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VanEck Announces Massive $72 Million Bitcoin ETF Seeding As Two Tickers Appear On DTCC Website

As the US SEC prepares to make its final decision regarding Spot Bitcoin ETF approvals, the Depository Trust and Clearing Corporation (DTCC) has officially listed the Spot ETFs tickers from investment management firm, VanEck.

VanEck’s Spot ETF Ticker Listed on DTCC

American investment management firm VanEck’s Spot Bitcoin ETF has recently appeared on the active and pre-launch list of the DTCC. VanEck’s ETF can be identified by the ticker ‘HODL’ on the DTCC’s official platform. 

This move positions VanEck as a key player in the evolving landscape of Spot ETF investments. Additionally, the listing is seen as a crucial step towards integrating Spot Bitcoin ETFs into the mainstream financial sector if the United States Securities and Exchange Commission (SEC) decides to approve Spot Bitcoin ETFs. 

Alongside VanEck, WisdomTree’s Spot Bitcoin ETF ticker, ‘BTCW’ has also been officially listed on the DTCC website. The investment management firm previously submitted its Spot BTC ETF application to the US SEC in June 2023. However, the regulator has consistently delayed approval of WisdomTree’s Spot Bitcoin ETF application. 

The US SEC has also delayed 13 Spot Bitcoin ETF applications from prominent companies such as BlackRock, ARK Invest, Grayscale, and others. The regulatory agency faces a deadline of January 10, to either accept or reject these Spot Bitcoin ETF applications. 

Although there is a possibility for the SEC to decline Spot BTC ETFs several experts, including Bloomberg analysts, James Seyffart and Eric Balchunas have revealed a 90% chance of the regulator approving Spot BTC ETFs in January. 

Bitcoin price chart from Tradingview.com

VanEck Reveals $72 Million Bitcoin ETF Seed Fund

On Monday, January 8, VanEck submitted an amended Spot Bitcoin ETF S-1 filing to the SEC. In its filing, VanEck disclosed that the financial company had purchased 1,640.92489329 BTC worth $72.5 million on January 5, to support its Spot ETF.

The substantial seeding will provide a solid foundation for VanEck’s Spot Bitcoin ETF, potentially paving the way for increased participation by institutional investors. 

In addition to VanEck’s Seed Creation Baskets, major asset management companies in the Spot Bitcoin ETF race like BlackRock, Bitwise, and Fidelity have announced their various seed funds.

Bitwise revealed a $200 million seed fund made by Pantera Capital to support its Spot BTC ETF. The asset management company has also put forward $500,000 to fund its proposed Spot BTC ETF. 

Meanwhile, BlackRock and Fidelity have announced plans to seed their Spot Bitcoin ETFs with $10 million and $20 million respectively. BlackRock previously submitted an amended S-1 filing to the SEC in December, revealing a 227.9 BTC purchase to seed its Spot ETF by January 3. 

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Bitcoin Social Dominance Soars As Spot ETF Approval Nears: Santiment

The crypto community is buzzing about the US Securities and Exchange Commission (SEC) approving spot Bitcoin Exchange-Traded Funds (ETFs). This anticipation has permeated market discussions and significantly influenced social media metrics around Bitcoin.

According to Santiment, a leading on-chain analytics platform, there has been a notable increase in Bitcoin’s social dominance in recent times, particularly in short-term periods.

Bitcoin Social Dominance Surge And Market Response

Santiment’s data reveals a spike in Bitcoin ETF-related conversations since mid-October, marking the highest level of social interest since the bullish rally. The top eight trending topics in these discussions include ETF, BTC, week, approval, BTC ETF, Monday, spot, and Gary, signifying the community’s focus on the potential ETF approval.

This trend is not just a reflection of growing investor interest but also points to the impact of social sentiment on market dynamics. As conversations around Bitcoin ETFs dominate social platforms, they highlight the significant role of community expectations and speculative discussions in shaping market trends.

Amid this heightened social chatter, Bitcoin’s market performance has mirrored the optimistic sentiment. Yesterday, the flagship crypto surged past the $47,000 mark, a notable achievement since April 2022.

Although there has been a slight retracement, with Bitcoin currently trading around $46,721, the asset maintains a 3.8% increase over the past day.

Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

ETF Approval Anticipation: Analysts Offer Perspectives On SEC’s Swift Response

Notably, Bitcoin’s rally underscores the market’s responsiveness to the spot ETF buzz and the potential impact of the anticipated approval. So far, experts in the field have been closely monitoring these developments, offering their insights into the unfolding scenario.

One significant observation comes from James Seyffart, an ETF sector analyst, who offers an alternative view to the speculation of an approval delay by the US SEC.

Seyffart acknowledges the SEC’s recent comments on the S-1 filings of aspiring issuers, particularly regarding fee structures. However, he interprets these developments not as signs of postponement but as indications of the SEC’s readiness to progress.

The promptness in the SEC’s feedback, Seyffart notes, is unusual for the agency and suggests an eagerness to advance the approval process. Echoing Seyffart’s opinion, ETF specialist Scott Johnsson remarked on the unusual swiftness of the SEC’s recent feedback.

Johnsson remembered how past ETF approvals, such as the futures-based ones in 2022, did not require fully completed S-1 forms for 19b-4 approval. Johnsson suggests that the current swift response from the US SEC likely indicates a deliberate effort to accelerate the approval and introduction of spot Bitcoin ETFs.

This perspective offers a ray of hope to the crypto community, eagerly awaiting a favorable decision that could significantly impact the market and solidify Bitcoin’s position in the broader financial landscape.

Featured image from Unsplash, Chart from TradingView

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Valkyrie CIO Anticipates XRP And Ethereum Spot ETFs Following Bitcoin’s Approval

While Bitcoin exchange-traded fund (ETF) applications are still awaiting approval from the US Securities and Exchange Commission (SEC), executives from asset management firms are already speculating about the potential launch of spot ETFs for other major cryptocurrencies, including XRP and Ethereum (ETH). 

Valkyrie Invest’s Chief Investment Officer, Steven McClurg, expressed his belief that the SEC’s potential approval of a Bitcoin ETF could pave the way for similar offerings in the XRP and Ethereum markets. 

However, regulatory challenges and classifying XRP and Ethereum as securities may present hurdles toward these index funds.

XRP And Ethereum Spot ETF Potential Hurdles

Unlike Bitcoin, which has been classified as a commodity by regulators, XRP and Ethereum have been deemed securities. This divergence in classification poses potential difficulties and may necessitate a more complex approval process for spot ETFs tracking these cryptocurrencies. 

The anticipated impact of spot ETF approval on the XRP and Ethereum price would mirror the pattern seen with Bitcoin. Still, the SEC’s skepticism towards the broader cryptocurrency market could pose additional hurdles for XRP and Ethereum ETFs.

Nevertheless, the outcome of the ongoing Ripple vs. SEC case holds significant implications and could hold the key for the cryptocurrency industry to pursue these index funds for other cryptocurrencies. 

If Ripple, the blockchain payment company associated with XRP, emerges victorious and is not classified as a security by Judge Analisa Torres, it could establish a precedent for asset managers seeking to apply for an XRP ETF. 

This legal precedent could also prompt potential litigation against the SEC to support an Ethereum ETF application.

While discussions revolve around the possibility of spot ETFs for XRP and Ethereum, there is still uncertainty surrounding the approval of Bitcoin ETFs. 

The SEC may reject or delay the pending applications, making it uncertain whether these other index funds will materialize. Furthermore, US regulators’ current classification of XRP and Ethereum as securities adds an additional layer of complexity to their respective ETF prospects.

Bitcoin ETF Decision Imminent

As reported on Monday by NewsBTC, Sources close to the process have indicated that the ultimate approval for Bitcoin ETFs may come on Wednesday. 

CNBC’s sources suggest that this coincides with the application deadline for Ark Invest and 21 Shares, raising the possibility of a potential trading launch between Thursday and Friday. Several applications are expected to receive the green light, pending updates from the SEC on the filings.

Overall, as anticipation builds around the potential approval of Bitcoin ETFs, asset managers are already contemplating the prospect of spot ETFs for other major cryptocurrencies like XRP and Ethereum. 

However, the regulatory challenges and the classification of XRP and Ethereum as securities present significant hurdles for these index funds. The Ripple vs. SEC case outcome could have far-reaching implications, potentially setting a legal precedent for asset managers to pursue XRP and Ethereum ETFs. 

XRP

XRP is trading at $0.5673, showing a lack of bullish momentum with a 1% decline in the past 24 hours. Furthermore, it has experienced a continuous downtrend of 13% over the past 30 days.

Featured image from Shutterstock, chart from TradingView.com 

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ETHBTC May Capitulate, Will These Factors Support Ethereum?

Despite ETHBTC trending lower in favor of Bitcoin (BTC), there is a chance that the second most valuable cryptocurrency will recover in the months ahead. Taking to X in support of Ethereum (ETH), a crypto analyst, Mckenna, said a favorable combination of protocol-related and regulatory factors may support ETH, plugging the bleed versus BTC and sparking a refreshing rally.

Ethereum slips versus Bitcoin | Source: McKenna via X

Ethereum Under-performing Bitcoin: Will This Continue?

Looking at the ETHBTC weekly chart, it is evident that Bitcoin bulls have had the upper hand since August 2022. During this time, Bitcoin gained 42% versus ETH, with bulls pressing on when writing. 

ETHBTC price trending downward on the daily chart | Source: ETHBTC on Binance, TradingView

To illustrate, Bitcoin is at a 2022 low versus ETH and will likely extend gains once a spot Bitcoin ETF is approved by the United States Securities and Exchange Commission (SEC). The crypto community expects this authorization to cement Bitcoin’s position, possibly drawing in billions in capital. 

Some analysts argue that this event could support altcoins, including Ethereum. So far, Ethereum, though edging lower versus Bitcoin, is firm against the USD. McKenna also notes that once a spot Bitcoin ETF is live in the United States, attention will shift to the SEC on whether it will also greenlight a similar product, but for Ethereum.

These 2 Factors Might Support ETH

Despite the ETH weakness versus BTC, Mckenna expects Ethereum to recover in the medium to long term. This is because of the expected preference for proof-of-stake (PoS) consensus systems over proof-of-work (PoW) methods that power Bitcoin.

PoW is a computationally intensive process that uses much energy for block confirmation. This has led to criticism from those who are concerned about the environmental impact of crypto mining. For this reason, Ethereum adopted a PoS system, fully transitioning in 2021 after the Merge.

Beyond the energy efficiency, the analyst also notes that the PoS in Ethereum provides ETH stakers with a base yield that will be considered “the safest bond instrument in the entire digital asset space.” Subsequently, this may support ETH, with many viewing it as a safe haven. This assurance is based chiefly on the fact that Ethereum is the second most valuable crypto network, with over $276 billion in market cap, according to CoinMarketCap.

More ETH taken out of circulation | Source: Ultra Sound Money

Additionally, ETH will, in the long run, be deflationary following the activation of EIP-1559 in August 2021. This system burns a portion of gas fees- the base fee- taking a portion of ETH out of circulation. According to Ultra Sound Money, over 17,600 ETH have been destroyed in the last week alone, 1,000 ETH more than those network issues.

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Global Mega Bank Standard Chartered Releases Bullish Forecast For Spot Bitcoin ETFs

Standard Chartered Bank is the latest to give its predictions on the impact Spot Bitcoin ETFs could have on Bitcoin’s price in the long term. The bank took a bullish stance as they predicted that BTC could rise to unprecedented heights by the end of 2025. 

Bitcoin Could Hit $200,000 By End Of 2024

According to a report by Standard Chartered shared on the X (formerly Twitter) platform, BTC’s price could reach $200,000 by end-2025. There is the potential for Bitcoin to hit this price level with $50 to $100 billion flowing into the Spot Bitcoin ETFs, says the bank’s Head of Digital Assets Research Geoff Kendrick and Precious Metal Analyst Suki Cooper.

Their projections stem from the fact that an approval of these Spot Bitcoin ETFs could happen as soon as this week. If that happens, Kendrick and Cooper state that will be a key driver of Bitcoin’s price to the upside, something similar to what happened with Gold ETPs. Interestingly, Standard Chartered predicts that BTC could hit $100,000 before this year runs out. 

Elaborating on BTC enjoying similar gains to Gold (when Gold ETPs were approved), the bank expects that such gains will materialize over a shorter period for the flagship crypto token. This is based on their view that the Spot BTC ETF market will develop quicker than the Gold ETPs did. 

The amount of inflows that these Spot Bitcoin ETFs could witness has continued to be up for debate. Crypto research firm Galaxy Digital took a more conservative stance as they project that only about $14 billion will flow into these funds in the first year. Meanwhile, VanEck’s advisor, Gabor Gurbacs, is only choosing to look at the long term.

Bitcoin price chart from Tradingview.com

“Trillions, Not Billions” In The Long Term

Commenting on Standard Chartered’s report, Gurbacs mentioned that he prefers to look at how much could flow into these funds in the longer term rather than now. With that in mind, he projects that trillions of dollars will flow into Spot Bitcoin ETFs in the long term. Specifically, he makes a case for $2.5 trillion flowing into these BTC assets. 

He explained that this could easily happen, considering that there are roughly $500 trillion in assets globally. As such, $2.5 trillion, representing just 0.5% of the global allocation, flowing into the Bitcoin ecosystem shouldn’t be a problem. He also bases his projection on the fact that Bitcoin won’t stop rising in value as fiat currencies continue to weaken. BTC has no top because fiat has no bottom, he says.

Gurbacs also expects that Bitcoin will enjoy more acceptance once these Spot Bitcoin ETFs are approved. He says that banks, financial service firms, and regulators will turn from “enemies of Bitcoin to allies of Bitcoin.” This is “immeasurably valuable” as BTC adoption can level, he remarked.

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Bitcoin Enters Uncharted Territory with First Ever Golden Cross

As we step into 2024, Bitcoin opens the year with a remarkable price of $47,000, signaling a potential shift in the market dynamics. 

This new year brings with it a historic moment for Bitcoin – its first-ever ‘Golden Cross’ involving the 50-week and 200-week moving averages (MAs). This rare occurrence is not just a technical anomaly but potentially a harbinger of a significant market movement.

What Is A Golden Cross In Crypto?

To understand the implications of this event, we must first delve into what a Golden Cross is in the context of cryptocurrencies. In technical analysis, a Golden Cross occurs when a shorter-term moving average crosses above a longer-term moving average from below.

In Bitcoin’s case, the 50-week MA has risen above the 200-week MA for the first time in its history. This event is traditionally viewed as a bullish signal in various markets, including stocks and commodities, and is now making its mark in the crypto domain.

The Golden Cross is significant because it potentially reflects a shift in market sentiment from bearish to bullish over a substantial period. It’s not just a fleeting moment of upward price movement but instead points to a sustained trend that has been building over weeks and months.

This historic crossover indicates a strong, long-term upward trend, shaking off the shackles of previous bearish periods.

BTCUSD_2024-01-08_07-47-46

Will The Buy Signal Push Bitcoin Higher?

The emergence of this Golden Cross in Bitcoin’s chart is bound to catch the eyes of trend-following traders and investors. Trend-following trading systems are programmed to identify such signals and take positions accordingly.

These systems, often automated and based on algorithmic strategies, play a significant role in today’s trading landscape. They analyze historical data and current market trends to make predictions and execute trades.

With Bitcoin’s first Golden Cross, we are likely to see a surge in interest from these systems. The signal could trigger a wave of buying activity as trend-followers jump in, anticipating a continued upward movement. This influx of buying could, in turn, push Bitcoin’s price even higher, creating a self-fulfilling prophecy of sorts.

However, it’s crucial to approach this with a balanced perspective. While the Golden Cross is a strong bullish signal, it’s not infallible. Daily Golden Crossed have been known to uncross daily’s later, only to Death Cross in the weeks ahead. A Death Cross is the opposite signal, when a shorter-term MA crosses a longer-term MA from above. 

In conclusion, Bitcoin’s first-ever Golden Cross between its 50-week and 200-week MAs is a momentous event in its history. It’s a signal that could potentially lead to significant market movements, particularly if trend-following systems take action based on this development.

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Jim Cramer Says Bitcoin Is Topping Off, Time To Buy Bitcoin?

Counter-trading CNBC’s Jim Cramer has gone from being a meme to something that Bitcoin investors have begun to take seriously. As the inverse of what Cramer says has usually been the case, taking a stand in the opposite direction has proved positive for some investors. Once more, Cramer has shared his thoughts on where the BTC price is headed, so is it time to buy or sell?

Jim Cramer Calls The Bitcoin Top

In a new episode, the Mad Money host, a show hosted on the CNBC Network, called out a possible top for Bitcoin. Now, the price of BTC has been steadily rising this week, which saw the price eventually rise above $47,000 for the first time in almost two years.

Following this brief surge, Cramer took to the show to reveal that he thinks the price of the asset has reached a possible top. However, instead of the usual one-sided argument, Cramer would go on to tell investors to buy BTC if they want. So while the former hedge fund manager did call for Bitcoin to top out, he is not advising investors to not buy the cryptocurrency.

“Let’s stop fooling around,” Cramer states. “You want Bitcoin, buy Bitcoin. I think Bitcoin is topping out, by the way. So I’m going to say enough is enough.” This statement tends to play on both sides of the coin for now, no longer discouraging investors from buying the asset.

Bitcoin price chart from Tradingview.com

BTC Goes The Opposite Way Of Cramer

Going through the path of counter-trading Jim Cramer would actually see investors buying Bitcoin at this time. If the same inverse correlation holds, then the Bitcoin price could be rocketing up from here once more.

This school of thought did not just emerge out of nowhere as even as recently as last week, the act of counter-trading Cramer seems to remain a profitable venture. Last week, Cramer had taken to his Mad Money show to praise Bitcoin after being previously bearish. Cramer explained that Bitcoin cannot be killed, saying BTC was “here to stay” and the likes of Charlie Munger were blind to it.

However, in true Cramer fashion, the price of Bitcoin would tank not long after, crashing from above $45,000 to below $42,000 on January 3. This is also not limited to crypto as there was an ETF dedicated to investing in the opposite direction of Cramer’s stock picks, although that ETF was closed in 2023.

Nevertheless, as news of Cramer’s new stance hits the headlines, it’ll be interesting to see where the BTC price goes from here. If it follows previous trends, then the BTC price could be headed toward a price crash once again.

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Bitcoin Spot ETF: Analyst Predicts 2 Scenarios For Price Beforehand

Amid the anticipation circling the Bitcoin Spot Exchange-Traded Fund (ETF) approval, crypto analyst CryptoQuant has made a bold prediction for the digital asset beforehand.

2 Major Scenarios For Bitcoin Price

CryptoQuant, a well-known cryptocurrency expert, has revealed two major scenarios for Bitcoin in advance to BTC Spot Exchange-Traded Fund (ETF). According to the analyst, BTC will undergo a bullish and bearish scenario before approval from the United States Securities and Exchange Commission (SEC).

The analyst’s prediction delves into Bitcoin price support and resistance analysis. CryptoQuant’s forecast was based on on-chain data of the average unit price of BTC holders.

The post read:

2 Scenarios Before Bitcoin Spot ETF Approval and How to Respond. This post explains how to analyze the Bitcoin price support and resistance using on-chain data of the average unit price of #Bitcoin holders.

For the bullish scenario, CryptoQuant noted that the percentage of daily to weekly holders is expected to increase by 8% if BTC reaches $48,500. This suggests “an overheated market and reinforces a correction.”

The analyst asserted that the $48,500 price mark is the “average unit price” for holders between 2-3 years. In addition, a primary resistance can also be formed at this level.

Bitcoin

Meanwhile, for the bearish scenario, CryptoQuant noted a drop in Bitcoin price around 2-30% in the past during its upswing. The crypto expert also added that BTC could form a support level between $30,000 to $34,000 if the price plummets.

Furthermore, CryptoQuant highlighted an average unit price of $34,000 for both the 18-month to two-year and one-week to one-month holding periods. Meanwhile, the average unit price for the holding period of three to twelve months is $30,000.

So far, the expert has highlighted rising dangers and uncertainty as the approval outcome of the Bitcoin Spot ETF approaches. CryptoQuant has issued a warning to the crypto community not to take on the risk as this is “unnecessary.”

BTC Price Dip After Approval Outcome

Institutional trading analyst MacroScope has forecasted a price dip for Bitcoin following the ETF approval outcome. “We know there will be a dip at some point after approval,” MacroScope stated.

The analyst further added that the dip could take place a day or week after the outcome. However, he asserted that the exact timeframe is “hard to predict, but it should surprise no one.”

MacroScope also highlighted a few factors to watch out for during the dip. The expert noted that “once the dip stabilizes, the next upward move could be a ripper.”

In addition, billions of funds will be waiting for the turn, trying to time it just right. However, MacroScope has suggested allocating a starting position in order not to miss this turn.

As of the time of writing, Bitcoin was trading at $46,860, indicating an increase of over 6% in the past day. Its trading volume is significantly up by over 70% in the past 24 hours, according to CoinMarketCap

Bitcoin

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Spot Bitcoin ETFs Could Trade 8% Above Fair Value: Renowned Expert

In a recent interview with Bloomberg, Reggie Browne, Co-Global Head of ETF Trading and Sales at GTS, shared insightful predictions regarding the potential trading dynamics of spot Bitcoin exchange-traded funds (ETFs). Browne foresees these ETFs trading at a significant premium, estimating as high as 8% above their net asset value (NAV).

Why Spot Bitcoin ETFs Could Trade At A 8% Premium To NAV

“I think the spreads will be very competitive and tight. The market maker community is resilient and prepared to offer a lot of liquidity,” Browne stated. However, he highlighted a critical concern, saying, “I think it’s going to be the premium to NAV… US broker dealers can’t trade Bitcoin cash inside their broker dealers. So you’re going to have to trade hedges over futures and trade it on a premium, and then take that off, and I think there is a lot of complexity there.”

This complexity, according to Browne, arises from the cash creation model forced by the SEC and regulatory constraints that limit direct Bitcoin trading within US broker dealers, compelling them to rely on futures for hedging. He expressed, “What I think, potentially, you could see 8% of premium above fair value. It’s a big number, but let’s see how it plays out.”

Additionally, Browne touched upon the subject of in-kind creations and redemptions, aspects that were points of contention during negotiations with the Securities and Exchange Commission (SEC). Despite the challenges, he remains optimistic about their future implementation. “Absolutely, I think this was really just to get the ball moving… the in-kind will come after we climb a couple of mountains,” Browne remarked.

Echoing Browne’s sentiments, Eric Balchunas, a Bloomberg ETF expert, commented on the potential premium, expressing surprise at the anticipated high rate. He drew a comparison with Canada’s spot ETFs, which are also cash creations but have much smaller premiums, despite occasional spikes.

[Browne] thinks bid-ask spreads on spot ETFs will be tight but (thx to cash only creations) premiums could be as high as 8%. That’s really high and I’m a bit shocked tbh. For context Canada spot ETFs are cash creations and their premiums are very small.. albeit the occasional 2% day.

The crypto community is closely monitoring the SEC as it approaches a critical deadline to decide on the first batch of several spot Bitcoin ETF applications by tomorrow, January 10. Prominent asset managers such as BlackRock, Fidelity, Ark Invest, Bitwise, Franklin Templeton, Grayscale, WisdomTree, and Valkyrie are among those with pending applications.

Browne believes that the approval of spot Bitcoin ETFs could attract substantial investor interest, projecting massive inflows over the first year. “I expect investors to add at least $2 billion to spot Bitcoin ETFs within the first 30 days they trade, if approved. For the full year, I see $10 billion-$20 billion in the funds,” he noted. This prediction underscores the significant interest and potential market impact of spot Bitcoin ETFs.

At press time, BTC traded at $46,768.

Bitcoin price

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Bitcoin Price Rallies 5% and $48K Now Seems Imminent

Bitcoin price was able to clear the $44,500 and $44,700 resistance levels. BTC is up over 5% and might soon attempt a move toward $48,000.

  • Bitcoin is gaining pace above the $45,500 resistance zone.
  • The price is trading above $45,000 and the 100 hourly Simple moving average.
  • There was a break above a key contracting triangle with resistance near $44,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move up toward the $48,000 level unless there is a close below $44,000.

Bitcoin Price Starts Fresh Increase

Bitcoin price started a fresh increase above the $43,500 resistance zone. BTC gained bullish momentum above the $44,000 and $44,500 levels to move into a positive zone.

There was a break above a key contracting triangle with resistance near $44,000 on the hourly chart of the BTC/USD pair. The bulls pumped the price to a new multi-day high at $47,306 and the price is now consolidating gains.

Bitcoin is now trading above $45,000 and the 100 hourly Simple moving average. It is also above the 23.6% Fib retracement level of the upward move from the $43,208 swing low to the $47,306 high.

On the upside, immediate resistance is near the $47,000 level. The first major resistance is $47,200. A clear move above the $47,200 resistance could send the price toward the $48,000 resistance. The next resistance is now forming near the $48,800 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

A close above the $48,800 level could send the price further higher. The next major resistance sits at $49,250. Any more gains above the $49,250 level could open the doors for a move toward the $50,000 level.

Another Drop In BTC?

If Bitcoin fails to rise above the $47,200 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $46,400 level.

The next major support is near $45,900. If there is a move below $45,900, the price could gain bearish momentum. In the stated case, the price could drop toward the $45,250 support or the 50% Fib retracement level of the upward move from the $43,208 swing low to the $47,306 high in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $46,400, followed by $45,250.

Major Resistance Levels – $47,000, $47,200, and $48,000.

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Former SEC Chair Affirms: ‘Nothing Left To Decide,’ Bitcoin ETF Approval Imminent

As anticipation builds around major asset managers’ potential approval of Bitcoin ETF applications, former US Securities and Exchange Commission (SEC) chair Jay Clayton has added his voice to the discussion. 

Clayton, who served as SEC chair from 2017 to 2020 during the Trump administration, expressed his belief in the inevitable approval of Bitcoin ETFs in a recent interview with CNBC.

Clayton Highlights Key Factors In Bitcoin ETF Approval

According to Clayton, approving Bitcoin ETFs is not a matter of if but when. He emphasized the robustness and efficacy of the Bitcoin trading market, stating that it has significantly improved over the past five years. 

Clayton also highlighted the importance of the technology supporting these ETFs, particularly the custody, creation, and redemption processes. 

Clayton views the ability to tokenize and digitize underlying assets as a major step forward, with implications beyond the crypto space. Clayton believes that this development has the potential to bring about significant changes in the broader financial industry.

Clayton’s recent comments align with his previous statements, demonstrating a consistent stance favoring Bitcoin ETF approval. 

During his tenure as SEC chair, Clayton expressed skepticism about the BTC market but acknowledged the emergence of reputable institutions in the crypto industry as a game-changing development. 

Clayton emphasized the efficiency of a spot Bitcoin ETF for investors. He noted that approving a Bitcoin Spot ETF would become difficult to resist if institutions can demonstrate their effectiveness compared to the futures market. 

Clayton also recognized the significance of institutional players entering the crypto industry, as their involvement lends credibility and addresses some of the SEC’s concerns regarding market manipulation.

Moreover, Clayton highlighted the increasing demand from retail investors to gain regulated exposure to Bitcoin through investment products. He also noted that reputable financial industry providers are eager to offer Bitcoin ETFs to the public. 

These factors underscore the market’s readiness for regulated investment vehicles that can provide broader access to cryptocurrencies while maintaining investor protections.

Trading Expected To Commence This Week

CNBC has reported that trading of Bitcoin ETFs could commence within days. The news aligns with former SEC Chair Jay Clayton’s optimistic outlook on Bitcoin ETF approval, adding to the growing anticipation surrounding these investment products. 

According to CNBC correspondent Kate Rooney, two sources close to the process have indicated that Wednesday will likely be the day of the ultimate approval. 

According to CNBC’s sources, this coincides with the application deadline for Ark Invest and 21 Shares, raising the possibility of a trading launch between Thursday and Friday. 

As the SEC receives updates on the filings, Rooney concluded that several applications are expected to be given the green light. 

Overall, the imminent approval would indicate a shift in acceptance of cryptocurrencies within the regulatory landscape and present an opportunity for investors to access Bitcoin through regulated investment vehicles. 

Bitcoin ETF

As of this writing, the excitement surrounding the approval has sent Bitcoin to the $46,900 mark, up more than 6.8% in the past 24 hours.

Featured image from Shutterstock, chart from TradingView.com 

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Bitcoin Correlation To Nasdaq Continues To Be Negative: What It Means

Data shows the Bitcoin correlation to the Nasdaq has continued to be negative since December. Here’s what this means for the cryptocurrency.

Bitcoin 60-Day Correlation To Nasdaq 100 Is Negative Right Now

In a new post on X, the analytics firm Kaiko has discussed what the trend in the correlation between BTC and Nasdaq has looked like recently. The “correlation” here refers to a metric that keeps track of how tied together the prices of two commodities have been over a given period.

This period can naturally be of any length, but in the context of the current topic, the 60-day correlation is of interest. This indicator version measures the prices’ dependence on each other during the past two months.

When the value of this metric is greater than zero, it means that the price of one asset has been reacting to the other by moving in the same direction. The closer the indicator is to one, the stronger this relationship.

On the other hand, values under zero suggest some correlation between the two assets, but it has been a negative one. This means that the assets have reacted to each other by moving in the opposite direction. In this case, the extreme point is -1, so the closer the indicator is to this mark, the stronger the correlation between the prices.

Lastly, the correlation being exactly zero implies that there is no correlation whatsoever between the two assets. In mathematics, such a condition occurs when two variables are independent.

Now, here is a chart that shows the trend in the 60-day correlation between Bitcoin and Nasdaq 100 over the past year:

Bitcoin Correlation With Nasdaq 100

As the above graph shows, the 60-day correlation between Bitcoin and Nasdaq is shown in percentage here, with 100% corresponding to a value of 1.

From the chart, it’s apparent that the metric’s value was in a state of overall gradual decline during 2023, up until the final couple of months of the year, when the metric took an especially sharp dive.

Some amount of positive correlation had existed between the two assets before this plummet, but following it, the 60-day correlation took to negative values. However, the indicator remained close to the 0% mark, implying that the two only had a slight negative relationship.

The correlation had started surging and reached almost exactly 0% for a brief period just earlier, but the metric has since again come down and assumed slight negative values.

It would appear that BTC has kicked off 2024 slightly, moving against the traditional markets, which could set the stage for the cryptocurrency to go on and explore its territories this year.

BTC Price

At the time of writing, Bitcoin is trading around the $44,800 mark, up over 5% over the past week.

Bitcoin Price Chart

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Forbes Says Spot Bitcoin ETF Approval Will Send BTC Price To $80,000

Global media company Forbes has published a column predicting a staggering $80,000 price surge for Bitcoin following the approval of Spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC).

Bitcoin To Rise $80,000

American business magazine and global media company Forbes has recently released a report emphasizing the massive impact the approval of a Spot Bitcoin ETF would have on the price of BTC. According to the publication, the price of Bitcoin could surge as high as $80,000 by the end of 2024. 

The analysis was disclosed by MarketWatch from crypto analysts at AllianceBernstein, one of the largest investment companies. According to analysts Gautam Chhugani and Mahika Sapra, Bitcoin’s price could skyrocket to $80,000 if the US SEC approves Spot Bitcoin ETF applications. 

The crypto experts have also highlighted other factors that could propel the price of Bitcoin to $80,000 including the upcoming Bitcoin halving event in April and growing demand from companies. 

“We expect 2024 to be a breakout inflection year for crypto. Bitcoin ETF flows build-up could be gradual, but the applicants will be fighting hard to get a lead into this massive asset accumulation game, tuning up advertising and Bitcoin branding leading to a snowball effect,” the analysts said. 

AllianceBernstein crypto experts have also predicted approximately $5 billion flowing into Spot Bitcoin ETFs during the first half of 2024. Their analysis suggests the second half may see double inflows of $10 billion, with projections indicating that BTC could attain a $1.5 trillion market cap before the year ends. 

Bitcoin price chart from Tradingview.com

SEC Caution Against FOMO Before BTC ETF Verdict

As the crypto space is gearing up for the US SEC’s final decision on Spot Bitcoin ETF applications on January 10, the regulator has published a report cautioning investors against the Fear Of Missing Out (FOMO) investments. 

In the report which was published in an X post by the US SEC’s Office of Investor Education and Advocacy on January 6, the US SEC highlighted all the negative effects of succumbing to FOMO, offering guidance on how to avoid or overcome the feeling. The report also provided advice on ways to mitigate investment risks and maneuver volatile market swings. 

“Say “NO GO to FOMO” (fear of missing out). Just because others might buy a particular investment, doesn’t mean it’s the right opportunity for you,” the SEC said. 

The regulator explained that FOMO can be a hard feeling to fight. However, it urged investors to always apply willpower when making investment decisions. “As you make investment decisions keep this phrase in mind, “NO GO to FOMO,” the regulator concluded.