Bitcoin buoyed by SEC ETF optimism and 2024 Fed rate cut prospects
-
Bitcoin has exceeded $40,000, marking its first such surge since April 2022, buoyed by industry excitement over potential upcoming exchange-traded products.
-
Bitcoin's surge is driven by widespread optimism about potential U.S. interest rate reductions.
-
BTC has experienced a surge, propelled by industry expectations for the approval of spot Bitcoin ETFs, enabling real-time price trading, anticipated in the coming months.
Major Events To Watch:
Crypto Fear and Greed:
In the last 24 hours, heightened purchasing activity in the cryptocurrency markets led to a one-point increase on the "Greed and Fear Index," bringing the index to a current reading of 74 on a scale extending from 0 to 100.
Latest Market Update:
-
Bitcoin, the oldest and most valuable cryptocurrency globally, achieved a two-year high by surpassing the $41,000 mark.
-
Various popular altcoins such as Ethereum, Solana, Terra Luna, BCH, and SHIBA INU saw modest gains.
-
Notably, Terra Classic emerged as the top performer, registering a 24-hour increase of over 52.00%.
-
Conversely, UNUS SED LEO emerged as Friday's most significant loser, experiencing a 24-hour dip of nearly 3.56%.
-
Total crypto market volume in the last 24 hours: $67.60B, marking a 4.00% increase.
-
DeFi's 24-hour volume stands at $4.5B, constituting 11.79% of the total crypto market volume.
-
Stable coins contribute $34.19B to the total crypto market 24-hour volume, representing 89.64%.
-
Bitcoin dominance is at 51.96%, experiencing a slight 0.02% decrease in the day.
Major Worldwide News Update:
-
Over the weekend, Bitcoin surprised the crypto community by surpassing $40,000 with strong trading volumes, reaching $41,246. The rally is attributed to optimism about SEC approval for a Bitcoin ETF and anticipated Fed rate cuts in 2024. Analysts are closely monitoring developments, speculating a trajectory toward $50,000.
-
In the past week, key events in the crypto space include SBI Holdings partnering with Circle to circulate USDC in Japan, focusing on stablecoin adoption. Globally, nations, including the US and UK, introduced AI security guidelines. Binance's founder, CZ, stepped down amid a $4.3 billion settlement. The anticipation for SEC's decision on spot Bitcoin ETFs is high, with optimism prevailing in the crypto community.
-
Franklin Templeton CEO, Jenny Johnson, expresses broader interest in blockchain beyond Bitcoin ETFs, highlighting the firm's focus on tokenization to democratize finance. Embracing blockchain's potential for fractionalizing ownership and facilitating faster, cheaper transactions, the company aims to evolve with the industry while remaining positive about the impact of a potential Bitcoin ETF approval.
-
MicroStrategy's CEO, Michael Saylor, predicts Bitcoin's ascent as the "apex commodity, technology, property, money, and ETF asset" due to its multilateral utility and evolving potential. With substantial BTC holdings, Saylor foresees a transformative shift from equities to Bitcoin ETFs, disrupting digital market investments and fueling the cryptocurrency's growth.
-
Solana founder Anatoly Yakovenko cautions against fueling an unhealthy rivalry between Ethereum and so-called "ETH Killer" protocols like Solana. Yakovenko emphasizes coexistence, asserting that Pareto efficient technologies can overlap without posing threats. He rejects the notion of a future where Solana thrives at the expense of Ethereum, advocating a positive, collaborative approach.
-
Spain arrests Alejandro Cao de Benos, linked to a North Korean crypto conspiracy aiding U.S. sanctioned evasion. Cao de Benos, associated with Virgil Griffith, faces allegations of illicit crypto activities. The move reflects global efforts to combat cryptocurrency misuse, especially by state actors, emphasizing the need for international cooperation and regulatory frameworks.
-
FTX, led by Sam Bankman-Fried, once a crypto giant, crumbled in a scandal involving financial mismanagement, intertwined finances with Alameda Research, and strategic missteps. The unraveling led to a liquidity crisis, bankruptcy, and a significant loss of investor funds. Regulatory investigations and leadership changes followed, impacting the broader crypto market.
-
Do Kwon, co-founder of Terraform Labs and Terra Luna, rose to crypto fame with innovative stablecoins. Terra's success turned to turmoil with the May 2022 collapse, plummeting LUNA and UST values. Do Kwon's net worth, once in billions, decreased drastically. Legal challenges follow as he faces extradition and SEC charges, adding uncertainty to Terra Luna's future.
-
A crypto hacker using "address poisoning" has stolen over $2 million from Safe Wallet users in a week, totaling $5 million from 21 victims in four months. Address poisoning involves creating a similar-looking address to the target's, tricking victims into sending funds to the hacker's wallet. The same attacker executed a high-profile attack on Florence Finance, highlighting the vulnerability of users to such scams. Hackers are increasingly abusing Ethereum's 'Create2' Solidity function, contributing to losses of around $60 million from nearly 100,000 victims over six months.
COIN GABBAR Views:Is the Crypto market undergoing a 'Santa Rally'? Does the surge in BTC price indicate good health, and is there a potential for it to reach $50k by December's end? Could this milestone signal the end of Crypto winter? What's the outlook after Bitcoin's price surpasses $40,000 for the first time in 18 months? To get latest news Stay tuned us at coingabbar
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
For More News: Crypto Daily Roundup,02 Dec: Jerome Powell: The Santa Claus for Crypto
from Coin Gabbar News https://ift.tt/7mxqsRI
via IFTTT
