Breaking 2024: SEC approves Bitcoin ETF!
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Major cryptocurrencies traded mixed on Wednesday with bullish momentum showing signs of fading. This shift in momentum can be attributed to early Exchange-traded funds (ETF) that failed to meet high market expectations.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30pm EST) |
| Bitcoin (Crypto: Bitcoin) | -0.79% | $42,655 |
| Ethereum (Crypto: ETH) | -1.90% | $2,527 |
| Dogecoin (Crypto: DOGE) | +0.64% | $0.081 |
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What happened: Bitcoin’s rally has stalled, with the cryptocurrency now trading 10% below its recent highs near $49,000. This decline occurred after the launch and subsequent trading of 11 spot ETFs in the US last Thursday.
In another major development, a federal judge in Manhattan participated in the tough questioning of… Coinbase Reuters reported that the US Securities and Exchange Commission is examining their conflicting views on classifying digital assets as securities.
Coinbase has filed a petition with the court to dismiss the lawsuit Securities and Exchange Commission (SEC) filed a lawsuit alleging that the largest cryptocurrency exchange in the United States is violating its regulations.
During the hearing the judge Catherine Polk Failla I deliberated on the legal precedent that defines securities and examined the characteristics of various crypto tokens traded on Coinbase and other platforms, which the regulator defined as investment contracts.
After a hearing that lasted more than four hours, Failla declined to issue a ruling from the bench, indicating that it was still evaluating certain aspects of the case.
Highest gainer (24 hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30pm EST) |
| dydx (Crypto: ETHDYDX) | +3.62% | $3.05 |
| Makes (Encryption: RNDR) | +2.87% | $4.18 |
| Star (Encryption: ASTR) | +1.81% | $0.16 |
The global cryptocurrency market cap now stands at $1.70 trillion, showing a 1.04% increase over the past 24 hours.
Stocks fell on Wednesday as Treasury yields rose after the release of US economic data. The S&P 500 fell 0.56% to close at 4,739.21, while the Nasdaq Composite also saw a decline of 0.59%, ending the session at 14,855.62.
December retail sales data beat expectations, indicating a resilient consumer base and casting doubt on deep interest rate cuts by the Federal Reserve. Retail sales showed an increase of 0.6% compared to November and 0.4% on a monthly basis, excluding automobile sales. Economists surveyed by Dow Jones had expected a 0.4% month-on-month rise in retail sales and a 0.2% increase excluding auto sales.
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The yield on the 10-year Treasury note rose by about 4 basis points to 4.102%. This comes amid Federal Reserve Governor Christopher Waller warning that monetary policy easing may continue at a slower pace than previously expected.
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Analyst notes: Cryptocurrency analyst Michael van de Poppe Bitcoin is reportedly poised to consolidate within its current range, with the hype surrounding ETFs slowly fading away.
“The ETF launch was one of the best performing launches in terms of net flow and volume, and will emerge in the coming years. Potential resistance at $46k and support at $39-41k.”
According to Van de Poppe, there was potential for Bitcoin’s price to fall below $41,000 before seeing a surge of more than 630% to reach $300,000.
“Bitcoin is being range-bound. We will probably have another round before the halving, but buying the dips more or less below $41,000 makes a lot of sense. Before Bitcoin hits $300,000.”
Cryptocurrency analyst by pseudonym Dan crypto trades He said Bitcoin Open Interest is still “nowhere close to getting back to where it was after the flow that happened last week. The price will probably chop for a while I assume.”
SantimentThe on-chain analytics firm said altcoins are creating a disconnect with each other as the market continues to be polarized following last week’s big news.
Photo by Svetlana Barnikova on Shutterstock
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Breaking 2024: SEC approves Bitcoin ETF!
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