Major cryptocurrencies traded mixed on Tuesday evening as major Wall Street firms completed their paperwork last week, anticipating approval from the Securities and Exchange Commission (SEC).
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | +0.80% | $45,252 |
| Ethereum (CRYPTO: ETH) | -0.49% | $2,370 |
| Dogecoin (CRYPTO: DOGE) | -1.23% | $0.091 |
What Happened: On Tuesday, altcoins such as Ethereum and Solana experienced a slight drop.
This occurred as Jim Cramer, former hedge fund manager and host of CNBC’s Mad Money, reversed his previously bearish stance on Bitcoin on Tuesday morning. This shift comes ahead of anticipated U.S. regulatory approval of a spot ETF and as the price of bitcoin rose above $45,000 for the first time in 21 months.
“This thing, you can’t kill it,” Cramer told CNBC’s David Faber. “Bitcoin is a technological marvel and I think people need to start recognizing it’s here to stay.” Cramer also observed another well-known Bitcoin skeptic, remarking that the late Charlie Munger “was blind to this.”
In other news that comes as a major development, Michael Saylor, the co-founder of the business intelligence company MicroStrategy Inc. (NASDAQ:MSTR), on Tuesday sold company shares worth around $216 million. The 315,000 shares that were sold were acquired through stock options, as mentioned in Tuesday’s filing.
Coinbase (NASDAQ:COIN) suffered its largest daily decline since mid-2023 despite a surge in Bitcoin to a 21-month high. Coinbase shares closed the session just below $157, marking a 9.8% drop on the first trading day of the year. This decline followed by losses on Friday, attributed to profit-taking at the end of the year following a nearly fivefold increase in the stock price in 2023.
Furthermore, the rally in bitcoin did not benefit bitcoin miners, as they experienced a reversal from early gains to modest losses. Both Marathon Digital (NASDAQ:MARA) and Riot Platforms (NASDAQ:RIOT) closed 1%-2% lower than Friday’s closing price and nearly 10% lower than their opening price.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Astar (CRYPTO: ASTR) | +18.04% | $0.16 |
| Arbitrum (CRYPTO: ARB) | +10.38% | $1.92 |
| Maker (CRYPTO: MKR) | +9.41% | $1,819 |
The global crypto market cap has reached $1.73 trillion, marking a 0.03%…
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