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Crypto Market Turbulence: Impact of Potential ETF Rejection on Altcoins

by Ouess
written by Ouess

Nervous investors caused a drop in the value of various alternative cryptocurrencies this week, largely due to a concerning report from a crypto services company. This analysis suggested that the anticipated approval of the first exchange-traded funds (ETFs) for cryptocurrencies traded on the spot market might not happen.

As a result, the prices of numerous coins and tokens, regardless of their size and popularity, took a hit. Major altcoins like Polygon (MATIC), Uniswap (UNI), and Litecoin (LTC) were notably affected, experiencing declines of 14%, 18%, and 12%, respectively, over the week, according to data from S&P Global Market Intelligence.

The report from Matrixport had a significant impact on the crypto market. Released on Tuesday as part of their regular digest, it went against the norm and stirred concern within the crypto community.

In this particular report, Matrixport predicted that the U.S. Securities and Exchange Commission (SEC) would likely reject all the proposed spot Bitcoin (BTC) ETFs for various reasons, primarily citing SEC chief Gary Gensler’s reluctance to approve cryptocurrencies and related investments. The firm highlighted the need for stricter compliance in the industry and mentioned the lack of political incentive to legitimize Bitcoin as an alternative store of value.

While the report may have exaggerated its claims, it rightly highlighted how hopes for the approval of the first Bitcoin spot ETFs have been a driving force behind the broader crypto market’s growth. These ETFs would make it easier for investors to hold cryptocurrencies in a more accessible and secure way compared to the current complex and risky methods.

The potential rejection of crypto spot ETFs, which were expected to have a positive domino effect on the market, seems to have caused a setback. Bitcoin’s downturn on Tuesday had a cascading effect on many other altcoins, although some have since recovered partially but not to the levels seen at the beginning of the week. This evolving saga of crypto spot ETF approval or rejection is attracting considerable attention, and the market is closely monitoring its unfolding.

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Crypto Billionaires Unveiled: Inside the Wealth and Stories of Top Players

by Ouess
written by Ouess

Ever wonder about the big names and fortunes in the crypto world? Well, there are some incredible success stories out there, from billionaires thriving in the industry to those who faced steep losses during the bear market.

Let’s take a peek at the top ten richest crypto players:

  1. Elon Musk: He’s not directly running any crypto companies, but his Tesla’s got a stash of Bitcoin. Musk’s tweets about cryptocurrencies, especially Bitcoin and Dogecoin, carry weight, and he’s eyeing financial services for X (ex–Twitter).
  2. Satoshi Nakamoto: This mystery figure, or group, created Bitcoin and holds a massive stack of it, potentially making them one of the richest globally.
  3. Changpeng Zhao (CZ): The brains behind Binance, one of the world’s biggest crypto exchanges. CZ’s wealth roller-coastered from over $60 billion to $10 billion in the bear market.
  4. Brian Armstrong: He founded Coinbase, the second-largest crypto exchange. Regulatory worries led to a dip in his wealth from $6.6 billion to $3.6 billion.
  5. Chris Larsen: Co-founder of Ripple Labs. Recent legal wins could boost his net worth to $2.6 billion.
  6. Jed McCaleb: Co-founder of Ripple Labs and Stellar Lumens project. He’s closely linked to Ripple Labs and might see his net worth rise after recent legal developments.
  7. Nikil Viswanathan: Co-founder of Alchemy, a major player in blockchain services. His wealth depends on Alchemy’s valuation, now standing at $1.8 billion.
  8. Winklevoss Twins: Known for their role in Facebook’s early days, they founded Gemini. Despite Gemini’s troubles, they’re worth $1.5 billion each.
  9. Matthew Roszak: A venture capitalist and co-founder of Bloq, working on stablecoin solutions. He’s valued at $1.4 billion.
  10. Michael Saylor: Co-founder of Microstrategy, known for aggressively buying Bitcoin. He’s at $1.3 billion and holds a significant BTC stash.

The crypto world’s rich list is diverse, with some directly in the industry like CZ and Armstrong, while others like Musk and Saylor are more indirectly involved. The bear market did hit their net worth, but there are still major players making waves as some of the richest globally.”

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Bitcoin ETF Approval: Potential Impacts and Market predictions

by Ouess
written by Ouess

Buying a significant amount of Bitcoin could become difficult due to its rising price, analysts warn.

The potential approval of a US Bitcoin ETF might shrink Bitcoin supply drastically, with predictions of institutional demand. Estimates suggest such an ETF could introduce up to $30 billion, potentially buying half of all available Bitcoin.

Experts note challenges in monopolizing Bitcoin due to its capped supply and decentralized nature. They believe attempting to buy all circulating Bitcoin is impractical, given the scarcity principle, which could drive prices excessively high.

While some foresee positive impacts from Bitcoin ETFs, others caution about potential negative effects, including market distortion and short-term sell-offs. However, some argue that the impact may be minimal, considering existing Bitcoin ETFs in other regions compared to the vastness of the US market.

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Spot Bitcoin ETF: Anticipated SEC Decision Insights Revealed

by Ouess
written by Ouess

Investors and the market have their eyes glued to the SEC’s ETF decision, but FOX Business senior reporter Charles Gasparino recently highlighted the Spot Bitcoin ETF in a post.

Gasparino expressed hope for the SEC’s ETF verdict to arrive next week, mentioning insights from an issuer:

“It’s anticipated that the SEC will ideally reveal its decision on BTC spot ETFs next week. Depending on when the applications are submitted, the approval timelines might vary, or the SEC could greenlight them simultaneously.

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Altcoin

Litecoin’s On-Chain Surge: Analyzing Price Disparity and Prospects Amid Market Dynamics

by Ouess
written by Ouess

Litecoin (LTC) has lagged behind its peers in terms of notable price surges, showing a modest 0.17% increase at $65.44. It has maintained this short-term range-bound movement over the past month, lacking substantial price fluctuations.

On the blockchain front, Litecoin exhibits robust network activity, akin to Maker (MKR) and Lido DAO (LDO). Daily active addresses for Litecoin have surged to a peak unseen since at least October 2023, reaching 1.36 million addresses according to Santiment’s data.

However, despite this surge in on-chain activity, Litecoin’s price growth remains sluggish compared to Maker and Lido DAO. While Litecoin’s monthly growth has dropped by over 9%, Maker has seen a 20% surge to $1,765.71, and Lido DAO has soared by 30.63%.

These differences in on-chain activities and price surges suggest that investors are embracing Litecoin more for its utility rather than purely as an investment asset.

Litecoin experienced a halving event in August 2023, but it didn’t significantly impact its price.

There’s speculation that Litecoin might see a boost if the United States Securities and Exchange Commission (SEC) approves spot Bitcoin ETFs. While many altcoins are reacting positively to this potential approval, the enthusiasm around the spot BTC ETF isn’t yet reflected in Litecoin’s price, offering potential bullish prospects for the cryptocurrency’s future.

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Altcoin

Binance Shifts Strategy: Phasing Out BUSD for FDUSD Tokens – Insights Revealed

by Ouess
written by Ouess

Binance, a major global crypto exchange, is moving towards phasing out its BUSD stablecoin, with recent conversions of BUSD to FDUSD for eligible users. This marks a significant shift in the exchange’s stablecoin strategy.

The conversion process of BUSD token balances to FDUSD has been completed, and users can now verify the reception of FDUSD tokens through their Distribution or Conversion History pages. All eligible BUSD balances in users’ Spot and Funding Wallets were converted to FDUSD at a 1:1 rate.

Despite these alterations, BUSD deposits have restarted, offering users continued flexibility. These deposits will be automatically converted to FDUSD at a 1:1 ratio on weekdays, with occasional pauses without prior notification. Furthermore, users have the option to manually swap BUSD for FDUSD using Binance Convert.

Stablecoins dominance Source : DefiLlama

However, it’s important to note that BUSD withdrawals are no longer supported.

Data indicates FDUSD has gained a market share of 1.39%, while BUSD still maintains a market share of 0.75%. Meanwhile, Tether’s USDT remains dominant, holding over 70% of the market share.

Binance’s decision to phase out BUSD traces back to an August 2023 announcement following the New York Department of Financial Services’ (NYDFS) directive to Paxos, BUSD’s issuer, to stop minting the coin in February 2023. Binance also faced legal action from the Commodity Futures Trading Commission (CFTC) for allegedly offering unregistered crypto derivatives in the US.

Under new CEO Richard Teng’s leadership, succeeding founder Changpeng Zhao, Binance emphasizes regulatory compliance, especially within the US market. The exchange has set deadlines for discontinuing BUSD support, ending it on December 15, 2023, allowing users to redeem their BUSD until February 2024.

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Crypto Community Bets on SEC’s Bitcoin ETF Decision: Inside the Wagers

by Ouess
written by Ouess

On Reddit, folks had mixed reactions to the betting action. One person mentioned they were risking their kid’s college fund, while another joked that it felt like ‘betting dollars to win dimes.’

As everyone’s waiting for the SEC’s call on the spot Bitcoin ETF, traders are taking this suspenseful time to place bets, guessing whether these ETFs will get the green light by Jan. 15.

Over at Polymarket, a Polygon-based gambling spot, they’re playing the ‘Yes’ or ‘No’ game on ETF approvals. There’s been around $1.5 million in bets so far, mostly leaning towards ‘Yes.’

Source : Polymarket 

Shares there represent the odds, and their value jumps up and down, just like the crypto market. Right now, a ‘Yes’ share costs $0.79, while a ‘No’ share is $0.21. Some big shots are holding onto a bunch of ‘Yes’ shares, with one named ‘kiwi’ holding around $421,000 worth.

According to Polymarket, if any spot Bitcoin ETF gets SEC approval by Jan. 15, ‘Yes’ wins. Otherwise, it’s a win for ‘No.’ The deadline decides who pockets the wins or bears the losses.

The site plans to rely on SEC info to settle things, but they might also consider trusted reports. Meanwhile, Redditors had thoughts: some weren’t fans of the betting idea, while others cracked jokes. Someone in the Cryptocurrency subreddit called the bet ‘stupid,’ saying it’s like ‘spending dollars to win dimes.’ Another person shared they were risking their kid’s college fund, and someone else even apologized to their future ‘crypto grandkids’ for their actions.

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Forecast

Bitcoin’s Potential: Analyst Predicts $50K Breakout Amid ETF Prospects

by Ouess
written by Ouess

Dan Gambardello, a crypto expert, pointed out something interesting about Bitcoin. He thinks it might be gearing up for a climb, especially if a spot BTC ETF gets the green light, possibly pushing its price to hit $50,000.

He mentioned this ‘symmetrical triangle’ thing, which basically happens when a coin’s price swings between these two lines on a chart. It’s like a tug of war between buyers and sellers, making things less wild.

Looking at some technical stuff, the Bollinger Bands (BB) for BTC show that the market’s been pretty chill lately. Those bands on the chart, which usually show how wild things are, have gotten narrower since the year kicked off.

Gambardello also brought up this Fibonacci level thing. If BTC reaches $50,000, it’d mean smashing through some historic highs, doing stuff it’s never done before.

Now, if this spot ETF thing doesn’t get the nod from the SEC, Gambardello’s thinking BTC might take a bit of a dive, maybe dropping to around $37,000, especially if it can’t hold the $40,000 line.

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Bitcoin

Bitcoin ETF Buzz: Social Media Speculation and Market Reactions Unraveled

by Ouess
written by Ouess

People on social media are buzzing about the possibility of the U.S. Securities and Exchange Commission (SEC) giving the green light to a Bitcoin exchange-traded fund (ETF) today, January 5. This whole excitement started with some mysterious tweets and claims.

One tweet from Craig Salm, Grayscale’s legal bigwig, hinted at filling out forms, adding to the intrigue. Then there’s a widely shared tweet from Jacquelyn Melinek at TechCrunch, citing super close sources, saying multiple ETFs could get the nod on Friday. That got the #ETFBitcoin hashtag and ‘Bitcoin ETFs’ talk trending like crazy on Twitter.

But here’s the twist: Bitcoin took a hit, dropping from $44,700 to $43,200, despite a strong bounce back from the January 3 crash.

Analysts are waving the caution flag, saying not to get too hyped yet. Bloomberg’s ETF analyst, James Seyffart, called all the January 5 approval hype ‘noise’ and figures the real deal might come next week, around January 8 to 10.

Another Bloomberg analyst, Eric Balchunas, spilled some details, mentioning that the SEC is in the final comment phase. Issuers are gearing up to file their last 19b-4 and S-1 forms. These forms need the SEC’s thumbs-up before an ETF can hit the market. For the spot Bitcoin ETF to truly pass, it’s got to nail that 19b-4 form.

The spot Bitcoin ETF is a huge deal, especially in the U.S., and everyone’s waiting eagerly. Fourteen issuers, big names like BlackRock, Valkyrie, ARK Invest, and Fidelity, are all in the queue for this potential first-of-its-kind ETF.

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Crypto Success Story: From $2,098 to $2.5M in Just 69 Days! Unveiling Winning Strategies

by Ouess
written by Ouess

In just 69 days, this crypto user saw their wallet grow from $2,098 to a staggering $2,542,732. Using what seems like inside information, they boosted their trading balance by a jaw-dropping 78,878.9%. Let’s delve into the strategy behind this incredible growth.

Their major win came from investing only $998 in $OLAS, which later turned into millions when they hit the ‘SELL’ button.

Their overall profit? A whopping $977,279.61.

This savvy wallet got in early on $OLAS at an average price of $0.501305, and since then, the coin surged by an incredible 1589%!

The second big success was with $BTRST. Holding just 14.96% of their capital in it, they made a significant profit without selling a single token.

Then there’s $GEOD, a coin the smart wallet started buying in small amounts back in October. With an expectation of more growth, they’re holding onto it, making a profit of $32,962.32 so far.

Curious about the address associated with this impressive wallet growth? It’s 0xa3737deca37c6d15c582309d766322bad789e6fa.

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