- The approval of spot Bitcoin ETF in the United States is inevitable with the US SEC having weeded out the majority of rogue players through civil actions to ensure transparency and proper reporting to investors.
- After experiencing a significant selloff last week with nearly $1 billion in crypto liquidations, Bitcoin has led the altcoin market in general recovery with high hopes of spot ETF approval by Wednesday.
The cryptocurrency is on the cusp of ushering in a new era of mainstream adoption fueled by institutional investors. After more than a decade of pushing for Bitcoin (BTC) to be offered by fund managers to their United States-based clients legally, former US Securities and Exchange Commission (SEC) Chair Jay Clayton has admitted that the approval of spot BTC ETFs is inevitable.
Additionally, the current US SEC Chair Gary Gensler has significantly changed his stance on crypto assets following several losses in the court of law. On Monday, Gensler tweeted a thread advising investors on things to consider before purchasing crypto assets, thus signaling imminent approval of spot Bitcoin ETFs.
Consequently, the cryptocurrency industry has recorded increased volatility led by Bitcoin prices. Notably, Bitcoin led the altcoin market in a flash sell-off last week, thus resulting in nearly $1 billion in crypto liquidations. Nevertheless, Bitcoin price has since recovered and has been trading around $45k on Monday.
The crypto frenzy has escalated after the majority of fund managers seeking to offer spot Bitcoin ETFs entered into a fee war, whereby Bitwise Invest has the lowest fee of 0.24 percent closely followed by VanEck with 0.25 percent monthly. Notably, BlackRock intends to charge between 0.2 percent and 0.3 percent on its IBIT depending on the investment made.
The largest fees on spot Bitcoin ETF will be on Grayscale Bitcoin Trust (GBTC) with 1.5 percent monthly.
WOW: This morning was wild for #Bitcoin ETF filers. Here’s the state of play on the fee war front. Lowest long term fee is @BitwiseInvest at 0.24% followed closely by @vaneck_us at 0.25%. But we also have fee waivers on 3 for 6 months down to 0.0%. Plus BlackRock waiver to 0.20% pic.twitter.com/8bfhtFHOfH
— James Seyffart (@JSeyff) January 8, 2024
Altcoins Rides Along Bitcoin’s Success
It is safe to say that the altcoin market has been established from the notable success of Bitcoin, despite the slow decoupling. The inevitable approval spot Bitcoin ETF has seen Bitcoin’s dominance revisit crucial resistance around 54 percent. Moreover, the weekly Bitcoin death cross that threatened the flagship coin with a more bearish outlook has been invalidated after the 50 and 200 Moving Averages (MA) experienced a golden cross.
With experts forecasting more cash inflow to the crypto industry in the next 24 months, the altcoin market is expected to experience more volatility. Worth noting that the altcoin market cap has already broken out of a macro horizontal consolidation and successfully retested in preparation for a full send-off.
Altcoins trading like pure disbelief. pic.twitter.com/Y2wk8UgiYY
— Res (@resdegen) January 8, 2024
Market Picture
The crypto market is in the early phases of a macro bull market that will be triggered by the fourth Bitcoin halving in April this year. Notably, the total crypto market cap has risen around 1.2 percent in the past 24 hours to about $1.74 trillion and an average daily traded volume of about $124 billion. According to the latest data, Bitcoin price has edged 2 percent higher in the past 24 hours to trade at .
Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Credit: Source link
