24 Crypto Update, 01 Jan: Bitcoin Skyrockets, Testing Two Year Highs

Cryptocurrency market surged 5.90% to $1.83 trillion in 24 hrs.

Bitcoin (BTC) started the new year with strong bullish momentum, driven by positive market fundamentals, signaling potential upside in the coming days.

• Paolo Ardoino, the CEO of Tether, revealed that the market capitalization of the company's USDT stablecoin has reached an impressive $91.5 billion.

Major Events To Watch:

Crypto Fear and Greed:

Over the past 24 hours, increased buying activity in the cryptocurrency markets has resulted in a 6-point rise in the "Greed and Fear Index." As a result, the current index has reached 71 on its 0 to 100 scale.

Latest Market Update: 

• Bitcoin experienced a significant 7% surge on the first day of the new year, surpassing $45,000, a level not reached since early April 2022.

• Popular altcoins including Ethereum, Cardano, Polygon, Solana, and Stacks all recorded gains.

• Sei emerged as the top performer, showing a noteworthy 24-hour jump of over 30.43%.

• Maker, on the other hand, was the biggest loser among the mentioned cryptocurrencies, witnessing a 24-hour dip of over 3.42%.

• Total crypto market volume in the last 24 hours: $75.90B, reflecting an 8.52% increase.

• DeFi contributes $8.64B, constituting 11.44% of the total crypto market 24-hour volume.

• Stable coins dominate with a volume of $70.53B, representing 93.40% of the total crypto market 24-hour volume.

• Bitcoin's dominance stands at 52.10%, showing a daily increase of 1.24%.

Major Worldwide News Update:

• The U.S. Securities and Exchange Commission (SEC) is anticipated to potentially approve the first-ever spot Bitcoin ETF by the January 10, 2024 deadline. The SEC is currently reviewing form S-1s from BlackRock, Invesco, Valkyrie, VanEck, Wisdomtree, Fidelity, and ARK 21Shares. The review process may extend until early next week, and if approved, the Bitcoin (BTC) price could experience further upward momentum, as witnessed by a recent 7% surge entering the new year.

• Following Bitcoin's 7% surge past $45,000 due to ETF approval, Ethereum (ETH) also rose by 5%, nearing $2,400. Analyst Ali Martinez predicts a bullish future for ETH, citing the absence of significant supply barriers and a strong support wall at $2,000. Ethereum's MVRV Pricing Bands indicate potential targets at $3,830 and $5,100. Additionally, the sharp decline in ETH supply on exchanges, currently at an all-time low of 8.04%, signals reduced selling pressure and adds to the positive outlook. Ethereum co-founder Vitalik Buterin's roadmap to enhance the PoS system further supports optimism.

• Tether's CEO Paolo Ardoino celebrates the USDT stablecoin's impressive $91.5 billion market cap, emphasizing innovation and community engagement. The company diversifies with investments in projects like Holpunch and collaborates with U.S. agencies for compliance. Ardoino teases groundbreaking 2024 developments, showcasing Tether's dynamic evolution in digital currency.

• The Financial Intelligence Unit India issued show-cause notices to 9 offshore virtual asset service providers, including Binance and Huobi, for alleged illegal operations and non-compliance with anti-money laundering regulations. India aims to enforce KYC measures for VDAs, aligning with global efforts on cryptocurrency regulation. Other jurisdictions like Dubai and the EU implement comprehensive regulatory frameworks, while the U.S. lacks a nationwide approach. The BIS suggests considering options of outright ban, containment, or regulation, emphasizing the need for balanced benefits and costs.

• Tellor (TRB), an obscure altcoin, soared 150% to hit $619, then plummeted to $136 within 13 hours on Dec. 31, sparking concerns of market manipulation. Allegations intensified as Tellor's team transferred $2.4 million worth of TRB to a Coinbase wallet during the surge, triggering over $68 million in liquidations and affecting decentralized protocols like Synthetix. Decentralized derivatives protocols experienced losses due to alleged manipulation, with Synthetix stakers facing approximately $2 million in losses

COIN GABBAR Views: Is the Bull Rally Starting? How Is BTC Price Positioned Ahead of the SEC's Spot ETF Decision? Will Bitcoin Reach a New High in 2024, Surpassing the Psychological Level of $100,000? 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.

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