The Incrypted team has prepared a digest of the main events in the cryptocurrency industry this week. In it, we will tell you how the launch of spot Bitcoin ETFs took place in the United States and what the market reaction was, who was going to use the cryptocurrency on Mars, and why Ethereum rose above $2,500.
Top News Cryptocurrency ETFs
- SEC officially approves launch of spot Bitcoin ETFs
On January 9, 2024, X (formerly Twitter) of the US Securities and Exchange Commission (SEC) announced the approval and launch of spot Bitcoin ETFs on national exchanges. It later turned out that the regulator’s account was hacked.
However, on January 10, the SEC finally approved the launch of spot exchange-traded funds for Bitcoin. According to the document, the regulator has authorized the operation of 11 investment products from BlackRock, Bitwise, Grayscale, Hashdex, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity and Franklin.
- Standard Chartered: Spot Bitcoin ETFs could raise up to $100 billion in 2024
Approval of Spot Bitcoin ETFs Will Lead to Significant Inflow of Funds into Investment Products. They can attract from $50 to $100 billion in 2024, according to experts from the international bank Standard Chartered.
Ivan Pavlovskyy- Spot Bitcoin ETF Issuers Reveal Funding Details for Their Crypto Funds
According to documents, VanEck intends to invest $72.5 million in a new product. In turn, financial giant BlackRock is ready to finance its spot Bitcoin ETF for $10 million.
Market reaction to the launch of spot Bitcoin ETFs
- The Bitcoin rate broke through the level of $48,500 amid the start of trading
On January 11, 2024, the Bitcoin price “broke through the ceiling” at $48,500, according to TradingView. At the moment, the asset reached $48,969, but then rolled back significantly, falling below $44,000, and then $43,000. Note that the jump in the price of the asset occurred against the backdrop of the start of trading in spot Bitcoin ETFs on the stock market in the United States.
- Ethereum price exceeded $2,500 for the first time since May 2022
On January 11, 2024, the Ethereum rate broke through $2,500. This is a new high since May 2022. Ethereum’s Bitcoin price also set a price record from November 2023 at 0.0566 BTC, according to TradingView.
- Coinbase Calls Approval of Spot Bitcoin ETFs a ‘Tipping Point’
The management of the crypto exchange stated that the launch of investment products in the United States was a turning point for the development of the crypto economy.
Note that Coinbase is the custodian for eight spot Bitcoin ETFs. Previously, the exchange received registration as a virtual asset service provider in France.
- Analysts predicted approval of applications for spot Ethereum-ETFs in 2024
Experts believe that spot Ethereum ETFs could also be approved within a year. In particular, Bloomberg analysts Eric Balchunas and James Seyffart share this opinion.
- Justin Sun allowed the launch of spot Bitcoin ETFs in China
HTX (Huobi) cryptocurrency exchange advisor and Tron founder Justin Sun expressed optimism about the approval of spot Bitcoin ETFs in the US. He predicted a possible launch of this product in the Asian market “in the near future.”
- The head of Binance in CEE and Central Asia commented on the approval of spot Bitcoin ETFs
General Manager of the Binance cryptocurrency exchange in the CEE and Central Asia region, Kirill Khomyakov, commented on the approval of spot Bitcoin ETFs in the United States.
Khomyakov believes that such funds will provide easier access to the cryptocurrency market, as well as increase confidence in the digital asset industry.
Artem Galunov- On the first day, trading volume for spot Bitcoin ETFs amounted to about $4.5 billion
Spot Bitcoin ETF trading volume nearly reached $4.5 billion on first day of trading. This was reported by Bloomberg Intelligence analyst Eric Balchunas.
- Clients threaten to boycott The Vanguard Group for refusing to list spot Bitcoin ETFs
One of the largest investment companies in the world, The Vanguard Group, refused to place spot Bitcoin ETFs on its platform.. In response, some clients said they would close their accounts.
- Senator Elizabeth Warren criticized the SEC for approving spot Bitcoin ETFs
Senator Elizabeth Warren said the regulator’s decision to approve spot Bitcoin ETFs was a mistake.. She called for amendments to current legislation in the field of AML as soon as possible.
Bitcoin news
- The share of profitable Bitcoin supply has reached 92%
On January 8, 2023, the share of profitable Bitcoin supply reached 92.27%, according to Glassnode. This is a new high for November 2021. Meanwhile, analysts pointed to the risk of market overheating and an increase in the share of short-term holders.
- Jim Cramer called the current Bitcoin rate a peak
TV presenter and founder of hedge fund Cramer & Co. Jim Cramer said Bitcoin has reached its peak. The expert made this statement against the backdrop of another increase in the quotes of the first cryptocurrency.
Bitcoin BTC- An unknown person spent $66,000 to encrypt data on the Bitcoin network
An anonymous user paid a commission of 1.5 BTC for encrypting information on the Bitcoin network. It performed 322 transactions to encode 8.93 MB of data.
- Bitcoin is recognized as a unit of account in the economic zone of Honduras
The first cryptocurrency received the status of a unit of account in Prosper. This decision means that companies and individuals will be able to use Bitcoin to measure the market value of goods and services.
- Hal Finney’s iconic “Running bitcoin” tweet turns 15 years old
On January 11, 2009, developer Hal Finney posted the phrase “Running bitcoin” on the social network Twitter (currently X).. This post later became one of the symbols of Bitcoin and gained cult status.
- The expert predicted an increase in the price of Bitcoin to $250,000 in 2024
Economics expert Henrik Zeberg believes that Bitcoin will reach between $115,000 and $250,000 in 2024. The driver of the new rally will be not so much the trigger in the form of approval of spot Bitcoin ETFs, but the behavior of traders, he noted.
- 15 years have passed since the first transaction on the Bitcoin network.
On January 12, 2009, the first transaction took place on the Bitcoin network from one participant to another. Satoshi Nakamoto sent 10 BTC to his colleague Hal Finney.
Ivan PavlovskyyRegulation of cryptocurrencies in Ukraine and in the world
- The NBU stated that crypto assets are not a means of payment
The National Bank of Ukraine (NBU) does not consider cryptoassets as a means of payment and does not plan to change this position in the near future. This thesis was expressed by the first deputy head of the regulator, Ekaterina Rozhkova.
- The Ministry of Digital Development commented on the NBU statement on cryptoassets
The Ministry of Digital Transformation commented on Ekaterina Rozhkova’s statement. Deputy Minister of Digital Transformation for IT Development Alexander Bornyakov spoke about two bills regulating the sphere of virtual assets.
- 80% of jurisdictions have tightened regulation in the field of crypto assets
According to a report by TRM Labs, in 2023, about 80% of jurisdictions in which the majority of crypto market participants are concentrated have tightened regulation of this area. This has led to a reduction in illegal activity on trading platforms, experts noted.
- Bitfinex has introduced restrictions for UK clients
Cryptocurrency exchange Bitfinex will stop providing some services to users in the UK. Starting January 10, 2024, individual and some corporate clients will not be able to make deposits, create contracts, or increase margin positions.
- South Korea confirms ban on launch of cryptocurrency ETFs
A representative of the South Korean Financial Services Commission (SFC) told the media that the ban on investment in digital currencies remains unchanged. According to the statement, it is legally impossible to launch cryptocurrency ETFs in the country.
- CFTC Calls on US Government to Regulate DeFi Sector
The US Commodity Futures Trading Commission (CFTC) Advisory Committee has released a report on decentralized finance (DeFi). The document includes a number of recommendations for policymakers, including increasing knowledge about DeFi and improving the efficiency of enforcement.
- Cryptocurrency and fintech companies fined $5.8 billion in 2023
Cryptocurrency and fintech firms were fined $5.8 billion in 2023 for customer verification deficiencies, sanctions failures, and other financial crimes. The Financial Times reports this.
- In India, the apps of Binance and seven other crypto exchanges were removed from the App Store
Apple has removed eight cryptocurrency exchange apps from its online store in India.. Previously, the country’s authorities accused the platforms of illegal activities.
- The SEC through the court demanded that Ripple provide financial statements
On January 11, 2024, representatives of the Commission filed a request for Ripple to provide financial statements.
US inflation data exceeded experts’ expectations
In December, inflation in the US increased by 0.3%, and the annual increase was 3.4%. The results of the consumer price index (CPI) diverge from the forecast of experts, who expected inflation at 0.2% and 3.2%, respectively.
Denis SolomyanyukElon Musk spoke about the use of crypto assets on Mars
Billionaire Elon Musk said that crypto assets should become the main currency in the human colony on Mars. However, according to him, Bitcoin is not suitable for this.
Celsius asked creditors to return part of the funds withdrawn before bankruptcy
Celsius notified creditors of the need to return part of the funds withdrawn 90 days before the collapse of the company. The provision applies to account holders who withdrew more than $100,000 before July 13, 2022.
Vitalik Buterin gave four pieces of advice to investors
Ethereum project co-founder Vitalik Buterin gave financial advice to investors. He urged them not to use leverage of more than 2x and to diversify risks when building a portfolio.
The rate of memcoins on the Solana network fell by 80%
In December 2023, the rate of the most popular memecoins on the Solana network, including BONK and WIF, fell by an average of 80%. Brief retelling
We looked at what Notcoin is, how the process of mining coins in Telegram works, and what to do with them next:
Ivan BabiukThis week we interviewed Solana Foundation Head of Strategy Austin Feder. He spoke about the team’s plans for 2024, the potential of AI and the future development of the industry:
Artem GalunovWe recommend that you read the article “High liquidity”. In it, we explained in detail who market makers are and what functions they perform:
Ilya SurganWe also summed up the results of the first day of trading on spot Bitcoin ETFs and discussed this event with crypto experts live:
Airdrops and token sales
New instructions for airdrops:
- Zeta Markets Activity;
- NFPrompt – New Season;
- Drift Protocol Activity;
- DOP Testnet;
- Kamino Activity;
- Merkle Trade Activity;
- Orderly Network Activity;
- StarryNift Activity;
- Butter Activity;
- Notcoin Activity.
Updates:
- Red Wars DEXes Event;
- LayerZero Quest on Layer3.
Upcoming token sales:
- Sale Subsquid.
Besides…
- We have collected for you in one material key investments in the field of blockchain, crypto assets and AI.
- We regularly update and highlight new events in the Incrypted crypto calendar.