24 Crypto Update, 18 Dec: BlackRock ETF Twist Fuels Crypto Uptrend

The global crypto market rose 4.10% to $1.68T in 24 hours.

• Crypto heavyweights capitalize on the ETF approval momentum, fueled by a growing optimism in the digital assets realm.

• In the altcoin arena, Solana takes the lead in the rally, experiencing a surge of more than 7% in a 24-hour period, driven by the increasing adoption of the Solana blockchain.

• The growing support for Senator Warren's Digital Asset Anti-Money Laundering Act heightened anxieties, potentially playing a role in the drop near the $41,000 threshold.

Major Events To Watch:

Crypto Fear and Greed:

In the last 24 hours, the cryptocurrency markets seen a buying sentiment, resulting in an 8-point increase in the "Greed and Fear Index." Consequently, the current index reading has shifted to 73 on its 0 to 100 scale.

Latest Market Update: 

• Bitcoin, the world's oldest and most valuable cryptocurrency, experienced a rise, surpassing the $43,000 mark early on Tuesday.

• Various popular altcoins, such as Ethereum, Solana, Ripple, Litecoin, and Dogecoin, all showed positive movement.

• The SEI token emerged as the top performer, boasting a remarkable 24-hour surge of almost 34%.

• On the flip side, the Memecoin FTX Token faced the largest decline, registering a 24-hour dip of over 11%.

• Total crypto market volume in the last 24 hours: $83.10B, reflecting a 35.34% increase.

• DeFi volume: $7.17B, constituting 13.17% of the total 24-hour crypto market volume.

• Stable coins volume: $48.85B, representing 89.73% of the total 24-hour crypto market volume.

• Bitcoin dominance: 53.47%, up by 0.92% in the last 24 hours.

Major Worldwide News Update:

• On Monday, BlackRock aimed to ease regulators' concerns by filing a revised spot Bitcoin ETF proposal, potentially enhancing its chances of a groundbreaking U.S. approval. The updated plan adopts the SEC-preferred cash creation and redemption model, aligning with recent market speculation on possible January approvals.

• Bitcoin exhibits strong volatility, surging 5.5% to surpass $43,000, adding $50 billion to its market cap in 24 hours. BlackRock's pivotal move toward a cash-only approach in the updated S1 amendment for a Bitcoin ETF signals positive momentum, aligning with market developments, as wallets holding 1 Bitcoin or less hit all-time highs.

• Coinbase expands in Singapore, allowing retail customers to transfer USD using the SWIFT network. With recognition of Singapore as a key hub, Coinbase obtained the Major Payment Institution license, aiming to enhance fiat-to-crypto access. Despite global growth, Coinbase faces challenges, appealing the SEC's rejection of its cryptocurrency rulemaking request.

• The UK introduces comprehensive regulations for its Digital Securities Sandbox (DSS), effective January 8, 2024, under the Financial Services and Markets Act 2023. Governed by collaborative efforts between the Bank of England and the FCA, the DSS focuses on testing innovative solutions using distributed ledger technology and securities tokenization. The move reflects the UK government's commitment to fostering digital asset growth, aligning with broader initiatives for financial market innovation.

• Charles Hoskinson, founder of Cardano, addresses critics on the X app, highlighting Cardano's scalability achievements. Despite past concerns, the network has grown significantly, with a recent surge in Total Value Locked (TVL) by 180%. Cardano now ranks 12th in DeFi, outperforming peers like Ethereum and Solana. ADA trades at $0.5753, with a market capitalization exceeding $23 billion. Whales' activity on the Cardano blockchain has been a driving force behind its recent price rally.

• Galaxy Digital aims to acquire distressed assets, including from FTX, following a surge in assets under management to $5.4 billion. The move comes after managing FTX's crypto holdings for creditor repayments. Despite losses, Galaxy Digital diversifies investments and eyes lucrative mandates, such as the Bitcoin ETF market.

COIN GABBAR Views: The potential for a bullish turn in the market hinges on Bitcoin breaking a crucial level. Will the price surge to $45K, or are we poised for a dip below $40K? Assessing the current trend, is Bitcoin's price still on a bullish trajectory? As for the Santa rally, has it concluded, or can we anticipate its return? 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 Daily Roundup 18 Dec: Warren's Act Threatens Crypto Market