Weekly Crypto Digest for January 08 - 14, 2024
Monday, January 15, 2024
In the latest issue of Weekly Crypto Digest read more about how SEC approved Bitcoin ETF, Inflation in the USA accelerated to 3.4%, BlackRock supports the approval of Ethereum-ETF and more news.
The SEC approved 11 applications for spot bitcoin ETFs
On January 10, the SEC approved all 11 applications for spot bitcoin ETFs. Trading started the next day. Among the admitted issuers: are Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity, and Franklin Templeton.
It is noteworthy that a day before this the X-account (Twitter) was hacked by the SEC to publish a fake approval of the Bitcoin ETF.
The now-deleted tweet stated that the regulator allowed the listing of products on all registered national stock exchanges. The message allegedly quoted SEC Chairman Gary Gensler.
It is reported that the trading volume of spot bitcoin ETFs almost reached $4.5 billion on the first day of trading, according to Bloomberg Intelligence analyst Eric Balchunas.
The expert noted that since the start of trading, 700,000 deals were concluded on 11 spot ETFs. He emphasized that this is twice as much as compared to $QQQ.
The leader in trading volume was the ETF under the ticker GBTC from the Grayscale company — $2.28 billion. The volume of transactions in shares of BITO from ProShares amounted to about $1.97 billion, IBIT from BlackRock — $1 billion, and FBTC from Fidelity — $687 million.
Satoshi Nakamoto's address received 26.91 BTC
An unknown person sent 26.91 BTC (about $1.17 million) to the address of Bitcoin creator Satoshi Nakamoto. The sender and the reason have not yet been found, but the fact remains that almost 27 Bitcoins were sent.
Inflation in the USA accelerated to 3.4%
Annual inflation in the USA at the end of December accelerated to 3.4%, which turned out to be higher than the consensus forecast (3.2%) and the value for the previous month (3.1%).
Every month, the consumer price index grew by 0.3%, three times faster than in November. The indicator also exceeded the expectations of economists (0.2%).
The indicator excluding food and energy prices increased by 0.3% compared to the previous month and by 3.9% by December last year. The values were 0.3% and 4% a month earlier, respectively.
Analysts expected a slowdown in annual rates to 3.8% and maintenance of monthly rates at 0.3%.
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The price of Bitcoin broke the level of $43,000
Starting the week at $44,000, on Tuesday, January 9, the first cryptocurrency tested $47,000. On Thursday, January 11, Bitcoin briefly broke the $48,000 level, but could not hold it.
On the night of Saturday, January 13, digital gold quotes broke the $42,000 mark. At the time of writing, the asset is trading at a level below $43,000.
This week, the second cryptocurrency by capitalization tested the $2,700 level for the first time since May 2022. At the time of writing, the asset is trading at over $2,500.
Most digital assets from the top 10 by capitalization ended the week with growth. Ethereum added the second most (+13.6%).
CEO of BlackRock supported the approval of Ethereum-ETF
BlackRock CEO Laurence Fink supported the approval of the Ethereum ETF.
"ETFs are step one in the technological revolution in the financial markets," he said. "Step two is going to be the tokenization of every financial asset."
Previously, the CEO of BlackRock stated that tokenization will become the next global trend in the field of crypto assets.
He urged not to evaluate cryptocurrencies exclusively as a means of mutual settlements. In his opinion, this is a whole class of assets, the payload of which is not limited to paying for products and services.
BlackRock has already applied with the US Securities and Exchange Commission (SEC) to create a spot Ethereum ETF. The company was joined by Fidelity Investments, Invesco Galaxy, and Grayscale Investments.
Also read our latest article 10 Bold Predictions for the Crypto Market in 2024
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