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Bitcoin Surges Above $40k After 578 Days, Driving Crypto Prices Higher

Bitcoin Surges Above $40k After 578 Days, Driving Crypto Prices Higher

SEC Discussions Hint at Approval of Bitcoin ETFs

According to sources, the Securities and Exchange Commission (SEC) is engaged in discussions with asset management companies regarding spot Bitcoin ETFs. The discussions cover key technical details, suggesting that approval may be imminent. Topics include regulatory arrangements, subscription, and redemption mechanisms. The conversations were conducted privately to maintain anonymity. BlackRock did not respond to comments, Invesco declined to comment, and Grayscale stated they will continue constructive contact with the SEC.

Fidelity’s Spot Bitcoin ETF Code Designated

Bloomberg analyst Eric Balchunas announced on social media that Fidelity’s spot Bitcoin ETF code has been designated as FBTC and listed on the Depository Trust and Clearing Corporation of the United States (DTCC).

Ethereum Developers Discuss Network Upgrade

Ethereum core developer Timo Beiko shared a summary of the 176th ACDE meeting on social media. The developers discussed Denchun’s status, testnet schedule, and network upgrade plans. Devnet #12 was launched last week, and a Goerli shadow fork is planned in the coming weeks. If all goes well, Denchun will be activated in January 2024.

VanEck Predicts Crypto Industry Trends for 2024

Asset management company VanEck released its top 15 predictions for the crypto industry in 2024. These predictions include the approval of Bitcoin spot ETFs, minimal disruption from the fourth Bitcoin halving, a historic high for Bitcoin’s price driven by political events and regulatory changes, Ethereum outperforming major technology stocks, and more.

CoinGecko Report on Global Crypto Legalization

CoinGecko’s report reveals that over half of the world’s countries/regions have legalized cryptocurrencies, with Europe leading the way. Out of 41 analyzed countries, 39 recognize crypto’s legitimacy. Additionally, there has been an increase in long-term holders of Bitcoin who have not transferred their tokens despite significant price increases.

Upcoming BTC and ETH Options Expirations

BTC and ETH options contracts with substantial nominal values are set to expire and be delivered soon. Investors should pay attention to market changes as these expirations may impact prices.

Trends of Main Coins

Bitcoin

Bitcoin’s price is stabilizing around $42,000, with potential support at $42,015. High targets remain at $45,345 and $47,990, while long-term bullish targets are $120,400 and $128,350.

Ethereum

Ethereum reached its upward price target of $2,381 and may test the resistance multiple times. An upward trend is expected with targets at $2,545. Long-term bullish targets are set at $8,000 and $12,300.

HIGH

Highstreet completes a golden cross retracement and has surpassed the $1.586 level. The next price target for HIGH is $2.233 after breaking the first resistance at $1.882.

Hot Take: Crypto Industry Predictions for 2024

VanEck’s predictions for the crypto industry in 2024 provide insights into what we can expect in the coming year. From the approval of Bitcoin spot ETFs to the rise of other smart contract platforms challenging Ethereum’s market share, these predictions highlight key trends that will shape the industry. As cryptocurrencies gain more recognition and adoption, it’s important for investors and enthusiasts to stay informed and navigate the evolving landscape with caution.

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Bitcoin Surges Above $40k After 578 Days, Driving Crypto Prices Higher