24 Crypto Update, 10 Jan: Spot BTC ETF Approval Ignites Altcoin Fire

Crypto market up 3.80% in the past 24 hrs, reaching $1.86T.

• Bitcoin hit a brief milestone, surpassing $47,000 after the US Securities and Exchange Commission (SEC) approved Bitcoin exchange-traded funds (ETFs).

• Considered a significant crypto victory, Speculation is rife that Ethereum (ETH) ETFs might be the next development, given ETH's climb to $2,600 from a 20-month high of $2,500.

Major Events To Watch:

Crypto Fear and Greed:

In the last 24 hours, there has been an uptick in buying activity in the market. As a result, the "Greed and Fear Index" has increased by 3 points, reaching a reading of 76 on its 0 to 100 scale.

Latest Market Update: 

• SEC Chair Gary Gensler clarifies approval of 11 Bitcoin ETFs on Jan 10 doesn't signify endorsement. Bitcoin price remains stable despite regulatory nod.

• In sharp contrast, Ethereum experienced a remarkable 10.50% surge on Wednesday, outshining Bitcoin's subdued performance.

• Notable altcoins such as ENS, ETC, Blur, Arbitrum, and MNT experienced a surge amid the market fluctuation.

• ENS was the top gainer on, exhibiting an impressive 24-hour surge of over 37.33 percent.

• In contrast, Bonk stood out as the single largest loser, undergoing a 24-hour dip of over 4.33 percent.

• Total crypto market volume in the past 24 hours: $169 billion, reflecting a 38% surge.

• DeFi's 24-hour volume stands at $7.07 billion, constituting 8.14% of the total crypto market volume.

• The volume of all stable coins has reached $76.36 billion, comprising 87.86% of the total crypto market 24-hour volume.

• Bitcoin's dominance is currently at 52.92%, showing a decrease of 1.74% within the day.

Major Worldwide News Update:

• SEC's approval of the first spot Bitcoin ETF is not an endorsement of Bitcoin, warns Chair Gary Gensler. Cathie Wood criticizes Gensler's stance, emphasizing the clash between traditional regulation and emerging digital assets. Wood, optimistic about Bitcoin's new chapter, notes the need for institutions to navigate cautiously.

• Following the SEC's approval of Bitcoin ETFs, Bitcoin briefly hit $47,000, while Ethereum surged past $2,600. ETH's positive momentum extended to tokens like Polygon, Chainlink, and Uniswap. Traders anticipate an Ethereum ETF as the SEC considers spot Ethereum ETF applications from major players like BlackRock and Grayscale. Altcoins, including Cardano, also joined the rally.

• The hacking of CoinGecko's X account, promoting GCKO, highlights a concerning breach in crypto cybersecurity. The recent compromise of the SEC's X account underscores broader challenges, emphasizing the crucial need for enhanced protection in the financial sector. Ongoing cyber threats demand constant vigilance, urging users and platforms to adopt robust security measures to safeguard digital assets and information.

• Bitwise, a beneficiary of the US Bitcoin ETF approval, pledges to donate 10% of Bitwise Bitcoin ETF profits to Bitcoin open-source development. Recognizing the vital role of developers, Bitwise aims to align BITB investors with the strength of the underlying open-source infrastructure through recurring donations.

• Following the SEC's approval of Spot Bitcoin ETFs, Robinhood CEO Vladimir Tenev announces plans to launch spot Bitcoin ETF trading. Expressing excitement, Tenev underscores Robinhood's commitment to providing cutting-edge crypto options, seamless integration with traditional finance, and empowering users through education on Bitcoin and ETFs.

• Following the US Bitcoin ETF approval, Ethereum Classic (ETC) surges 32% to $27.74, experiencing a bullish breakout. The departure from a previous bearish trend and increased trading volume hint at sustained momentum, with potential for a target of $40, while cautious monitoring of market dynamics continues.

COIN GABBAR Views: Is there potential for BTC to hit $50K following the ETF approval this week? How might the 'sell-the-news' phenomenon affect Bitcoin's journey to $50,000? What lies ahead for BTC's price? Does Bitcoin's struggle below $48K post-ETF approval signal bearish trends? Could the surge in whale accumulation indicate bullish momentum before the Spot BTC ETF launch? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Also Read: Crypto Roundup 10 Jan: Speculation Peaks Ahead of Bitcoin ETF Drama