Crypto Daily Roundup, 11 Jan: ETF Green Light: BTC hold, Altcoin Surge

Cryptocurrency prices have risen during the previous 24 hours.

TOP 5 Gainers Coins

Crypto News Key Highlights:

• In India, a rise in crypto scams is affecting educated individuals, including engineers, doctors, police officers, and teachers. The country has become the second-largest market for cryptocurrency transactions, but this popularity has also resulted in increased cybercrime, digital scams, and financial crimes, with losses reaching $343 million in November 2023. Investors are urged to exercise caution in the crypto market.

• The U.S. SEC's approval of spot Bitcoin ETFs generates anticipation, contrasting with Europe's earlier introduction of a physical-backed Bitcoin ETF. Grzegorz Drozdz notes the democratization of market access but suggests limited impact on EU institutions, anticipating potential inflows from the U.S. approval, potentially signaling a new bull market.

• BlackRock and 13 institutions gain SEC approval for the first spot Bitcoin ETFs in the U.S., with BlackRock's track record enhancing optimism. Speculation rises on Ether ETF approval in May after BlackRock filed for one. Bloomberg analyst sees a 70% chance for Ether ETF approval, with Ether rising 10% on BTC ETF approval day.

• SEC Chair Gary Gensler emphasizes the agency's non-endorsement of Bitcoin despite approving 11 spot Bitcoin ETFs. He cites Bitcoin's speculative nature, contrasting it with precious metals, and highlights concerns about illicit activities. Gensler urges caution, emphasizing risks associated with Bitcoin and crypto-related products.

• Following the US approval of spot Bitcoin ETFs, Hong Kong lawmaker Johnny Ng urges swift action to position the city as a crypto leader. Emphasizing innovation and regulatory readiness, Ng sees the approval as a chance for Hong Kong to attract investment and become a global hub for virtual assets.

• Robinhood CEO Vlad Tenev announces swift integration of SEC-approved spot Bitcoin ETFs on the platform, emphasizing their commitment to crypto access and applauding the SEC's decision for enhancing cryptocurrency integration into traditional finance. Other crypto leaders, including Ripple's Brad Garlinghouse and Coinbase's Brian Armstrong, also commend the regulatory milestone.

• In 2024, the crypto community collaborates for positive transformations, embracing inclusivity and striving for sustained growth. Optimism surrounds Bitcoin's 2024 halving, while worldwide regulatory efforts target transparency, security, and investor protection. The convergence of AI and blockchain in 2024 promises heightened security, predictive analytics, and enhanced scalability, paving the way for a revolutionized digital landscape.

• Reserve Bank of India Governor, Shaktikanta Das, reiterates the central bank's negative stance on crypto, emphasizing the risks and likening potential crypto mania to Tulip mania. He questions the feasibility of regulating crypto without a clear, universally accepted definition. The Indian crypto community continues to lobby for regulations amid uncertainty.

Also read - Bitcoin ETF Approval Post Fake, SEC Account Hacked