Major cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, experienced a dip on Sunday evening. This was largely due to market anxiety over the potential approval or denial of the United States’ first spot Bitcoin exchange-traded fund (ETF). Bitcoin, Ethereum, and Dogecoin saw decreases of -0.63%, -1.69%, and -3.36% respectively.
Senior Bloomberg ETF analyst Eric Balchunas expects most applicants to receive approval within the week, provided they have met the regulator’s requirements before Dec. 29. Key players in the Bitcoin Spot ETF race, such as BlackRock, Grayscale, 21Shares, and others, submitted 19b-4 amendments in response to the SEC’s request. The 19b-4 filing represents one of the last stages in the SEC’s approval process. This step could potentially pave the way for the first-time approval of the funds in the U.S. this week.
The global crypto market cap has reached $1.66 trillion, marking a 4.80% decrease in the last 24 hours. U.S. stock futures showed little change Sunday night following a down week for the major averages in 2024. Traders are anticipating inflation data and big bank earnings in the week ahead. Congressional leaders announced a deal on Sunday, agreeing on a $1.59 trillion top-line spending to prevent a potential government shutdown.
Cryptocurrency analyst Michael Van de Poppe predicts a significant impact on the crypto markets due to the Bitcoin ETF. He expects approximately $30-60 billion in liquidity to flow into the markets, which will trigger a bull cycle for Bitcoin comparable to the Dot.com bubble or Gold in 2004-2011. Another analyst, PlanB, predicts a 10x price surge for Bitcoin, citing multiple bullish indicators.
As the ETF decision deadline nears, significant volatility in the Bitcoin market is expected, with alternative cryptocurrencies being influenced by its movements. This prediction comes from CrediBull Crypto, another pseudonymous analyst. Data from Santiment, a blockchain analytics firm, has indicated that Bitcoin is mildly declining as the weekend kicks off, and there may be some volatility ahead with whale transactions hitting their highest level since June 12, 2022.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Eric Balchunas, Michael Van de Poppe, PlanB, Crypto Tony, Mehab Qureshi |
| Companies | Reuters, United States’ inaugural spot BTC exchange-traded fund, Santiment, Benzinga, BlackRock, Grayscale, Federal Reserve, SEC, 21Shares |
| Currencies | Bitget Token, Bitcoin, Dogecoin, Siacoin, Ethereum |
| Securities | None |
