Bitcoin (BTC) surged to a 21-month high on January 2, 2024, driven by heightened anticipation surrounding the U.S.’s first spot Bitcoin ETF. As speculation and rumors intensified, including talk of an early decision ahead of the January 4 official approval window, the price of BTC soared to $45,165 on BTSE at the time of writing.
What to Watch Out for Today
1. Spot Bitcoin ETFs – Approvals Imminent? Reports from FOX Business indicate a potential end-of-week approval for various spot Bitcoin ETFs by the SEC. Why the attention? The SEC’s decision on applications from firms like Ark Invest and 21Shares, due by Jan 10, could mark a major shift in Bitcoin investment vehicles. What’s the insight? Investors should watch for the SEC’s final verdict, as it could significantly impact Bitcoin’s market dynamics. Long Bitcoin?
2. Solana’s NFT Market Booming: Solana’s NFT sales have skyrocketed, surpassing Ethereum in monthly volume for the first time. What’s driving this? Lower transaction costs and faster processing are attracting more users to Solana’s NFT market. Why does it matter? This trend highlights the evolving NFT landscape and suggests potential for growth in Solana-based NFTs. Investors and collectors, keep your eyes peeled on Solana’s NFT space!
3. Jim Cramer’s Bitcoin U-Turn: CNBC’s Jim Cramer has dramatically shifted his view on Bitcoin, now endorsing it as a “technological marvel.” Why the change? This comes amidst rising Bitcoin prices and anticipation of regulatory approvals for spot Bitcoin ETFs. What’s the lesson? Cramer’s change in stance underlines the growing acceptance of Bitcoin in mainstream finance. For crypto enthusiasts and skeptics alike, it’s a significant sign of Bitcoin’s enduring presence in the market.
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