24 Crypto Update, 04 Jan: BTC Prices Soar as ETF Approval Beckons

Crypto market increased by 0.30% in 24 hours, reaching $1.73 trillion.

• Bitcoin rebounds on Thursday, reclaiming losses from the prior day's sell-off linked to concerns about an imminent bitcoin ETF approval.

• ARK 21Shares joins VanEck and Grayscale in filing Form 8A for a Bitcoin ETF.

Major Events To Watch:

Crypto Fear and Greed:

Over the past 24 hours, there has been a resurgence of buying activity at lower market levels, resulting in a 4-point increase in the "Greed and Fear Index." As a result, the current reading on the index has climbed to 72 on its 0 to 100 scale.

Latest Market Update: 

• Bitcoin shows a brief rebound, currently trading around $43,500, aiming for support near $41,500.

• Altcoins like Ethereum, Terra Classic, Kaspa, Stacks, and Aptos witness modest buying interest from lower levels.

• Celestia emerges as the standout performer, boasting an impressive 24-hour surge of over 19.75%.

• Astar, on the other hand, undergoes the most significant decline among the mentioned cryptocurrencies, experiencing a 24-hour dip of over 10.84%.

• Total crypto market volume in the last 24 hours: $103B, a notable 8.08% surge.

• DeFi volume stands at $11.19B, comprising 9.37% of the overall crypto market 24-hour volume.

• Stable coins contribute $105.51B, constituting 88.40% of the total crypto market 24-hour volume.

• Bitcoin dominance: 52.77%, up by 0.23% during the day.

Major Worldwide News Update:

• ARK and 21Shares submit ARK 21Shares Bitcoin ETF registration, joining VanEck's Spot Bitcoin ETF filing. Fidelity and Grayscale also advance filings as the race for the U.S.'s first spot Bitcoin ETF intensifies. Goldman Sachs' strategic roles highlight growing institutional interest. SEC decision expected Jan 8-10, with recent developments indicating a pivotal week for U.S. cryptocurrency investment. In the event of SEC approval for a spot Bitcoin ETF, it could generate notable market excitement, potentially fueling a short-term surge in the cryptocurrency's price.

• Bloomberg's James Seyffart indicates a 90% likelihood of the SEC approving a spot Bitcoin ETF, citing the recent Grayscale court ruling. Asset managers, including BlackRock, adapt to SEC requirements, with Eric Balchunas confirming the advanced approval stage. Seyffart foresees a substantial market impact, potentially attracting $10 billion into Bitcoin ETFs in the first year, cautioning on a gradual institutional adoption process. The SEC's decision, expected by January 10, could mark a transformative moment for crypto investment.

• Morgan Stanley Executive Chair James Gorman dismisses Bitcoin as "speculative and volatile" due to its lack of regulation, expressing skepticism about it being a core investment. While acknowledging Bitcoin's longevity, Gorman contrasts with evolving sentiments of other financial figures like Jim Cramer, recognizing Bitcoin's significance.

• Celsius, the embattled crypto lending platform, has initiated the recall and rebalancing of its crypto assets, including Ether, as part of its bankruptcy proceedings. The move aims to ensure liquidity for timely distributions to creditors, potentially alleviating concerns of customers waiting for fund recovery for over 18 months. Almost a third of the pending ETH withdrawals belong to Celsius, valued at approximately $468.5 million. The platform's strategic shift follows its Chapter 11 filing in July 2022.

• Guardian's probe reveals HyperVerse crypto project, led by Australian entrepreneurs Sam Lee and Ryan Xu, causing $1.3B investor losses. CEO Steven Reece Lewis lacks verifiable credentials, celebrity endorsements questioned as potentially paid. Australia's regulatory lapses underscore oversight needs, leaving investors with substantial losses post-deceptive scheme.

• Marathon Digital Holdings achieves a record by mining 1,853 Bitcoin in December, marking a 56% increase from November and a 290% surge from the previous year. Marathon's CEO attributes the success to an 18.4% monthly hash rate increase. The firm aims for 30% growth in hash rate in 2024, targeting 50 exahashes in the next 18 to 24 months. Marathon's exceptional performance aligns with the broader expansion trend in the Bitcoin mining sector.

COIN GABBAR Views: Will Bitcoin overcome both bullish and bearish sentiments? What's the next move for BTC: a swift downturn or a hint of a more substantial correction? Does the Ascending Parallel Channel Pattern signal a target of $57,000? Is the SEC poised to approve or reject the Bitcoin ETF? Could there be a potential delay to Q2 for the ETF approval? 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.

Also Read: Crypto Daily Roundup 04 Jan: BTC Takes a Dive Amid ETF Report Turmoil