2024’s crypto market is kicking off with a bang as Bitcoin (BTC) soars by over 6%, surpassing $45,000 for the first time since early April 2022. Numerous news reports are speculating that the U.S. Securities and Exchange Commission (SEC) will approve several spot Bitcoin ETFs as soon as THIS week. Could this be the start of a sustained bull run? Check out our top three news items of the day below:
BlackRock and Valkyrie Step Up for Bitcoin ETF, JPMorgan Involved: In a significant move, BlackRock and Valkyrie have named authorized participants (AP) such as J.P. Morgan and Jane Street in their applications for Bitcoin ETFs. This comes as a surprise considering J.P. Morgan CEO Jamie Dimon’s known opposition to cryptocurrencies. With the SEC expected to decide on approving spot Bitcoin ETFs between January 5-10, could this collaboration be a turning point for institutional adoption of crypto?
Bitcoin Miners’ Sell-Off: A Pre-Halving Jitter: As Bitcoin continues its upward trajectory, miners seem to be offloading a significant amount of BTC, sending their reserves to their lowest point since May. Over $129 million worth of Bitcoin was sold in a single day, intensifying selling pressure. With Bitcoin’s halving event set for April, cutting miner rewards by half, could this sell-off be a strategic move in anticipation of a supply shock and a potential price surge to $160,000?
Indonesia Cracks Down on Illegal Bitcoin Mining: Indonesian authorities have recently raided several sites engaged in Bitcoin mining using stolen electricity from the national grid. This crackdown reflects the growing concern over illegal crypto activities, even in countries with rising crypto adoption. With 1,314 Bitcoin rigs confiscated and 26 individuals detained, could this action be a wake-up call for the crypto mining industry to prioritize legal and sustainable practices?
Our aim is to create a platform that offers users the most enjoyable trading experience. If you have any feedback, please reach out to us at feedback@btse.com or on X @BTSE_Official.
Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.
