Major cryptocurrencies dipped on Sunday evening, fueled by market anxiety over how Bitcoin would react to the potential approval or denial of the United States’ inaugural spot BTC exchange-traded fund (ETF).
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | -0.63% | $43,804 |
| Ethereum (CRYPTO: ETH) | -1.69% | $2,207 |
| Dogecoin (CRYPTO: DOGE) | -3.36% | $0.078 |
What Happened: According to senior Bloomberg ETF analyst Eric Balchunas, most applicants are expected to receive approval within the week, provided they have met the regulator’s requirements before Dec. 29.
On Jan. 5, key players in the Bitcoin Spot ETF race, such as BlackRock, Grayscale, 21Shares, and others, submitted 19b-4 amendments in response to the SEC’s request. The 19b-4 filing represents one of the last stages in the SEC’s approval process. This step could potentially pave the way for the first-time approval of the funds in the U.S. this week, as Reuters reported, citing sources.
Balchunas notes that the final S-1 documents from the asset managers are due at 8 am on Monday.
Yeah it’s basically done. Latest I’m hearing (from multiple sources) that final S-1s are due 8am on Monday as SEC is trying to line everyone up for Jan 11th launch. That said, I still want to hear it from the SEC to call it official.
— Eric Balchunas (@EricBalchunas) January 5, 2024
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Siacoin (CRYPTO: SC) | +21.04% | $0.009752 |
| Bitget Token (CRYPTO: BGB) | +0.69% | $0.61 |
| Stacks (CRYPTO: STX) | +0.64% | $1.62 |
The global crypto market cap has reached $1.66 trillion, marking a 4.80% decrease in the last 24 hours.
U.S. stock futures showed little change Sunday night following a down week for the major averages in 2024. Traders are anticipating inflation data and big bank earnings in the week ahead. Dow Jones Industrial Average futures dropped by 35 points, or 0.1%. Meanwhile, S&P 500 and Nasdaq 100 futures saw increases of 0.14% and 0.21%, respectively.
Congressional leaders announced a deal on Sunday, agreeing on a $1.59 trillion top-line spending to prevent a potential government shutdown.
These developments come after the year-end rally, during which a dovish pivot from the Federal Reserve raised concerns among investors about equities being overbought….
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