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24 Crypto Update, 07 Jan: SEC Warns of FOMO in Spot Bitcoin ETFs

Key Takeaways
  • Bitcoin experiences a minor correction in its price, while the U.S. SEC cautions against FOMO in anticipation of a potential approval for a Bitcoin ETF.
  • Bitcoin stays under $44,000, while Ethereum maintains its position below $2,200.
  • The broader cryptocurrency market reflects a 2.40% decrease, reaching a total market value of $1.69 trillion.
08-Jan-2024 By: Lokesh Gupta
24 Crypto Update, 07

Crypto market fell by 2.40% in 24 hours, reaching $1.69 trillion.

  • The week started with Bitcoin showing a mild bearish trend, possibly correcting organically for anticipated volatility before the January 10, 2024, spot Bitcoin ETF approval deadline.

  • Senior Bloomberg ETF Analyst Eric Balchunas sees a drop in the chance of rejection, from 10% to 5%.

Major Events To Watch:


Crypto Fear and Greed:

Bitcoin ETF

Over the past 24 hours, market consolidation has resulted in a subdued performance, causing the "Greed and Fear Index" to remain relatively unchanged and settle at a reading of 71 on its 0 to 100 scale.

Latest Market Update:

  • Bitcoin, the world's oldest and most valuable cryptocurrency, traded below the $44,000 range over the weekend despite experiencing minor losses.

  • Popular altcoins such as Ethereum, Ripple, Litecoin, Solana, and Dogecoin all showed losses.

  • Maker emerged as the top gainer, with a 24-hour increase of slightly over 2.38 percent.

  • Astar, on the contrary, became the largest loser, recording a 24-hour dip of over 16.94 percent.

  • Total crypto market volume in the last 24 hours is $73.00 billion, indicating a 15.90% decrease.

  • The current volume in decentralized finance (DeFi) stands at $5.71 billion, representing 10.45% of the total crypto market 24-hour volume.

  • The volume of all stablecoins has reached $45.2 billion, constituting 82.64% of the total crypto market 24-hour volume.

  • Bitcoin's dominance is currently at 54.01%, marking an increase of 1.02% over the day.

Major Worldwide News Update:

  • In anticipation of the Bitcoin ETF approval on January 10, whales are actively accumulating, with a strategic investor acquiring 1,750 BTC ($76.9 million) from Binance at $43,953 per Bitcoin. The investor previously amassed 6,000 BTC ($158.66 million) at $26,444, showcasing a calculated market approach. The critical ETF approval is pending SEC decisions, expected in the coming days.

  • A mysterious transfer of 26.91 BTC to Satoshi Nakamoto's addresses raises speculation about a potential return after 15 years. Unveiling Satoshi's identity could significantly influence trust, scrutiny, and the direction of the crypto industry. Cryptic Bitcoin movements generate excitement, triggering curiosity about motives and future trends in the crypto space.

  • 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.

  • Polygon's NFT volume surpasses Solana's in the last 24 hours, ranking third after Bitcoin and Ethereum. With a daily sales volume of $9,986,754, Polygon outperforms Solana, highlighting the growth of layer-2 solutions and signaling increased competition in the crypto industry.

  • Shibarium, the Shiba Inu-backed Layer-2 scaling solution, witnesses a decline in daily transactions, dropping to 5.69 million from the recent monthly average of 7 million. This downturn impacts Shiba Inu's price, currently down by 1.81% at $0.000009501, signaling challenges amid ongoing market fluctuations.

  • As the SEC anticipates approving the spot Bitcoin ETF, attention shifts to the upcoming Bitcoin Halving. Historical trends highlight substantial post-halving surges in BTC prices, emphasizing its pivotal role in drawing crypto market funds and sparking rallies for Bitcoin and altcoins.

  • This week marked significant developments in the digital currency ecosystem. Anticipation for spot Bitcoin ETF approval heightened, with a 5% chance of rejection, as per Bloomberg's Eric Balchunas. Jim Cramer's endorsement of Bitcoin showcased evolving market maturity, while OpenAI announced the upcoming launch of the ChatGPT store.

COIN GABBAR Views: Is there still a possibility of the Bitcoin ETF facing rejection? How might the approval impact BTC prices in the short and long term within the crypto market? Why is the approval expected to defy the 'Sell the News' trend? What's the current SEC status for Bitcoin ETF approval? Is there a potential for approval delay to Q2? 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: 19b-4 Amendment Filings Started for Spot Bitcoin ETF

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