major bull run in 2024, he emphasizes the impact on mainstream investor access and predicts a supply shock after the Bitcoin halving event. MicroStrategy, with 174,530 BTC, plans to continue its Bitcoin investment strategy. Saylor, once a Bitcoin skeptic, now considers it a high-performance asset for long-term investors.

  • Shiba Inu (SHIB) plans to launch a ".shib" domain, partnering with D3 for internet DNS compatibility. If approved, SHIB holders could create email addresses with ".shib" suffixes, facilitating interoperability between Web2 and Web3. D3 also intends to introduce "name tokens" for SHIB users, simplifying blockchain transactions.

  • Senator Elizabeth Warren's Digital Asset Anti-Money Laundering Act poses threats to crypto's principles, privacy, and innovation. The bill's focus on developers and privacy tools, along with onerous regulations, could favor big banks and hinder healthy competition, jeopardizing the core tenets of blockchain technology.

  • Ethereum (ETH) is poised for an upside move after retesting the $2,100 level, with current market value at $2,200. Ethereum exchange outflows indicate increased investor willingness to hold long-term. Analysts anticipate a shift in momentum for ETH, with potential money flow from Bitcoin to Ethereum in Q1 2024.

  • Ethereum co-founder Vitalik Buterin transferred 500 ETH (valued at over $1 million) to Coinbase, continuing a pattern seen in previous transfers. While Buterin asserted in October that he hadn't sold Ether for personal gain since 2018, these moves spark speculation, with possibilities ranging from philanthropy to managing assets for yields.

  • Marathon Digital Holdings acquires two bitcoin mining facilities in Texas and Nebraska, totaling 390 MW capacity, for $178.6 million in cash. The move aims to reduce bitcoin production costs by 30% and increase Marathon's mining portfolio to 910 MW, preparing for the 2024 Bitcoin halving.

  • Amid ongoing delays, Matrixport's Head of Research, Markus Thielen, predicts a 95% chance of the SEC approving a Spot Bitcoin ETF in January 2024. Pointing to BlackRock's revised filing and SEC's early response to Franklin-Templeton, he expects a BTC rally, potentially reaching $50,000 in Q1 2024 post-approval.

Also read - 24 Crypto Update, 19 Dec: Market Lingers in a Narrow Trading Zone

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