The first week of 2024 has been eventful in the world of cryptocurrencies, especially regarding Bitcoin. Despite the festive season, trading volumes have been significantly high, surpassing those of the previous week. It has been an explosive start to the year.
One of the main focuses has been on the approval of Bitcoin spot ETFs in the USA. False news about the postponement of the SEC’s decision caused a temporary drop in BTC price, but it quickly recovered. There are now circulating news about a possible approval that could come as early as today. The anticipation of spot ETFs being launched on US stock exchanges may have contributed to Bitcoin’s price increase in recent months.
Bitcoin celebrated its 15th birthday on January 3, 2024. Price forecasts for the year indicate a fluctuation between $40,000 and $50,000 in the short term, with more optimism prevailing in the medium to long term due to potential interest rate cuts by the Fed and the upcoming fourth halving event.
In terms of Ethereum, Vitalik Buterin’s statements about future developments have garnered attention. The Ethereum ecosystem is expanding beyond itself with acquisitions like Solscan by Etherscan. There is also speculation about the launch of spot ETH ETFs after Bitcoin spot ETFs gain approval.
Other cryptocurrencies have seen significant price movements and new releases. XAI by Binance experienced a +200% daily increase, and TIA (Celestia) reached an all-time high. December saw a boom in trading volumes across crypto exchanges, indicating a shift from the bear market of 2022 to a crypto spring.
Stablecoins also made headlines, with USDT (Tether) dominating attention and reaching its all-time high in market capitalization. GUSD (Gemini USD) experienced a significant decline in market capitalization, while Binance listed a stablecoin anchored to the euro. Circle integrated EURC on Solana.
Overall, the crypto market continues to grow and mature, with a wide range of projects and news emerging regularly.
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