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The king of cryptocurrencies is celebrating its arrival on Wall Street, which is why it surged to $49,000 and then dropped to $46,000. For traders addicted to volatility, this is not surprising, but if retirement funds begin offering products indexed to these ETFs, investors of a particular age bracket may experience insomnia and lose interest in Bitcoin.

Predictions After Spot Bitcoin ETF

According to Ric Edelman, an executive at one of the biggest RIA (transfer services) organizations in the nation, in the next two to three years, independent financial advisors will be swarming to buy Bitcoin ETFs. His projection is that these ETFs may experience net inflows of up to $150 billion. This may raise the market value of Bitcoin by more than $1.5 trillion and is more than twice as much as the initial goal of $70 billion.

“Our research shows that 77% of independent advisors plan to allocate an average of 2.5% of their clients’ portfolios to spot Bitcoin ETFs.”

Around $8 trillion in total, or $154 billion when divided by two, is managed by independent advisors. We have been stating for weeks now, even in the initial minutes of today’s live show, that qualified investors would be happy to put a modest portion of their portfolios here. In the long run, this alone might cause the price of Bitcoin to rise dramatically.

How Much Will Bitcoin Be Worth?

In a bold forecast spanning 24 months, Edelman claims that the price of Bitcoin would hit $150,00. If institutional investors and retirement funds flood the market, this prediction—which would mean a threefold gain from the current price—might not be overstated.

“The flow of assets will take time. Firms need time to place these new ETFs on their platforms, and compliance departments need to create policies that govern their use. All advisors need training because most are not familiar with blockchain technology and do not know how to explain Bitcoin to their clients.”

Edelman founded the Digital Assets Council of Financial Professionals in 2015 to educate advisors about crypto.

“Advisors will also need time to overcome big tactical questions. They must determine which clients should invest in these ETFs and identify the best allocation for them. Advisors need to decide how they will communicate their recommendations to their clients.”

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Bitcoin, the leading cryptocurrency, is fighting to surpass the $49,000 mark, buoyed by a significant price catalyst expected within the next 6 hours. Institutional and accredited investors are fervently purchasing Spot Bitcoin ETFs, indicating strong market optimism.

The initial 10 minutes of trading saw a cumulative volume exceeding $2.3 billion, a record-setting figure likely to be propelled even higher by Bitcoin’s allure within a mere 6-hour timeframe. This volume surpasses previous daily records of $2.1 billion for other ETFs.

As anticipated, BlackRock’s IBIT, a spot Bitcoin ETF, attracted the most interest, with Bitcoin’s price recently breaching $48,969. Meanwhile, altcoins continue to experience double-digit growth, setting the stage for potential new highs for Bitcoin as trading volume increases.

The initial surge of excitement is expected to wane by tomorrow, potentially allowing Bitcoin to reach local peaks and pave the way for further gains in altcoins. Both BlackRock’s IBIT and Grayscale’s GBTC have been trending on Yahoo Finance, while Bloomberg Intelligence analyst Eric Balchunas highlighted the resilience and potential of ETFs.

Valkyrie’s co-founder and CIO, Steven McClurg, anticipates an influx of $200 to $400 million in investor funds for their ETF, with a total market entry of $4 to $5 billion expected in the first few weeks. Bitwise predicts the market could exceed $70 billion within five years, potentially adding $1 trillion to Bitcoin’s market value. However, investors should remain prepared for significant announcements, such as new BTC ETF-backed retirement fund products, while also being cautious of market volatility that could swiftly reverse gains.

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As of this writing, the top cryptocurrency is still fighting to surpass $49,000, and it is determined to accomplish so. In addition, a wonderful price catalyst will fuel this confidence over the following six hours. Spot Bitcoin ETFs are being assiduously purchased by institutions and accredited investors.

Why Is Bitcoin Rising?

The total trade volume hit $2.3 billion in the first ten minutes. This one-of-a-kind first listing volume will go down in history. Although ETFs with daily volumes above $2.1 billion have been observed, the power of Bitcoin is poised to propel this figure substantially higher in the next six hours. The mentioned ETFs’ current data is displayed below.

Expectedly, the most sought-after asset was BlackRock’s spot Bitcoin ETF, IBIT. Just moments ago, the value of Bitcoin surpassed $48,969 in price. Altcoins, however, are still growing by double digits. Bitcoin may hit all-time highs as this volume of data grows over the next few hours.

The enthusiasm surrounding the first day will probably fade tomorrow, and it is anticipated that during this time, BTC will achieve its local peak and give altcoins additional chance to soar. Grayscale’s GBTC and BlackRock’s IBIT were both highlighted by Yahoo Finance as hot stocks/ETFs. Eric Balchunas, a Bloomberg Intelligence analyst, stated in a statement on X;

“Although focused on Bitcoin, ETFs continue to demonstrate that they can overcome almost anything.”

Steven McClurg, co-founder and CIO of Valkyrie, stated that they anticipate receiving $200 million to $400 million in investor monies into their ETF, with an additional $4 billion to $5 billion coming in over the course of the first few weeks for all participants. According to Bitwise, the market might reach over $70 billion in five years. The market value of Bitcoin could rise by an additional $1 trillion as a result of these inflows.

In the upcoming days, investors should also be ready for significant developments, such as the release of new retirement plans and other BTC ETF-backed products. No matter how ideal the circumstances, things in the cryptocurrency world can change suddenly. Everyone’s excitement might not last long if MTGOX, Silk Road, and other FUD assets become up for sale.

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ETF

Bitcoin surges past $47,000 amid anticipation for spot Bitcoin ETF approvals by major issuers. VanEck intensifies its crypto market presence by allocating $72.5 million to its prospective spot Bitcoin ETF. The amended S-1 form filed on January 8 reveals VanEck‘s acquisition of $72.5 million worth of Bitcoin, signaling competitive positioning in the cryptocurrency market. However, the company issues a cautionary statement about potential value volatility and risks associated with cryptocurrency investments. VanEck, a global investment firm, has been developing ETF products since 2006 and awaits SEC approval for its spot Bitcoin ETF.

Bitwise Secures $200 Million Seed Fund for Bitcoin ETF

In parallel, Bitwise discloses Pantera Capital as the primary investor behind its $200 million seed fund. Bitwise’s amended S-1 filing on January 8 reveals Pantera’s significant role, contingent on SEC approval. BlackRock and Fidelity also submit updated documents, with BlackRock allocating $10 million and Fidelity $20 million for their ETFs.

VanEck and Bitwise’s substantial Bitcoin investments hint at heightened competition once their ETFs launch. The potential approval of spot Bitcoin ETFs could transform mainstream cryptocurrency investment, drawing institutional and retail investors, and potentially directing billions into digital assets.

Uncertain SEC Approval and Regulatory Landscape

While anticipation surrounds spot Bitcoin ETF approvals, SEC Chair Gary Gensler’s recent cautionary remarks highlight regulatory concerns. Gensler emphasizes the risks and lack of regulatory compliance in the crypto sector. The SEC’s historical caution, citing market risks, fraud, and manipulation, raises uncertainty about ETF approvals. Despite growing interest from major financial institutions, the SEC’s discretion remains a critical factor. Approval could reshape the crypto landscape, providing a regulated avenue for mainstream investment. However, it’s essential to acknowledge the SEC’s cautious approach and the evolving regulatory environment’s impact on the cryptocurrency market.

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SEC Chair Gary Gensler’s recent comments on cryptocurrency investments coincide with the heightened anticipation of the SEC’s decision on the first spot Bitcoin ETF. The market closely watches as the SEC evaluates a dozen applications for this significant financial product.

Gensler’s Cautionary Remarks

Gensler’s recent remarks emphasize a cautious approach for potential investors in crypto assets. He advises awareness of risks and the regulatory framework governing these investments, stating, “Those offering crypto asset investments/services may not be complying w/ applicable law, including federal securities laws.” This caution aims to address concerns about the potential lack of critical information and fundamental protections for investors in the crypto space.

Timing Amid ETF Filings

Notably, Gensler’s comments follow a wave of ETF-related filings by major asset managers, including BlackRock, Ark Invest/21Shares, VanEck, WisdomTree, Invesco, Fidelity, and Valkyrie. While Gensler did not specifically reference these proposed ETFs, the timing of his remarks in conjunction with these filings drew attention within the cryptocurrency community.

SEC’s Imminent Decision

The SEC is expected to rule on spot Bitcoin ETFs soon after exchanges like Nasdaq, NYSE, and Cboe submitted amended 19b-4 forms. If approved, trading could commence once the S-1 forms become effective, with a decision anticipated in the coming days. The January 10 deadline for a response to ARK Investment and 21Shares’ application adds to the urgency. However, analysts note the SEC’s discretion and the possibility of further delays in the decision.

Consistent Caution from Gensler

Gensler’s recent comments align with his consistent caution towards cryptocurrency investments. He refrains from pre-judging the ongoing review process for spot Bitcoin funds, emphasizing the SEC’s time-tested review procedure.

These developments create a dynamic landscape as the cryptocurrency community awaits the SEC’s decision on the potential approval of spot Bitcoin ETFs.

Stay tuned with Coinbrit for the SEC‘s decision on spot Bitcoin ETF, a pivotal moment in cryptocurrency regulation.

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Mt. Gox

In a surprising turn of events, traders betting against Bitcoin faced significant losses, totaling over $100 million in the last 24 hours. This development coincided with a sudden surge in Bitcoin prices, reaching over $47,000 for the first time since March 2022. The market saw a 9% spike in Bitcoin on Monday, triggering a cascade effect.

Shorts Liquidation Hits $155 Million

Futures tracking crypto markets experienced approximately $155 million in shorts liquidated, predominantly within U.S. trading hours. Notably, OKX and Binance users bore the brunt, with losses totaling $84 million and $71 million, respectively. This abrupt market shift left traders reeling as their bets against rising Bitcoin prices were swiftly overturned.

Rising Open Interest Indicates Continued Volatility

The aftermath of the liquidation event revealed an 8% surge in open interest, reflecting a heightened willingness among traders to open new positions. This suggests an anticipation of sustained market volatility. Liquidations occur when traders fail to meet margin requirements for leveraged positions, prompting exchanges to forcibly close positions due to potential losses.

Bitcoin ETF Approval Speculation Spurs Market Movement

Monday’s price surge in Bitcoin was closely linked to growing expectations of a U.S. Bitcoin exchange-traded fund (ETF) receiving approval. Market participants observed potential issuers, including BlackRock and Grayscale, submitting offering fees to the U.S. Securities and Exchange Commission (SEC). This crucial step brings the long-awaited Bitcoin ETF closer to reality.

SEC Decision Looms, Issuers Gear Up for Competition

As the SEC’s final decision on the 13 proposed ETFs approaches, issuers are gearing up for potential competition. Offering fees were filed by various issuers, with some opting for no fees for the first six months or incentives tied to assets under management (AUM). The SEC is expected to announce its decision on Wednesday, with market participants eagerly awaiting the outcome.

In related developments, SEC officials reportedly engaged with prospective issuers, addressing minor details in amended S-1 forms. These filings are anticipated on Tuesday, adding an extra layer of anticipation to the unfolding developments in the cryptocurrency market.

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Unexpectedly, as part of the spot Bitcoin ETF applications, the US Securities and Exchange Commission (SEC) released more feedback on the form S-1s of pending applicants. There were strong expectations that a clearance notification will be made before the deadline of January 10, 2024.

Should You Act Quickly or Delay?
The most recent development, according to Chamber of Digital Commerce President and Founder Perianne Boring, is a delay signal from the government. James Seyffart, a Bloomberg analyst, disagrees that the release of more remarks is a sign that the ETF approval would be delayed. The form S-1s were forwarded to the SEC, and the agency returned with further comments the same day, according to the analyst, who noted that this was unusual given how quickly the SEC is responding to applications for Bitcoin ETFs.

The SEC representatives must decide whether to approve or reject the Ark 21Shares spot Bitcoin ETF application by January 10, 2024, at the latest. Among the initial applicants were Ark 21Shares; others included Blackrock, Fidelity, Bitwise, Van Eck, and Valkyrie.

So What?
Up to nine issuers submitted the most recent 19b-4s refiles, even though the potential ETF issuers are handling the documentation needs. As of 8 a.m. Eastern Time on January 8, 2024, Blackrock’s refiling for their iShares Bitcoin ETF filed was reported to be missing. Analysts, however, claim that the permission is likely coming soon because there may be time to also make changes in the future. Will US SEC representatives honor the January 10 deadline for approving the country’s first-ever spot Bitcoin ETF?

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As the U.S. awaits a pivotal decision on spot Bitcoin ETF, Securities and Exchange Commission (SEC) Chair Gary Gensler issues a stark caution about the risks associated with digital assets.

Gary Gensler has reiterated his concerns about the cryptocurrency sector through an X post, highlighting prevalent scams and non-compliance with securities laws among crypto companies. He emphasizes that investors must be wary of potential fraud and illegitimate activities in the crypto space.

Key Messages from Gensler:

  1. Non-Compliance with Laws: Gensler alerts investors that entities offering crypto asset investments or services may not be adhering to applicable laws, especially federal securities laws.
  2. Rising Popularity, Rising Scams: Acknowledging the growing popularity of crypto assets, Gensler notes that fraudsters exploit this trend to lure retail investors into scams.

Uncertain Regulatory Landscape

The SEC Chair’s warning comes amid anticipation of the SEC’s decision on spot bitcoin ETF, a development that could significantly impact the crypto industry. Gensler’s persistent cautionary stance underscores the need for investor vigilance in a sector grappling with regulatory ambiguities and ongoing legal battles.

Potential Turning Point: Bitcoin ETF Decision

As the crypto community awaits the verdict on spot bitcoin ETFs, the decision holds immense significance. If approved, fully regulated spot ETFs could open the doors for broader and more accessible trading of digital assets, potentially attracting substantial investments.

Gensler’s recent warnings add to the ongoing discourse around the regulatory landscape of cryptocurrencies. As the SEC navigates its stance, investors, industry participants, and regulators alike brace for potential shifts that could shape the future of crypto markets.

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In a notable development, two influential analysts at Bloomberg have raised the odds of a spot Bitcoin ETF being approved in the U.S. to over 90%. This optimistic outlook comes ahead of the anticipated decision by the Securities and Exchange Commission (SEC).

Betting Platform Contrasts: Polymarket Odds Trimmed to 85%

While Bloomberg analysts express high confidence, the sentiment on the betting platform Polymarket tells a different story. Crypto market participants on Polymarket have become more pessimistic, trimming the odds of approval to 85%. Approximately $500,000 in cumulative wagers suggest a belief in a delayed or denied approval before Jan. 15.

Bloomberg ETF analyst Eric Balchunas shares insights, noting a shift in his stance after Friday’s flurry of updated filings. Balchunas now suggests a 5% chance of the SEC rejecting proposals. Previously, in November, he had expressed 90% confidence, citing positive indications from providers’ updated forms.

Crypto Market Expectations: A Pivotal Week Ahead

Despite differing views, much of the crypto market anticipates key decisions by the SEC this week. The approval of the first spot Bitcoin ETFs in the U.S. is seen as a significant catalyst that could attract billions of dollars in Bitcoin demand. This regulatory milestone is poised to be one of the most-watched events in the asset’s history.

Industry Applicants Await Decision

Over a dozen applicants, including BlackRock, Grayscale, and Fidelity, are vying to launch the first spot Bitcoin ETFs in the U.S. Recent amended filings, submitted on behalf of these issuers, aim to address SEC feedback. The industry remains on edge as it awaits the SEC’s verdict on these crucial proposals.

As anticipation heightens and contrasting sentiments emerge, the crypto community braces for a potentially historic moment as the SEC prepares to deliver its decision on the future of spot Bitcoin ETFs in the U.S. The outcome could reshape the landscape for professional investors and mark a milestone in Bitcoin’s journey.

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Friend.tech, the decentralized social application operating on Coinbase’s Base blockchain, has made notable shifts in its treasury management and security measures, reflecting broader trends in blockchain and cryptocurrency management. Analyst Tom Wan recently highlighted that in December, the platform moved all earned fees from an externally owned account (EOA) address to a multi-signature (multisig) address. Additionally, it transferred half of its earned revenue, amounting to 7,800 ETH (approximately $16.6 million), to Coinbase.

The move to a multisig address is a significant step in enhancing the security and governance of Friend.tech’s funds. Multisig addresses require multiple signatures to execute transactions, thus reducing the risk of unauthorized withdrawals.

This shift also followed an unsettling event in October when Friend.tech users became victims of SIM-swapping attacks, resulting in a theft of about $400,000 within a day. Furthermore, in November, another sophisticated phishing attack targeted Friend.tech users, emphasizing the growing need for robust security measures.

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