Bitcoin Reaches $47,000
Bitcoin tested the $47,000 level yesterday evening in anticipation of spot Bitcoin ETF approvals in the coming days. This is the highest level in the last 21 months. CNBC reported that it expects multiple ETFs to be approved in the coming days, citing two sources close to the matter.
Inflows to Digital Asset Funds Continued in the First Week of the New Year
In the first week of 2024, there was an inflow of 151 million dollars into digital asset funds. Bitcoin had the highest inflow with 113 million dollars. In addition, there was a $24 million inflow in blockchain stocks. When we examine other coins, there were 29 million in Ethereum, 3.7 million in Cardano, 2 million in Avalanche and 1.4 million in Litecoin, while Solana had an outflow of 5.3 million dollars.
SEC Lists Eight Updated 19b-4 Filings as Spot Bitcoin ETF Process Nears Deadline
The US Securities and Exchange Commission (SEC) began issuing notices of filing updates regarding spot Bitcoin ETFs on January 8. The SEC’s national securities exchange page listed changes to eight 19b-4 filings detailing the proposed rule changes. Six of these updated filings relate to proposed rule changes under which the Cboe BZX exchange plans to list and begin trading ETFs from WisdomTree, VanEck, Ark Invest, Franklin Templeton, Fidelity and Invesco Galaxy. The other two are related to Valkyrie, which is planned to be listed on Nasdaq, and Hashdex, which is expected to be listed on NYSE Arca.
Standard Chartered Updates Target Price in Case of Spot Bitcoin ETF Approval
Standard Chartered said that if spot Bitcoin ETFs are approved and successful, it predicts that Bitcoin could reach around $200,000 by the end of next year. The bank based its price forecast on the assumption that between 437,000 and 1.32 million Bitcoins will be held in listed spot Bitcoin ETFs by the end of 2024.
SEC Chairman Gensler Warns of Crypto Risks
Gary Gensler, Chairman of the US Securities and Exchange Commission, warned investors about the high risks and volatility of cryptocurrency assets in a post on X yesterday. In his statement, Gensler pointed out that crypto assets can be extremely risky and that investments in crypto assets will continue to be exposed to significant risks, noting past bankruptcies.
Low Transaction Fee Competition in Spot Bitcoin ETF Applications
The anticipation of the United States Securities and Exchange Commission’s (SEC) decision on the spot Bitcoin ETF continued as multiple applicants filed S-1 form amendments on January 8. Valkyrie was the first to offer the S-1 amendment, followed by WisdomTree, BlackRock, VanEck, Invesco and Galaxy, Grayscale and ARK Invest and 21Shares. Among the changes, many of the applicants offered lower fees, raising the bar for competition among ETFs.
Japan’s Electronic Commerce Giant to Receive Bitcoin Payments
Mercari, Japan’s digital flea market platform with more than 22 million monthly active users, plans to allow users to buy products with Bitcoin starting in June this year. Payments made in Bitcoin will be handled by Mercoin, the company’s Tokyo-based blockchain subsidiary. While prices on Mercari will continue to be displayed in Japanese yen, users will be able to pay with Bitcoin.
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BITCOIN(BTC)
Bitcoin is priced at $ 46,704 with a 6.75% gain in value as of today morning hours. As the ETF process in Bitcoin approaches, investors’ expectations and excitement continue to rise. Bitcoin, which was priced at 43,000 levels yesterday, reached the level of 47,000 dollars, the highest value of the last 1.5 years, with its rise in the evening hours. In Bitcoin, which continues its rising channel movement on the three-day chart, we see that the 47,000-48,000 region, which coincides with the channel resistance level, which is also a critical resistance level, has not been broken, even though it has been tested for now. If Bitcoin can realize the upside breakout of its uptrend, then the 52,000 and 58,000 regions can be targeted. In case of a retreat from here, the 44,500 level appears as the first critical support level.
ETHEREUM(ETH)
ETH, which gained 4.00% as of morning hours, is priced at $2307. The upward trend in Ethereum, which started after the test to the 2150 region, enabled the second largest coin to break critical support levels upwards and rise above $ 2300. After breaking the 2290-2300 band, Ethereum, which faced selling pressure from the 2340-2350 band, which we can call another critical resistance zone after breaking the 2290-2300 band, will face support from the 2300 region in the coming hours. If 2300 breaks down in Ethereum, the next support level can be used as 2260.
RIPPLE(XRP)
XRP is priced at $0.5733 with a loss of 0.74% as of morning hours. XRP retreated slightly after the reaction from the resistance zone of the downtrend it continued on the hour. We can say that if the descending movement breaks upwards, the 0.5850 region will be quite critical, while the 0.5650 and 0.5540 levels will be critical in the retracements.
AVALANCHE(AVAX)
AVAX is priced at $ 36.88 with a 2.19% gain in value as of morning hours. When we examine the four-hour chart, we see that the upward movement started with the reaction from the 31.40 level, which we follow as the support zone. If this movement continues, the $ 40 level may be tested. In case of a pullback, the $ 34 level can be followed as support.
SOLANA(SOL)
SOL is priced at $102.2 with a gain of 4.28% as of morning hours. When we examine the four-hour chart, we see that the $ 93 level, which was the resistance zone with the bullish movement yesterday, was broken upwards and the $ 100 zone was crossed. In addition, the crossing of the falling trend line looks positive. If this movement continues, the 105 dollar level can be followed as resistance. In case of a pullback, the $ 100 level appears as an important support.
CHAINLINK(LINK)
With a 0.66% loss in value as of morning hours, LINK is priced at $ 14.04. When we examine the daily chart, we see that LINK has started a very important return movement after testing the support zone in the range of 12.50-13.50. Yesterday was the 2nd lowest in the last 2 months. level, LINK quickly recovered from here and rose 12.55%. When we look at the daily chart of LINK, we can state the next target zone as $ 15.
MKR
MKR is pricing at $ 1866 with a 2.64% gain as of morning hours. The positive divergence in Maker enabled the market to rise back up to 1980, the highest level in the last 20 months, against the sideways movement of the market over the past week. We can say that the 1790-1835 region, which we can call critical in MKR, has also broken upwards and the next target is the $ 2000 region.
NEAR
NEAR is priced at $ 3,526 with a gain of 3.28% as of morning hours. When we examine the four-hour chart, we see that the 3 dollar level was broken upwards with the movement experienced yesterday and the upward movement continues. The 3.6 level can be followed as a resistance zone. In case of persistence above this region, a movement towards the 3.8 and 4 dollar region can be seen. In case of a pullback, the 3.4 level can be followed as support.
