24 Crypto Update, 11 Jan: BTC Dips, ETH Holds Strong (2024)

Crypto has dropped 0.20% in the last 24 hours, hitting $1.85 trillion.

• According to Coingabbar, Bitcoin hit a brief milestone, surpassing $47,000 after the US Securities and Exchange Commission (SEC) approved Bitcoin exchange-traded funds (ETFs).

• Considered a significant crypto victory, Speculation is rife that Ethereum ETFs might be the next development, given ETH's climb to $2,600 from a 20-month high of $2,500.

Major Events To Watch:

Crypto Fear and Greed:

Over the past 24 hours, the market has experienced a downturn, leading to a 5-point decrease in the "Greed and Fear Index," bringing it to a reading of 71 on its 0 to 100 scale.

Latest Market Update:

• After receiving SEC approval for BTC ETFs, Bitcoin briefly reached $49,000, solidifying its position as the oldest and most valuable cryptocurrency worldwide.

• A significant victory for crypto has sparked speculation about the possibility of Ethereum ETFs, following the coin's surge to a 20-month high of $2,500, eventually reaching $2,700.

• Altcoins like ENS, FTT, Sui, Tezos, and WOO see gains amid market fluctuations.

• ENS emerges as the top gainer on the 2nd day, with an impressive 24-hour surge of 27.03%.

• Akash Network stands out as the largest loser, experiencing a 24-hour dip of 7.99%.

• In the past 24 hours, the overall trading volume in the cryptocurrency market has reached $141 billion.

• Within this market activity, Decentralized Finance (DeFi) accounts for $8.85 billion, constituting 7.38% of the total 24-hour crypto market volume.

• Stablecoins, on the other hand, contribute significantly, with a total volume of $104.83 billion, making up 87.43% of the entire crypto market's 24-hour trading volume.

• Bitcoin's dominance has slightly decreased by 0.66% during the day and currently stands at 52.57%.

Major Worldwide News Update:

• The market has been tumultuous during the previous 24 hours, especially with the launch of the BTC spot ETF. Spot Bitcoin ETFs began with a trading volume of over $4.5 billion, indicating a positive outlook. BTC hit $49,000 before falling to $46,000 due to higher-than-expected CPI statistics, which affected the market. BTC's dominance is diminishing, allowing altcoins to gain traction. ETH hit a new high of $2,700 before settling at $2,600, while Ethereum Classic rose by 30%.

• SEC approval of Bitcoin ETFs could influence India's regulatory framework positively, aligning with international standards. The global acceptance of cryptocurrencies may encourage India to consider reducing crypto taxes and adapting regulations. Increased investor confidence and potential boost to crypto adoption are anticipated.

• Despite the historic first day of the spot Bitcoin ETF on Wall Street, Bitcoin's response is subdued, trading 0.87% down at $46,080. Options data shows 36,000 contracts near expiration, signaling short-term uncertainty. Additionally, Santiment notes a decline in active BTC wallets, possibly reflecting a shift towards ETF exposure.

• The debut of spot Bitcoin ETFs on Wall Street saw a flurry of activity, with over $4.6 billion in shares traded on the first day. Notable funds, including Grayscale's, achieved historic turnover. Challenges persist, with uncertainties about accessibility and fee competition in the evolving market.

• Senator Elizabeth Warren voices criticism against the SEC's nod to 11 spot Bitcoin ETFs, citing legal concerns and absence of anti-money laundering regulations. India's recent stringent actions on offshore crypto exchanges for PML align with these sentiments. Warren pushes for her Digital Asset Anti-Money Laundering Act, while some lawmakers view the SEC decision as beneficial for crypto accessibility.

• Grayscale Investments introduces a covered call ETF, leveraging an actively managed strategy with GBTC as the underlying asset. This move follows Grayscale's successful launch of its spot bitcoin ETF, which, alongside 10 others, recorded a combined trading volume exceeding $4 billion post-SEC approval.

COIN GABBAR Views: Cathie's optimistic post-ETF approval forecast has Bitcoin eyeing $50K. Higher-than-expected US CPI rates bring volatility. Bitcoin struggles below $50K, signaling a potential correction. What's next? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Also Read: SEC Approves Spot Bitcoin ETFs, Access Given to Top Cryptocurrencies

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