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News recap: SEC greenlights spot bitcoin ETFs

After multiple delays and rejections, the U.S. Securities and Exchange Commission (SEC) has given the official nod to all 11 spot bitcoin ETFs on 10th January. Surprisingly, altcoins showed a more pronounced reaction to the news compared to bitcoin itself. Read the News recap to learn about the most important events in the crypto world between 29th December and 10th January.

Crypto market in numbers

The cryptocurrency market capitalisation has continued its upward trajectory, recording a 6.66% surge to hit $1.76 trillion. This uptick is closely tied to expectations and the anticipated approval of spot bitcoin ETFs. The market capitalisation hasn’t reached this level since the end of April 2022.

Trading activity has remained consistently robust. Average daily volumes, ranging mostly between $80 billion and $120 billion since 29th December, occasionally dipped to $43 billion. Over the past two months, trader activity has steadily been on the rise.

For the first time since November 2021, the Crypto Fear and Greed Index entered the “Extreme Greed” zone, climbing by 16.9% to reach 76 points since 29th December.

Cryptocurrency volatility saw minimal changes. The 30-day volatility index for BTC decreased by 0.5% from 1.80% to 1.79%, while the same index for ETH increased by 3.4% from 2.01% to 2.08% since 29th December.

The news of the approval of spot BTC-ETFs fueled the crypto rally. The SEC’s green light for 11 applications didn’t translate into a substantial surge for bitcoin; however, the asset responded moderately to the news. This could be attributed to the likelihood that those who intended to enter the market before the ETF approval have already done so. Analysts anticipate that the opening of trading will inject volatility into bitcoin. Assets under the management of spot BTC-ETFs could reportedly range from $2 billion to $30 billion on the first day of listing.

Notably, ETH and other leading altcoins exhibited a much stronger response, boasting daily growth rates between 5% and 15%. Talk of the imminent approval of an ETH-ETF is gaining traction. Historically, January isn’t the crypto market’s strongest month, with digital assets averaging a 3.6% growth during this period.

Gainers (26th December – 09th January)

Coin Opening price 26.12, $ Opening price 09.01, $ Change
BCH 242.00 260.00 7.4%
EXM 0.0085 0.0090 5.7%
ETH 2,380.63 2,486.15 4.4%
TRX 0.1098 0.1142 4.0%

Losers (26th December – 09th January)

Coin Opening price 26.12, $ Opening price 09.01, $ Change
GAS 7.65 5.95 -22.2%
NEAR 4.58 3.69 -19.4%
DOT 9.78 8.04 -17.8%
NEO 15.40 12.68 -17.6%
EOS 0.93 0.78 -16.6%

Easily track gainers and losers within the Simple trade section on EXMO. Check real-time updates in the last 24 hours, week and month.

Most traded coins (26th December – 09th January)

Coin Trading volumes, $
USDT 37,594,446
BTC 30,482,116
ETH 16,115,820
XRP 6,910,255
SOL 4,661,398
ADA 2,289,511
LTC 1,776,612
YFI 1,533,524
BCH 980,958
GMT 824,615

Top crypto market driving factors

Overall сrypto market

▲ 29.12.2023 – Trading volumes on centralised crypto exchanges in December surpassed the trillion-dollar mark.

▲ 29.12.2023 – Goldman Sachs notes that the approval of BTC-ETFs will attract more institutional investors to the crypto space.

▲ 29.12.2023 – VanEck’s CEO stated that the cryptocurrency market is the most interesting segment of the investment market.

▼ 03.01.2024 – Matrixport announced that the SEC would again delay approval for bitcoin ETF launches in the US.

▼ 03.01.2024 – Long positions worth $578 million were liquidated within a day.

▼ 03.01.2024 – During the market crash, the USDC stablecoin dropped to $0.76.

▲ 06.01.2024 – All 11 issuers of bitcoin ETFs in the US submitted updated 19b-4 forms.

▲ 06.01.2024 – The volume of transfers in stablecoins continues to increase, reaching $1.2 trillion in December 2023.

▲ 07.01.2024 – Trading volumes on centralised crypto exchanges exceeded $40 billion in a day.

▼ 03.01.2024 – SEC warns investors against FOMO regarding digital assets.

▲ 08.01.2024 – Issuers of spot bitcoin ETFs in the U.S. submitted corrected versions of S-1 forms.

▼ 09.01.2024 – Matrixport believes that the recent rally in cryptocurrencies may be “false”.

▼ 10.01.2024 – Long positions worth $135 million were liquidated within a day.

Bitcoin (BTC)

▲ 29.12.2023 – Institutional investors opened long positions on the CME with a significant premium. Historically, when this has happened, BTC grew by 25%.

▲ 29.12.2023 – According to Glassnode, 28,000 BTC ($1.19 billion) were withdrawn from crypto exchanges within a day – the highest in a year.

▲ 31.12.2023 – Bitcoin concludes 2023 with over 5 million active addresses in the last month, 550,000 daily transactions, and 31% of coins inactive for at least 5 years.

▲ 02.01.2024 – Bitcoin network hash rate set another historical high, reaching 679 EH/s.

▼ 03.01.2024 – Bitcoin’s trading share on crypto exchanges dropped to 32% of the total market, a multi-year low.

▲ 07.01.2024 – Average transaction fees on the Bitcoin network fell below $10.

▲ 09.01.2024 – According to IntoTheBlock, with bitcoin above $46,000, 90% of all addresses are profitable.

▼ 09.01.2024 – Hackers compromised the SEC’s Twitter account and tweeted falsely that the regulator had approved all applications for spot Bitcoin ETFs in the U.S.

▼ 09.01.2024 – Matrixport notes that bitcoin may be technically vulnerable.

▲ 10.01.2024 – SEC approved all 11 applications for spot bitcoin ETFs.

Ethereum (ETH)

▲ 03.01.2024 – In 2023, the share of long-term ETH holders exceeded bitcoin’s – around 73% versus 70%.

▲ 05.01.2024 – The 150 largest non-exchange addresses in the network hold 56.25 million ETH, an all-time high.

▲ 07.01.2024 – ETH whales bought over 410,000 ETH, totaling nearly $1 billion, in the last month.

▲ 08.01.2024 – The number of ETH wallets with a non-zero balance increased by 54% in 2023.

Ripple (XRP)

▼ 07.01.2024 – Ripple began selling half of the reserved tokens for January, specifically 100 million XRP.

▲ 08.01.2024 – The number of XRP wallets with a non-zero balance increased by 26% in 2023.

▼ 09.01.2024 – XRP is experiencing the most negative sentiment since May 2023.

Solana (SOL)

▲ 29.12.2023 – Worldwide Google searches for the Solana network surpassed those for Ethereum.

▲ 02.01.2024 – In December 2023, the trading volume of NFTs on the Solana network exceeded that of Ethereum – $366.6 million versus $353.2 million.

▲ 09.01.2024 – Solana Foundation shared information about the number of developers working on various projects within the Solana blockchain. In 2023, this figure ranged from 2500 to 3500.

Cardano (ADA)

▲ 29.12.2023 – Cardano developers are preparing for the Chang hard fork in 2024.

▲ 08.01.2024 – The number of ADA wallets with a non-zero balance increased by 38% in 2023.

▲ 09.01.2024 – According to on-chain data, large holders accumulated over 650 million ADA in the last month.

Litecoin (LTC)

▲ 05.01.2024 – Litecoin is witnessing rapid growth in the activity of addresses – 1.36 million.

EXMO.com news

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The fourth-largest utilisation of EXMO Coin is completed: we burned 150,431,706 EXM worth $1,396,682.

That’s all for this week! Follow EXMO.com on TwitterTelegram and Instagram to stay tuned to the main events and trends in the crypto market.

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