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

The Global Crypto market drops 0.80% to $1.68T in 24 hours.

• Michael Saylor deems Bitcoin Spot ETF the most significant Wall Street development in the past 30 years.

• No policy change expected, but BoJ may lay groundwork to scrap negative rates.

• Bostic: No rush to cut rates next year. US central bank must be patient, resolute in assessing the next policy move.

Major Events To Watch:

Crypto Fear and Greed:

Over the past 24 hours, cryptocurrency markets experienced a surge in buying sentiment, leading to a 1-point uptick in the "Greed and Fear Index." As a result, the current index reading has risen to 74 on its 0 to 100 scale.

Latest Market Update: 

• Bitcoin, the world's oldest and most valuable cryptocurrency, experienced a drop below the $43,000 mark on early Wednesday.

• Popular altcoins, including Ethereum, Solana, Ripple, Litecoin, and Dogecoin, registered minor losses across the board.

• The SEI token emerged as the top gainer for the second consecutive day, showing a 24-hour increase of over 14.40 percent.

• Conversely, Memecoin BONK remained the biggest loser, experiencing a 24-hour dip of over 16 percent.

• The total crypto market volume in the past 24 hours stands at $73.20 billion, reflecting a decrease of 11.91%.

• DeFi's total volume is currently $7.44 billion, constituting 11.43% of the overall 24-hour crypto market volume.

• Stable coins contribute $58.19 billion to the total crypto market 24-hour volume, accounting for 89.44%.

• Bitcoin's dominance is at 53.47%, indicating a day-over-day increase of 0.26%.

Major Worldwide News Update:

• Michael Saylor anticipates a significant demand shock for Bitcoin with the potential approval of a spot ETF in January 2024. He suggests it could be Wall Street's most substantial development in decades, triggering a bull run. MicroStrategy, the largest institutional BTC holder, may accumulate more amid optimistic sentiments.

• BlackRock representatives engaged in their third meeting with the SEC on December 20, 2023, discussing iShares Bitcoin Trust approval. As the January 10, 2024, deadline approaches for the potential spot Bitcoin ETF approval, optimism prevails, but analysts caution against potential delays. MicroStrategy's Michael Saylor anticipates a significant market event.

• Thai bank Kasikornbank is advising clients to issue tokens for fundraising, marking a bold move into digital assets. Following its acquisition of licensed digital asset exchange Satang Corp., the bank focuses on building a cost-efficient digital-asset ecosystem. Despite upcoming tax law changes, the bank sees potential in the market.

• Polygon blockchain records over 161 million inscriptions, surpassing competitors BNB and Avalanche. Co-founder Sandeep Nailwal notes gas fees under 10 cents, contrasting with Avalanche's fees reaching $400. Despite Avalanche's market surge, network issues prompt a focus on scalability solutions for EVM chains.

• Ripple's president, Monica Long, predicts the end of speculative cycles in 2024, focusing on real-world utility and decentralized finance compliance breakthroughs. Emphasizing the need for regulatory adherence, she anticipates innovative technologies supporting compliance in the crypto industry.

• UK Finance Minister Jeremy Hunt commits to resolving banking challenges faced by crypto companies, aligning with Prime Minister Rishi Sunak's goal of establishing the UK as a leading crypto hub. Efforts involve exploring reasons for banking obstacles, demonstrating a proactive approach to reconcile crypto needs with traditional banking.

• Shiba Inu (SHIB) announces a strategic "partnership" with D3, aiming to secure the .shib Top-Level Domain (TLD) for groundbreaking developments. This move, expected to simplify onboarding, potentially triggers a positive price surge for SHIB, which has shown resilience, currently trading at $0.0000101.

COIN GABBAR Views: As BlackRock's ETF approval nears, can BTC reach $50K before 2024? Amid Bitcoin's current consolidation, will it break out, or might the price dip below $40K in December? 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 19 Dec: BlackRock, WisdomTree Drive Crypto Market Soar