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Discussions between the Securities and Exchange Commission (SEC) and asset managers applying for a spot Bitcoin ETF are examining key technical details, according to sources cited by Reuters on December 7. The agency could soon approve the product. suggested.
Some of these details include regulatory measures, subscription and redemption mechanisms.
According to the official, the discussion took place behind closed doors and requested anonymity. A spokesperson said BlackRock did not respond to a request for comment, Invesco declined to comment and Grayscale will continue to engage in constructive contact with the SEC.
On December 8, Bloomberg analyst Eric Balchunas took to his social media platforms to announce that Fidelity’s spot Bitcoin ETF codenamed FBTC was listed on the American Depository and Clearing Corporation (DTCC).
On the same day, Ethereum core developer Timo Beiko summarized the 176th ACDE conference on social media. The developers discussed the status of Denchun, the testnet schedule, and how they plan the next network upgrade.
According to conference discussions, Devnet #12 was released last week and almost all clients are running it. An error was discovered and fixed in several clients, including Reth and Lighthouse.
Meanwhile, the development team has prepared a fork testnet and plans to conduct a large-scale Goerli shadow fork in the coming weeks. The developers unanimously agreed that if things go well, the Goerli fork date is set for early 2024, bringing Denchun online in January. It is reported that the last ACDE meeting in 2023 is scheduled to be held on December 21 at 22:00 Beijing time.
At the same time, asset management company VanEck published its top 15 predictions for the cryptocurrency industry in 2024.
Specifically, they include:
- The first Bitcoin spot ETF is also expected to be approved despite a looming U.S. economic recession. In the first quarter of 2024, more than $2.4 billion could flow into these ETFs to support the price of Bitcoin.
- The fourth Bitcoin halving in 2024 will cause minimal market disruption, and the price of Bitcoin will rise after the halving, creating significant profits for some low-cost miners.
- Bitcoin price is expected to hit an all-time high in the fourth quarter of 2024, which could be driven by political events and regulatory changes following the US presidential election.
- Ethereum may not outperform Bitcoin, but it will still outperform major tech stocks. Other smart contract platforms will challenge Ethereum’s market share.
- After implementing EIP-4844, Ethereum L2 captures the majority of EVM-compatible TVLs and transaction volumes.
- NFT activity will rebound to historic highs, Ethereum will continue to lead, and Bitcoin will gain traction through the Ordinals protocol. By the end of 2024, the NFT issuance ratio between ETH and BTC will reach 3:1.
- Binance will lose its spot trading position, leaving competitors like Coinbase to compete for leadership. Daily trading volume on Coinbase’s futures market can exceed $1 billion.
- The market value of stablecoins will surpass $200 billion, a historic high.
- DEX’s share of the spot trading market will reach historic highs.
- Remittances will drive the use of blockchain, and “Bitcoin Staking” on the Lightning Network will provide revenue opportunities through a new, user-friendly staking tool.
- Groundbreaking blockchain games can have over a million daily players.
- Solana is expected to become one of the top three blockchains in terms of market capitalization, TVL, and number of users.
- The DePin network, especially Hivemapper and Helium, will become more widely adopted.
- New accounting standards will increase corporate cryptocurrency holdings.
- Decentralized finance (defi) applications that comply with Uniswap-led know-your-customer (KYC) requirements can attract institutional trading volume and increase protocol fees in excess of those that do not.
According to a report published by CoinGecko, more than half of the world’s countries/territories have legalized cryptocurrencies, including 119 countries/territories and 4 British Overseas Territories. Europe is at the forefront of global cryptocurrency legalization, with 39 (95.1%) of the 41 countries analyzed recognizing its legality.
Additionally, since the bear market bottomed in late 2022, the proportion of holders who have not transferred Bitcoin within two to three years of total token supply has increased significantly.
Last December, this group of investors held about 8% of the token supply, but now they hold over 15%. Bitcoin is up 165% this year, but holders who purchased BTC between December 2020 and December 2021 are not opting to exit the market with significant profits.
According to Deribit data, BTC options contracts with a notional value of approximately $1.399 billion and ETH options contracts with a notional value in excess of $458 million are set to expire and be delivered on Friday, December 7. The maximum trouble price for BTC is $40,000. The maximum trouble price for ETH is $2,100, which reminds investors to pay attention to market changes.
Major Coin Trends
Bitcoin
Bitcoin price continues to stabilize around $42,000 this week. In the short term, the $42,015 support test may gradually decline.
The two high targets remain at $45,345 and $47,990.
Long-term bullish targets are $120,400 and $128,350, with an intermediate decline expected in the first quarter of 2024.
Ethereum
Ethereum met its upside target of $2,381, reaching a high of $2,382. In the near term, we expect multiple tests of the $2,381 resistance. The target is $2,545, with the possibility of an upward trend expected. Long-term bullish targets have been set at $8,000 and $12,300.
High
Highstreet’s weekly chart completed a golden cross retracement, closing above the $1.586 level. After breaking the first resistance at $1.882, the next target price for HIGH is $2.233. Deviations on the daily and weekly charts indicate a continued upward trend this week. To achieve long-term profits, it is recommended to utilize low-risk rates to build positions.
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