24 Crypto Update, 27: BTC Steady, ETH Unleashes Unstoppable Momentum

Crypto currency market rose 4.50% in 24 hours to $1.79 trillion

Crypto currency market rose 4.50% in 24 hours to $1.79 trillion

• Cathie Wood's Ark Invest reportedly liquidated its entire stock of Grayscale Bitcoin Trust (GBTC) in anticipation of a potential approval of a Bitcoin ETF.

• Vitalik Buterin suggests inventive strategies to optimize Ethereum's Proof of Stake (PoS) mechanism, with a specific emphasis on the transformation of staking pools.

• Anatoly Yakovenko, co-founder of Solana, has hinted that the protocol has evolved into an Ethereum Layer 2 with the Wormhole Eigenlayer.

Major Events To Watch:

Crypto Fear and Greed:

In the last 24 hours, the cryptocurrency markets have witnessed consolidation, leading to a stable "Greed and Fear Index." Consequently, the current index stands at 73 on its 0 to 100 scale.

Latest Market Update: 

• Bitcoin, the oldest and most valuable cryptocurrency, reached the $43,500 mark early on Thursday following a notable surge in ETH.

• Popular altcoins such as Ethereum, BNB, XRP, Pepe, and Cardano all demonstrated gains during this period.

• Bitcoin SV saw the most significant increase, with an impressive 24-hour jump of over 56%.

• Conversely, Stacks emerged as the biggest loser, experiencing a 24-hour decline exceeding 9.30%.

• Total crypto market volume in the last 24 hours: $109B, marking a 6.86% increase.

• DeFi contributes $8.71B, representing 11.37% of the total crypto market 24-hour volume.

• Stable coins collectively account for $68.04B, comprising 88.78% of the total crypto market 24-hour volume.

• Bitcoin dominance stands at 51.30%, showing a decrease of 0.96% in the past day.

Major Worldwide News Update:

• As the SEC's decision on the spot Bitcoin ETF approaches, Ark Invest, led by Cathie Wood, reportedly sold all remaining stocks of Grayscale Bitcoin Trust (GBTC). This move is seen as a strategic portfolio adjustment or a precaution against potential market risks before the January 10, 2024 deadline. Despite offloading crypto stocks, Wood remains optimistic about SEC's approval, citing encouraging discussions.

• Coinbase executives, including CEO Brian Armstrong, and top shareholders have been actively selling $COIN stocks, reaching new yearly highs. Ark Invest, led by Cathie Wood, joined in the offloading amid rising confidence in a potential Bitcoin ETF approval by the SEC before January 10, 2024. The sales could indicate a profit-taking strategy.

• Tesla's business forecast, including competition in the auto sector, prompts discussions on its potential impact on Dogecoin's price in 2024. With Elon Musk's influence and Tesla's evolving strategies, the correlation between the two remains uncertain, and only time will reveal their potential influence on each other.

• Starbucks Odyssey introduces a groundbreaking NFT incentive, offering an all-expense paid trip to Costa Rica for its top 20 NFT holders. This move signals a potential revival in the NFT ecosystem, with Starbucks aiming to boost its loyalty program and provide unique experiences for its most dedicated members.

• Ethereum co-founder Vitalik Buterin proposes solutions to address Ethereum's proof-of-stake complexity, focusing on signature management. His ideas include transforming staking pools for collaboration, introducing a two-tier staking system, and implementing a rotating validator system. Each solution aims to balance workload reduction while preserving network decentralization.

• Former President Donald Trump is reportedly selling Ethereum, accumulating $2.4 million from the liquidation of 1,075 ETH through Coinbase. The sales, initiated about three weeks ago, follow months of Ethereum accumulation as royalties for Trump's NFT collections. This comes amid Ethereum's 17% surge in the past month.

• Shenzhen, China, hosted its first digital economy conference, announcing the launch of a Web 3.0 accelerator fund. The Greater Bay Area Capital Group plans to establish a $10 billion Yuan Asset Web 3.0 Industry Fund, investing in global ventures focused on Web3 initiatives, NFTs, real-world assets, and meta-assets. The move contrasts with China's push for crypto regulation, emphasizing global cooperation in the digital space.

COIN GABBAR Views: Is Ethereum gaining momentum with the ETHBTC breakout? Could ETH's price potentially reach $2,500? Is there a possibility of ETH flipping BTC? Will ETH achieve the $2,500 mark before the year closes? Is the current period indicative of an ongoing Altcoin season? 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.