24 Crypto Update, 05 Jan: Is Bitcoin Bracing for ETF Approval Impact

Crypto currency market climbed by 0.10% in 24 hours to $1.74 trillion.

• The latest increase in US nonfarm payrolls, with the addition of 216,000 jobs last month, signals a strong labor market that could potentially influence Bitcoin.

• The Blackrock spot Bitcoin ETF is said to have $2 billion in capital prepared to be deployed to compensate for the initial week of the ETF launch.

Major Events To Watch:

Crypto Fear and Greed:

In the last 24 hours, consolidation has been observed at higher levels, leading to a 2-point decline in the "Greed and Fear Index." Consequently, the current index reading has decreased to 70 on its 0 to 100 scale.

Latest Market Update: 

• Bitcoin Price Found support near $44,000 amidst 11 spot Bitcoin ETF applicants updating their 19b-4 amendments with the SEC.

• Altcoins like Ethereum, BCH, FTX Token, XLM, and LTC show modest buying interest at lower levels.

• Lido DAO Standout performer with an impressive 24-hour surge of over 13.86%.

• Aptos Experiences the most significant decline among mentioned cryptocurrencies, undergoing a 24-hour dip of over 10.88%.

• Total crypto market volume in the last 24 hours: $86.80B, showing a 15.72% decrease.

• DeFi volume: $7.14B, constituting 9.12% of the total crypto market 24-hour volume.

• Stable coins' volume: $70.03B, representing 89.51% of the total crypto market 24-hour volume.

• Bitcoin dominance: 53.23%, with a 0.98% increase over the day.

Major Worldwide News Update:

• BlackRock, a major investment firm, prepares for potential approval of a spot Bitcoin ETF by the SEC. With $2 billion ready, the firm aims for initial ETF trading, expecting approval around January 9 or 10, 2024. The SEC's deadline on January 10 for the Ark 21Shares Bitcoin ETF approval draws near, with key players completing paperwork, signaling progress toward the historic launch of the first-ever spot Bitcoin ETF in the United States.

• Recent robust US job market data, adding 216,000 jobs in December, may influence the Federal Reserve's interest rate decisions. A resilient labor market challenges expectations for an early rate cut, potentially impacting stock and crypto market volatility. Bitcoin may experience short-term volatility, but a positive medium- to long-term outlook is expected amid economic developments.

• The SEC's potential approval of spot Bitcoin ETFs is nearing completion, with a vote expected early next week. Sources suggest a coordinated launch on January 11, 2024. Final S-1 filings are due by Monday, January 8, indicating readiness for potential approval by January 9 or 10.

• Bitcoin's approval may propel its value, encouraging broader acceptance and potentially paving the way for a $100k valuation by 2025. The approval of a Bitcoin ETF signals a positive turn for the entire crypto industry, fostering trust and acceptance. It could also inspire other governments to explore regulatory frameworks, contributing to broader acceptance and legitimization.

• Digital Currency Group (DCG) has successfully repaid its short-term loans from Genesis, its bankrupt subsidiary, totaling over $1 billion in debt repayment to creditors. Almost $700 million went to Genesis, addressing outstanding balances and legal actions. A strategic agreement ensures further payments, maintaining ownership structure benefits for tax consolidation. DCG expresses optimism for future growth.

• The Bank of Spain launches a six-month pilot project on Central Bank Digital Currencies (CBDCs) in collaboration with Cecabank, Abanca, and Adhara Blockchain. Focused on wholesale CBDCs, the initiative explores interbank payment processing, settlement, and tokenized bond settlement, marking Spain's independent exploration of digital currencies within the EU. The project's success could influence the broader adoption of digital currencies in Spain and beyond.

COIN GABBAR Views: Is a $50,000 target in sight as Bitcoin rebounds to $44,000, marking a yearly high in large transactions? Does the Ascending Parallel Channel Pattern indicate a potential target of $57,000? What's the status of SEC approval for the Bitcoin ETF? Could there be a potential delay to Q2 for the ETF approval? 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.

Also Read: Crypto Daily Roundup 05 Jan: Markets Take a Breath, Eyes on Recovery