24 Crypto Update, 20 Dec: Bitcoin and SOL Ignite a Market Surge

In 24 hours, the global cryptocurrency market rose 2.80% to $1.71 T.

• Ethereum bulls defend against criticism as Ether lags behind Bitcoin and other altcoins, facing negative sentiments.

• Major financial firms expect a historic moment in January as the SEC is likely to approve the first "spot" Bitcoin ETF.

Major Events To Watch:

Crypto Fear and Greed:

In the last 24 hours, cryptocurrency markets witnessed profit booking, leading to a 4-point decrease in the "Greed and Fear Index." Consequently, the current reading on the index stands at 70 on its 0 to 100 scale.

Latest Market Update: 

• Bitcoin saw a notable 4% increase, surpassing the $44,000 threshold for the first time in more than a week.

• Leading altcoins such as Stacks, Solana, Avalanche, BNB, and Polkadot all witnessed gains in their values.

• The IoTeX token emerged as the standout performer, showcasing an impressive 30.50% increase over the past 24 hours.

• On the flip side, Helium experienced a significant decline, marking a 24-hour dip of over 13.66%.

• The 24-hour crypto market volume has surged to $90.00B, indicating a substantial growth of 22.95%.

• DeFi plays a noteworthy role, contributing $6.81B to the overall volume, making up 10.51% of the total 24-hour crypto market activity.

• Stablecoins hold a considerable share, with a volume of $58.16B, representing a dominant 89.80% of the total crypto market 24-hour volume.

• Bitcoin's dominance has experienced an uptick, reaching 53.90% and showcasing a day-over-day increase of 0.52%.

Major Worldwide News Update:

• On December 20, a U.S. appeals court finalized the forfeiture of 69,370 bitcoins linked to Silk Road. Ross Ulbricht, the founder, and the U.S. government, as the plaintiff, were mentioned. Ulbricht, serving a life sentence, previously agreed to allocate $3 billion in bitcoin to settle debts. The government has been selling recovered bitcoins, and with the recent price surge, there's speculation about whether they will continue to hold or sell, considering bullish sentiments for BTC in 2023 and beyond.

• As the SEC's decision on a spot Bitcoin ETF approaches, firms like BlackRock are prioritizing approval, with three meetings held in 7 days. Grayscale, Fidelity, Valkyrie, WisdomTree, and Bitwise are also seeking approval. Bitcoin whales re-entered on December 20, possibly influencing the rise to $44,000. QCP Capital suggests a BTC ETF approval within three weeks.

• Solana-centric wallet Phantom has expanded its platform by integrating Bitcoin, Ordinals, and BRC-20 tokens. This move follows Phantom's earlier support for Ethereum and Polygon-based assets. Bitcoin's increasing influence, notably through the Ordinals protocol, is highlighted, expanding its use cases. The all-in-one wallet vision allows users to manage Solana, Ethereum, and Bitcoin assets seamlessly, reflecting the evolving and interconnected nature of the crypto ecosystem.

• The FDIC has issued new rules for redesigned signage for insured institutions, affecting crypto entities, effective 2025. The updated sign aims to prevent misleading representations of FDIC insurance, responding to abuses in the crypto industry. This is the first major update since 2006 and follows instances involving Gemini Earn, FTX US, and Voyager Digital. The changes reflect broader efforts to enhance accuracy and consumer protection in the financial landscape, particularly in the crypto sector.

• MicroStrategy's Michael Saylor sees Bitcoin's spot ETF launch as a bullish event, highlighting the fundamental differences between MicroStrategy and ETFs. Saylor notes MicroStrategy's ability to generate additional Bitcoin and leverage intelligent borrowing. Despite market volatility, he predicts a Bitcoin bull run in 2024, anticipating demand and supply shocks.

• Revolut has launched crypto trading services in New Zealand, providing residents access to about 100 tokens, including Bitcoin, Ethereum, and XRP. Customers can buy and sell listed cryptocurrencies, and a 'Learn and Earn' program offers educational resources. The move aligns with Revolut's goal to simplify the money experience and provide easy access to crypto investments in New Zealand. Additionally, Revolut has partnered with Koinly for easy tax filing for crypto transactions.

• The head of South Korea’s Financial Supervisory Service, Lee Bok-hyun, is set to meet with SEC Chair Gary Gensler in January to discuss cryptocurrency market dynamics and regulatory policies. The meeting comes at a critical time amid potential SEC approval for spot Bitcoin ETFs and upcoming crypto regulations in both countries. The evolving stance of the SEC under Gensler adds further significance to the discussions.

COIN GABBAR Views: Amid a consolidation phase, Bitcoin eyes a rebound to $45k. The question lingers: Can BTC reach $50,000 before the end of 2023? Additionally, speculations arise about the potential approval of BTC ETFs in January. 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.

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