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

Crypto currency prices have declined during the last 24 hours.

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Crypto News Key Highlights:

• The X Safety team disclosed that the SEC lacked two-factor authentication, allowing a hacker to falsely announce a Bitcoin ETF on social media. The SIM swap hack involved gaining control of the SEC's phone number, prompting Senators Vance and Tillis to demand an explanation from Chair Gensler. Other lawmakers seek transparency and investigation.

• Creditors of Celsius, the bankrupt crypto lender, may need to return funds withdrawn before the bankruptcy declaration or face legal action. Administrators propose that those who withdrew over $100,000 settle by paying 27.5% by Jan. 31, 2024, or face potential lawsuits for recovery. The company is actively unstaking Ethereum for creditor distributions.

• Former SEC official John Reed Stark warns against investing in spot Bitcoin ETFs, calling them a "fee-sucking" creation by billionaire financial entities. He criticizes the crypto market as a "Ponzi scheme," highlighting the risks and complexity. Stark believes spot Bitcoin ETF approval would lead to more scams and financial harm.

• Valkyrie's CIO, Steven McClurg, hints that SEC approval for Bitcoin ETFs may open doors for Ethereum and XRP ETFs. Potential ripple effects for Ethereum ETFs are anticipated. The XRP community expects a boost with the prospect of a spot XRP ETF. Analysts express optimism, highlighting the potential impact on cryptocurrency ecosystems.

• Global cryptocurrency exchanges like Binance, Kraken, Mexc, and Kucoin have vanished from Apple's App Store in India, following allegations of illegal operations by the Financial Intelligence Unit. Despite the crackdown, some exchanges remain accessible on Google Play Store. India-based exchanges warn of potential consequences and offer incentives for users to switch.

• Fidelity plans to reduce its proposed spot Bitcoin ETF fee to 0.25%, down from 0.39%. The company will also waive the fee for market participants until July 31. U.S. ETF contenders aim to attract investors by lowering fees ahead of the SEC's expected decision on Wednesday.

• Analysts anticipate significant inflows into Bitcoin ETFs, with Standard Chartered predicting over $1 billion in the next three months and potentially exceeding $100 billion by year-end if approved by the SEC. The bank forecasts Bitcoin could reach $200,000 by the end of 2025 if such inflows materialize.

• In 2024, crypto enthusiasts rally for positive transformations, embracing inclusivity and striving for sustained success. Optimism abounds with Bitcoin's halving, and worldwide regulations target transparency, security, and investor well-being. The convergence of AI and blockchain augments security, predicts trends, and promotes scalability, shaping a revolutionized digital landscape.

Also read - 24 Crypto Update,9 Jan: Pump and Dump Frenzy Amidst Bitcoin ETF Rumors