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Crypto Roundup 09 Jan: BTC Peaks, ETF Approval Hovers on the Horizon

09-Jan-2024 By: Lokesh Gupta
Crypto Roundup 09 Ja

Cryptocurrency prices have surged during the past 24 hours.

TOP 5 Gainers Coins

IndicesLTPChange (%)
Bitcoin SV$88.6120.24%
Internet Computer$13.3518.50%

Crypto News Key Highlights:

  • Standard Chartered predicts Bitcoin could reach $200,000 by 2025 if US spot Bitcoin ETFs are approved, estimating 437,000 to 1.32 million BTC held in ETFs. Executives view ETF approval as a "watershed moment" for normalizing Bitcoin participation. The forecast aligns with their earlier prediction of $100,000 by 2024.

  • Former SEC chair Jay Clayton believes it's "inevitable" that the SEC will approve the first spot Bitcoin ETF in the U.S., citing improved market dynamics. He praises the regulator for progress, noting increased infrastructure and comfort with disclosures from firms like BlackRock and Fidelity.

  • SEC's extra comments on spot Bitcoin ETF submissions raise concerns. The decision on Ark 21Shares is due January 10, with worries about Gary Gensler blocking approvals. Perianne Boring hopes for success, but experts warn of potential delays from the 5-member SEC Commission. Attorney John Deaton criticizes Gensler's biased views on crypto.

  • On January 8, U.S. crypto mining firms like Marathon Digital, Riot Platforms, Cleanspark, and Terawulf recorded a combined trading volume of $208 million, surpassing well-known tech giants. Marathon Digital outpaced Tesla, AMD, Nvidia, and Apple, ranking as the top-traded stock in the U.S., with a volume of $112 million. Grayscale's Bitcoin Trust (GBTC) traded close to half a billion, showcasing significant market interest.

  • Thailand's plan to distribute 10,000 baht ($286) via digital wallets faces potential challenges as the Council of State questions the funding approach. The council suggests implementing the measure by decree. Deputy Finance Minister claims legality, expecting implementation on May 1. Opposition prepares for a special Senate debate.

  • Analytics firm Kaiko examines the 60-day correlation between Bitcoin (BTC) and Nasdaq 100 on X. The graph shows a recent decline in correlation, turning slightly negative. This suggests that BTC has started 2024 moving against traditional markets, potentially paving the way for independent movements in the cryptocurrency this year.

  • Forbes predicts an $80,000 surge in Bitcoin's price post-SEC approval of Spot Bitcoin ETFs, citing analysts at AllianceBernstein. They anticipate gradual ETF flows and estimate around $5 billion in H1 2024, with projections suggesting a $1.5 trillion market cap by year-end. SEC cautions against FOMO investments ahead of its decision.

Also read - What will be your trading strategy on the Eve of Bitcoin ETF Approval

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