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Peter Davis

An writer at FOMOdrive

  • Dec 29, 2023
  • 4 min read

Bitcoin: ETF approval could send BTC down to $32,000

Former US President Donald Trump has started to divest his holdings in cryptocurrency.

The introduction of spot Bitcoin ETFs could be a difficult task for the asset.

It is predicted that by 2024, Ethereum could experience more growth than Bitcoin.

It was discovered by the developer that users of the Ledger hardware wallet were being surveilled.

Users from Russia were requested by Binance to withdraw their funds by December 29th.

CryptoQuant has suggested that the approval of a Bitcoin ETF in the US could lead to a "selling on news" scenario, which could cause Bitcoin to drop to $32,000. Short-term BTC holders have high unrealized gains of 30%, which has historically been a precursor to price corrections. Furthermore, miners are also in the black, which is another factor that could be bearish.

Hedge funds in the cryptocurrency market are expecting a significant increase in altcoins and major tokens in the coming year. Pantera Capital believes that the transition to the second part of the bull cycle is likely already underway, and the selection of tokens is of utmost importance. After suffering a 55% drop in 2022, these funds have seen an average gain of 44% in asset values.

ETC Group is confident that Ethereum may outpace Bitcoin in terms of growth rates by 2024. This is due to the technological advances that ETH has made, as well as its continued status as a top-tier smart contract platform.

At the end of 2023, the digital asset market saw the most interest in artificial intelligence, GameFi, and meme tokens, which together accounted for a third of the total community interest, according to a CoinGecko study. Following these were the Solana ecosystem (7.2%), BRC-20 tokens (7.1%), and "real world" assets (6.5%).

John Reed Stark, a former attorney for the United States Securities and Exchange Commission (SEC), declared that if spot Bitcoin ETFs were to be approved, it would be a "Wall Street scam of epic proportions". He believes that the approval of ETFs in the US would not be beneficial for investors.

Trezor has warned that the launch of spot Bitcoin ETFs could lead to fundamental problems for the asset, as it contradicts the concept of non-custodial storage. If large volumes of BTC are stored on centralized platforms, governments could seize them, similar to how the US confiscated gold from its citizens in the 1930s.

Javier Miley, the newly elected President of Argentina, has proposed a law that would enable citizens of the country to declare their cryptocurrency assets on a preferential basis and use them for transactions with the state.

Approximately $2.4 million worth of Ethereum was sold from an address reportedly linked to ex-US President Donald Trump, following months of collecting royalties from Trump NFTs. The initial set of trading cards had taken the former US President from $100 thousand to $1 million.

$200 million worth of assets from the Grayscale Bitcoin Trust were sold off by the ARK Next Generation Internet ETF (ARKW). The proceeds were then transferred to the Bitcoin Strategy ETF.

REKTBuilder, an alias used by a software developer, uncovered that the Ledger Live crypto hardware wallet software was tracking its users and gathering their data.

Over the last 24 hours, Bitcoin SV (BSV) has seen a 50% increase in value. The majority of trading activity is taking place on the South Korean exchange, Upbit, which is the largest exchange in the region. Craig Wright, who has self-proclaimed himself as Satoshi, is the one who backs this asset. Despite this, it is only ranked 54th on CoinGecko and is not listed on any major exchanges.

Binance cryptocurrency exchange has sent out notifications to Russian clients on Thursday, December 28, informing them of the need to close their accounts and withdraw funds from the site by the shortest deadline of December 29.

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