SEC Could Approve First Bitcoin ETF in Early 2024

Leonardo Perez
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SEC Could Approve First Bitcoin ETF in Early 2024

If an ETF is approved, a “black swan effect” could be triggered with a significant impact and volatility, most likely upward.

According to leaks mentioned by Fox Business, the United States Securities and Exchange Commission (SEC) could make history in the industry in early 2024 with the approval of the first spot Bitcoin ETF.

Sources close to the SEC mentioned to Fox network that January 10, 2024 could be the date for when the regulator gives the long-awaited approval for the financial instrument. This is precisely the date on which the deadline for the US Securities and Exchange Commission to approve or deny the application that Ark Investment Management submitted at the time with 21Shares for the deployment of its Bitcoin ETF expires.

However, it is believed that not only this request will be approved, but that several will, too.

Why Has It Taken So Long for the Bitcoin ETF to be Approved?

Several investment funds and players in the financial world have tried to obtain Bitcoin ETF approval within the United States, however, their applications have been met with constant rejection from SEC officials.

Dave Weisberger, co-CEO of CoinRoutes, has mentioned that the possible reason for the SEC’s refusal has to do with the tension against digital assets that American regulators currently maintain, adding that there is still a perception that Bitcoin is used for illegal purposes.

At the same time, a former SEC official who shared with Fox Business mentioned that the constant rejection of ETFs is due to the “general aversion” of Gary Gensler, Chairman of the US Securities and Exchange Commission, towards digital assets in general, including Bitcoin.

However, pressure from big players on Wall Street, such as Larry Fink, CEO of BlackRock, the world’s largest money manager, has begun to be felt in the fight for approval.

Fink, according to Fox Business, has marked the approval of a Bitcoin ETF as a key priority for his corporation and has come to consider the market’s main cryptocurrency as an “international asset” that competes with gold for the definitive title of “store of value.” In fact, last Tuesday BlackRock had its last meeting with American regulators to evaluate its Bitcoin ETF application.

Despite all these efforts, there is always the possibility that the SEC will once again deny ETF applications, although inside sources shared with Fox Business that this was “unlikely.”

The sources confirmed that the Commission was pressured by the August decision of the Washington D.C. Court of Appeals, where, knowing of the SEC’s denial of the Grayscale ETF, it classified the regulator’s denials as “arbitrary and capricious,” allowing the asset manager to get his case reassessed.

Why Are Bitcoin ETFs So Anticipated?

Analysts’ expectations, according to Félix Fuertes, CEO of Investment Training and expert in the crypto space, remain very heated due to the possible changes that this could bring to the crypto ecosystem.

According to Fuertes, the possible approval of the SEC could be the event that will trigger a “black swan effect” with a significant impact and volatility, most likely upward. It would generate an increase in liquidity and demand, influencing futures and reducing the supply of Bitcoin, which could result in considerable price movements in the months following approval.

By Leonardo Perez

Best Performing Cryptos in 2023

Audy Castañeda
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Best Performing Cryptos in 2023

As 2023 is drawing to a close, the cryptocurrency market is once again in the green zone.

The year 2023 presented a mixed outlook for the cryptocurrency market. Initially dealing with the fallout from the rapid collapse of the FTX crypto exchange, by the end of the year investors found themselves in a favorable position. Several altcoins experienced levels of growth not seen in the crypto community for years.

Below are the top six winning cryptocurrencies in 2023.

Bitcoin: Highest Yield Cryptocurrency

Bitcoin (BTC) is the most popular and expensive cryptocurrency, cementing its position as one of the biggest winning cryptocurrencies this year. Bitcoin’s market capitalization is currently the highest and comprises more than half of the market capitalization of the entire cryptocurrency sector. This means that most cryptocurrency users invest in Bitcoin or hold their assets in this cryptocurrency.

Since the beginning of the year, the value of the main cryptocurrency has increased by more than 163%, tripling its price at the beginning of January. Furthermore, Bitcoin rose to its highest level in December since April 2022.

Best Performing Altcoins

Cardano. Interest in ADA did not begin to increase until early 2023. On January 4, 2023, the coin was valued at just $0.29. Since then, the price of the coin has surpassed $0.59 per token and continues to rise. Since the beginning of the year, the value of the ADA token has increased by more than 147%.

Ripple. For one of the most prominent altcoins in the cryptocurrency market, XRP, 2023 was like riding a roller coaster. This was facilitated by several positive and negative events, which mainly revolved around the protracted legal battle between Ripple and the Securities and Exchange Commission (SEC). After Ripple’s partial victory, the token showed explosive growth to $0.82. In one year, it increased by 80%.

Tron. This network gained recognition after Samsung officially integrated its blockchain into Samsung’s keystore in early 2020.

In the past month, Tron has been gaining ground, especially in USDT transactions, despite not being the largest or most recognized blockchain in the world. Google Trends shows that global interest in USDT on Tron is as high as USDT on Ethereum over the previous year.

Ethereum. It is a promising altcoin acclaimed for its innovative approach. Ethereum (ETH) is not just a cryptocurrency but a complete platform for developers.

The popularity of ETH in the current year is evident in its rising price. Since the beginning of the year, the currency has grown more than 96%.

Solana. (SOL) hit a new yearly high of $95.4 in late December. Since the beginning of the year, the price of the token has increased by more than 711%, making SOL one of the top-performing cryptocurrencies.

Despite pessimistic forecasts, Solana survived and began to recover. Experts attributed the project’s “survivability” to the team’s use of stress testing to resolve bugs.

What Awaits the Crypto Community in 2024

In the second half of 2024, the price of the first cryptocurrency is expected to grow and strengthen. If Bitcoin hits $100,000 in December, Satoshi Nakamoto is more likely to be named Time Magazine’s “Person of the Year,” according to VanEck. However, Ethereum will not be the leader in the cryptocurrency race, but it will “outperform all technology stocks.”

In a recent report, Matrixport analysts predicted that the price of Bitcoin will rise to $63,140 in April 2024 and $125,000 by the end of the following year.

By Audy Castaneda

Bitcoin ETF 2024 Decision Countdown: Traders Employ Hedging Tactics, Bloomberg Reveals

Leonardo Perez
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Bitcoin ETF 2024 Decision Countdown: Traders Employ Hedging Tactics, Bloomberg Reveals

While Bitcoin’s rally has softened the impact of its decline in 2022, market expectations for ETF approval may already be priced in, posing potential risks for the market.

As the long-awaited deadline for a positive or negative decision on Bitcoin spot ETF applications approaches, Bloomberg reports that the BTC options market is seeing increased covering activity as traders prepare to a crucial decision on January 10.

The report indicates an increase in open interest for puts expiring on January 12, suggesting that market participants are taking steps to mitigate potential losses in the event of a negative verdict from the Securities and Exchange Commission. (SEC) regarding these index funds.

Market Braces for Bitcoin ETF Verdict

The Bloomberg report highlights that open interest for put options, which allow holders to sell Bitcoin, has seen a significant increase for contracts expiring on January 12. This increase in open interest has resulted in a higher put-to-call ratio for these specific contracts, as compared to contracts with expiration dates further away from the January 10 deadline.

The top strike prices for the put contracts are $44,000, $42,000, and $40,000, respectively, indicating that put option holders could exercise their options to minimize losses in case of a negative market reaction to the SEC’s decision.

The put-call ratio, considered a measure of overall market sentiment, stands at 0.67 for the January 12 options contracts, indicating a more cautious approach among traders.

Ryan Kim, head of derivatives at FalconX, suggests that leveraged/speculative traders are employing Bitcoin puts to protect their leveraged long positions, anticipating significant price movements in either direction.

The higher buy rate for January 12 options further reflects the market’s desire for protection against a potential negative call. The increase in open interest for puts expiring on January 12 indicates a growing need for protection in the event of an unfavorable ruling.

BTC Price Resistance and Possible Drop

Bitcoin has seen a notable rally this year, with expectations of ETF approval sending its price up more than 60% since mid-October. However, the Bloomberg report suggests that the anticipated increase in demand for the ETFs may already be factored into the price of the token, potentially exposing the market to a “sell the news” scenario in the second week of January.

Additionally, QCP Capital, a Singapore-based crypto asset trading firm, predicts overhead resistance for Bitcoin in the $45,000 to $48,500 range and a possible pullback to $36,000 levels before the uptrend resumes.

Bitcoin is currently trading at $43,400, seeing a 1% drop in the last 24 hours. Over the past 14 days, the cryptocurrency has shown sideways price movement with a slight decline of 0.4%. Given Bitcoin’s known volatility, it remains uncertain how the market will react as the impending decision and potential catalysts approach, and how these factors will affect its price dynamics.

However, the upcoming decision is not the only catalyst that can potentially boost the price of Bitcoin in 2024. The cryptocurrency is also predicted to experience a significant catalyst in April 2024, known as the halving event.

This halving event has historically resulted in an increase in the price of Bitcoin, and is anticipated to push the cryptocurrency past its previous all-time high (ATH) of $69,000 over the next year.

Meanwhile, as the crypto community eagerly awaits the possible approval of a BTC spot Bitcoin exchange-traded fund (ETF) in the United States, some analysts warn that this could trigger unintended consequences for cryptocurrency exchanges.

By Leonardo Perez

How High Will Bitcoin Go in 2024? BTC Price Predictions from Experts

Audy Castañeda
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How High Will Bitcoin Go in 2024? BTC Price Predictions from Experts

Numerous experts have stepped forward to provide their insights on how Bitcoin is likely to perform in 2024.

Following the resurgence of Bitcoin (BTC), surpassing the $40,000 mark as the year concludes, the overall market sentiment is notably optimistic about the asset’s potential for further gains over the coming year. A variety of catalysts support this positive outlook.

Despite this persistent optimism, a fundamental question arises: what heights can the inaugural cryptocurrency reach in the new year? Below are several experts’ perspectives on the projected price of Bitcoin in 2024.

2024 Will Be Big for Bitcoin

In a message posted on X (formerly Twitter) crypto analyst Stock Money Lizards predicted that 2024 will be a pivotal year for Bitcoin, with notable catalysts driving the potential for substantial growth.

While there is recognition of the possibility of an increase in acceptance with the introduction of a spot Bitcoin exchange-traded fund (ETF), the general consensus suggests an upcoming period of consolidation before witnessing significant developments in the cryptocurrency space.

A notable prediction from the expert is the anticipation that Bitcoin will surpass the $100,000 mark in 2024. The catalysts behind this optimistic projection are strategically timed events that could propel the cryptocurrency to new heights.

The analyst identified March as crucial and emphasized possible interest rate cuts by the Federal Reserve. If the Federal Reserve executes three planned cuts over the next year, it could significantly affect the cryptocurrency market, possibly creating favorable conditions for Bitcoin.

Another key catalyst is the Bitcoin halving in April, which occurs approximately every four years. Historically, this event drives up Bitcoin prices as the block reward reduction decreases the supply of new bitcoins.

Furthermore, the analysis highlighted the importance of the Cryptoasset Markets Act (MiCA) in the European Union, scheduled for June. This legislative development is set to shape cryptocurrency regulations. Regulations are crucial for broader adoption of cryptocurrencies, especially gaining the trust of institutional investors.

Bitcoin Prepares for a Parabolic Rally

According to cryptocurrency trading expert TradingShotBitcoin is potentially on track to hit $65,000 by August 19, 2024. With weeks left until the next halving, a possible acceleration in the current phase, fueled by ETF speculation, could propelling Bitcoin into the final period before a bull cycle parabolic rally.

In a December 11 post on TradingView, analysis highlighted an underlying trendline in the Weekly Relative Strength Index (RSI), providing an additional indicator for traders considering accumulation ahead of the expected all-time high test.

Bitcoin Prepares for a Big Bull Run

MicroStrategy CEO Michael Saylor has emphasized the potential game-changing impact of the approval of a spot ETF in January, saying it could be the most significant development on Wall Street in 30 years.

Saylor says the approval of spot ETFs will provide mainstream investors and institutions with a high-bandwidth supported channel to invest in Bitcoin, marking a crucial shift from the dominance of leveraged ETFs and traditional crypto investors.

The Death of the US Dollar, a Blessing for Bitcoin

According to the renowned financial educator and author of the personal finance book. “Rich Dad Poor Dad,” Robert Kiyosaki, BRICS nations will unveil a gold-backed cryptocurrency, signaling a significant shift in the global financial landscape.

The announcement is expected to trigger a cascading effect, causing a loss of confidence in the US dollar and causing trillions of dollars to flood into the United States, followed by inflation. Therefore, the expert recommends investing in traditional safe haven assets, such as gold and silver.

By Audy Castaneda

Stock Market December 22: Profit Collection Prevails after the Rally. BTP Below 3%, Euro, Gold and Bitcoin at Highs

Leonardo Perez
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Stock Market December 22: Profit Collection Prevails after the Rally. BTP Below 3%, Euro, Gold and Bitcoin at Highs

The Christmas rally is coming to an end and investors are profiting from it – gold and Bitcoin are shining instead.

Even in the East, the stock markets have decided to go deeper while waiting for the new year which, after the disappointments of the Asian markets in 2023, is expected to bring good movements.

This is not the atmosphere that prevails for now in Shanghai and Hong Kong. In fact, the prospect of new taxes on profits has caused widespread losses among gambling giants.

While waiting for the Christmas holidays and data on American inflation, in the last session of the week, the European stock markets show a weak performance, despite the enthusiasm of Wall Street, which rebounded in the previous session.

FedEx Falls, Games Betray Tencent

The markets, already distracted by the upcoming holidays, were attracted yesterday by FedEx accounts, one of the companies that set the course for Wall Street, and which closed yesterday with a drop of -12%, after negative results in the second quarter of its year. Such results fell below expectations and cut its sales forecasts.

In a press release, the company talks about weak demand. For fiscal 2024, FedEx expects a revenue contraction in the low single digits range, while it previously expected flat sales, not just on Wall Street. The 3.58-year BTP yield fell to 3.62% from XNUMX%, the lowest in a year.

BTP Below 3% Threshold, Spread of 160

The 2-year BTP yield, 2.98%, fell below the psychological threshold of 3% for the first time since March. The credibility of the “Italian system” also increases: the spread closed at 160 basis points, the lowest level since August, which in October was at 205 basis points.

For now, at least apparently, the uncertainties that have emerged on the ESM front are not significant. The 2023-year BTP future could record its fourth consecutive positive week and its performance since the beginning of 10, currently +XNUMX%, could be the best in the last four years.

Several Federal Reserve officials have also warned against betting on early rate cuts, given that US inflation is still well above the Fed’s annual target of +2%. In the United States the economic cycle is slowing, but it is not a sudden stop, third quarter GDP fell to 4.9% from 5.2%. %. However, these are figures far from what economists anticipated at the end of 2022.

Nike Slows Down, PCE Inflation Today

Today’s macroeconomic data, and in particular the PCE Core, should confirm this panorama. Overnight, futures fell on signals about consumer trends. It came from the clothing giant Nike. The company cut its growth estimates and the stock lost 7%.

European Central Bank Vice President Luis de Guindos, in an interview published on the central bank’s website, said it was too early to talk about an interest rate cut. “When we see that inflation is clearly converging stably towards our +2% target, monetary policy could begin to ease. But it is still too early for that to happen,” de Guindos told Spanish 20 Minutos media outlet.

Euro, Gold and Bitcoin at Highs

There is no financial caution at the end of the year. Yesterday’s break in the markets was short-lived. The euro also reached the maximum of the period of 1.10 to the dollar, +0.6% yesterday.

Gold offers at 2,043, oil WTI barely exceeds $74 a barrel, +0.7%. Brent at $80. Finally, it leads Bitcoin to $44,450, +0.4%.

By Leonardo Perez

Solana’s 20-Month High Makes It Crypto’s Next Big Thing

Audy Castañeda
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0
Solana’s 20-Month High Makes It Crypto’s Next Big Thing

Several altcoins, including SOL, saw price rallies and the cryptocurrency is now approaching the $100 level.

In 2022, the cryptocurrency space hit a major roadblock with the collapse of FTX, causing repercussions throughout the industry. This adversity posed challenges for Solana, one of its most prominent blockchains, interrupting its course.

Known for its innovation and technological strength, Solana had received much praise, especially from senior figures such as former FTX big boss Sam Bankman-Fried.

However, when the cryptocurrency exchange, a platform closely linked to Solana, unexpectedly crashed, it cast a dark cloud over the blockchain’s previously positive future.

Solana Emerges Strong: 800% Recovery

Today, many digital asset investors are positioning SOL as the success story of the cryptocurrency industry. This is due to its incredible recovery from last year’s more than 90% loss.

The value of SOL has seen a notable increase, rising over 800% since then. As the network benefits from significant activity and considerable demand for memecoins, Solana prices have recently shown significant growth, reaching its highest level (a 20-month peak) since April 2022.

The Solana network has seen a surge in transaction activity as traders take advantage of its speed and cheap fees to trade obscure and risky tokens known as “shitcoins” in the cryptocurrency community.

Hosam Mahmoud, research analyst at CCData, clarified that there is a direct correlation between the recent increase in SOL prices and an increase in on-chain activity on the Solana blockchain.

He cited figures from DeFi data aggregator DefiLlama, which indicated that the total value locked on the platform had increased significantly in the previous seven days.

According to Anatoly Yakovenko, CEO of Solana Labs, developers are still adding features to Solana and the introduction of new platforms and products has increased public interest in blockchain technology.

Analyst Reveals SOL Tech’s Triumphs

“Crypto is Macro Now” author Noelle Acheson has written about Solana’s revolutionary journey and the significant technological advancements achieved by blockchain. These advancements follow previous difficulties Solana faced, such as network outages and performance issues.

According to the Solana Status monitoring website, there have been no incidents since February, demonstrating the resilience of the blockchain, as Acheson points out. On December 21, the price of SOL and some other altcoins rose by double digits. As a result, short sellers suffered huge losses when their bearish bets turned out to be unsuccessful.

As the altcoin approaches a critical price threshold, SOL traders are currently seeing the largest short liquidations in the last three months. Meanwhile, Solana has reported the liquidation of short contracts worth about $13 million in the last day. Given the rising level of optimism ahead of the end of the year, this is the biggest single-day sell-off traders have seen since October this year.

Recently, the price of SOL was just over $96. Bullish signals swept the cryptocurrency market, causing a 14% rise in just one day. Several altcoins, including SOL, saw price rallies and the cryptocurrency is now approaching the $100 level.

Solana Flips BNB as it Approaches $100

Solana and Binance’s BNB are locked in a tight race for fourth place among the cryptocurrencies with the highest market capitalization. Earlier today, Solana briefly outperformed BNB but was unable to hold the position.

Furthermore, Solana’s price reached $99.50 on Binance, leaving it just $0.5 short of the $100 milestone. It is very likely that if Solana price stays above $100, it can firmly secure its fourth position. Most recently, BNB’s market cap is $41.75 billion, while Solana’s market cap is $41.44 billion.

By Audy Castaneda

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