24 Crypto, 21 Dec: Bitcoin on the Brink of Yearly High, Solana Shines

Crypto market increased by 2.30% in 24 hours, hitting $1.74 trillion.

Investors in the United States are anxiously anticipating the Securities and Exchange Commission (SEC) to authorize spot Bitcoin exchange-traded funds (ETFs).

The SEC is expected to release its conclusions on different ETF proposals in early January, perhaps causing investors to participate in the classic tactic of "buying the rumor and selling the news."

Major Events To Watch:

Crypto Fear and Greed:

In the last 24 hours, the cryptocurrency markets saw increased buying sentiment, leading to a 4-point rise on the "Greed and Fear Index." Consequently, the present index stands at 74 on its 0 to 100 scale.

Latest Market Update: 

• Bitcoin , the world's oldest and most valued cryptocurrency, maintained its upward momentum, approaching the $44,000 mark early Friday.

• Popular altcoins, such as Ethereum, Solana, Ripple, Litecoin, and Dogecoin, all experienced positive movements in the market.

• Among the cryptocurrencies, Algorand emerged as the top gainer, showing a remarkable 24.50% jump in the 24-hour period.

• Conversely, ORDI turned out to be the biggest loser, witnessing a 24-hour dip of nearly 7 percent.

• The cryptocurrency market has witnessed a surge in its 24-hour volume, reaching $87.30 billion, reflecting a decrease of 3.00%.

• The current total volume in DeFi stands at $8.48 billion, constituting 12.38% of the overall 24-hour volume in the cryptocurrency market.

• Stable coins contribute significantly, with a volume of $60.42 billion, representing 88.23% of the total 24-hour volume in the crypto market.

• Bitcoin's dominance is presently at 53.10%, reflecting a decline of 1.48% over the course of the day.

Major Worldwide News Update:

• The US Securities and Exchange Commission (SEC) reportedly conducted a rare joint conference call with spot Bitcoin ETF filers. The SEC emphasized cash creates during the call, requiring issuers to convert Bitcoin to cash before trading ETF shares. This move aims to align with the SEC's policy, preventing direct Bitcoin trading. With a looming decision deadline by January 10, the SEC may be seeking a more stringent model, and multiple calls were made to exchanges and issuers.

• Ripple CEO Brad Garlinghouse criticized SEC Chair Gary Gensler, accusing him of hypocrisy and friendship with Wall Street figures. Gensler's comments on crypto non-compliance drew ire, with Garlinghouse referencing Gensler's meetings with FTX's former CEO amid the platform's collapse. Coinbase's petition seeking SEC clarity on crypto compliance remains unanswered.

• Polkadot's relay chain achieved a significant milestone, recording one million transactions in a day, driven by a surge in inscriptions. The chain's increasing activity, supported by 50 parachains, could lead to a potential daily transaction volume of 3.6 million, according to crypto commentator asynchronous rob. Polkadot's recent success in blockchain revenue growth, with over 300% growth in the last seven days, positions it as a notable player in the industry.

• The Web3 compensation survey by Variant and USV reveals resilience in the sector amid a bear market. Web3 startups, competing for talent within the sector, maintain hiring plans despite challenges. Higher talent costs, evolving compensation structures, and decentralized teams mark the Web3 landscape's dynamics.

• Argentina officially approves the use of Bitcoin in contractual agreements, signaling a significant shift in the country's approach to cryptocurrency. The move, aligned with President Milei's economic vision, may lead to broader crypto adoption in Argentina and potentially influence global perspectives on cryptocurrency use.

• Terraform Labs and the SEC reach a protective order agreement in their civil case, with materials labeled confidential to remain undisclosed publicly. The case, involving charges of multi-billion dollar securities fraud, holds implications for legal precedents in the cryptocurrency sector and questions the SEC's regulatory approach.

• Coinbase expands into France with a Virtual Asset Service Provider (VASP) license, signaling a strategic move amidst heightened regulatory pressures in the U.S. The French expansion aligns with the country's tech hub ambitions, and Coinbase enters the market as France experiences rising cryptocurrency adoption.

COIN GABBAR Views: With stability above $43.5k, is there a looming danger of a long squeeze? As Bitcoin navigates a consolidation phase, it sets sights on a rebound to $45k. The lingering question: Is a Dying-Minute $50k Breakout or Another Pullback in the Cards for Bitcoin? Adding to the intrigue, speculations emerge regarding the possible approval of BTC ETFs in January. 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.

For More News: Crypto Roundup 21 Dec: Bitcoin Rally and SOL Surge Create Market Waves