Spot Bitcoin ETFs Approved
The SEC approved Spot Bitcoin ETFs after some fear was unleashed on the market yesterday evening when almost all firms withdrew a filing. It is planned to start trading with the opening of the American Stock Exchanges today. But some are not sure what will happen next. In the coming days and weeks, experts will weigh in on potential billion-dollar inflows, whether the next big development is a spot Ethereum ETF, and how all of this will affect the regulatory environment around cryptocurrencies.
Ethereum Co-Founder Vitalik Buterin Calls for 33% Increase in Gas Limit
Ethereum co-founder Vitalik Buterin argued in favor of raising the gas limit ‘modestly’ to maximize network performance. In an ‘AMA’ session organized by the Ethereum Foundation Research Team on Reddit on January 10, Buterin noted that the gas limit has not been increased for almost three years, the longest period in the protocol’s history. 11. “I honestly think it’s reasonable to make a modest increase in the gas limit even today,” Buterin said at the AMA. Buterin also did a quick calculation and concluded that this would mean an increase of about 40 million. According to Etherscan, the current gas limit is 30 million, so this is a 33% increase.
Money Flow into ETFs Could Last for Several Months, Says 21Shares Co-Founder
Ophelia Snyder, co-founder of crypto custodian 21Shares, explained that ETF listings could happen within days of approval, but the broader impact could take months. Snyder added that asset management firms must comply with various processes in order to add ETFs to the approved allocation list.
Ripple Launches $285 Million Share Buyback Valued at $11 Billion
Ripple Labs plans to buy back $285 million worth of shares from its original investors, valuing the business at $11.3 billion. According to Reuters, early investors will only be allowed to sell up to 6% of their holdings. According to Reuters, Ripple plans to spend $500 million ‘to cover the costs of converting restricted stock units into shares and taxes’. In October last year, Ripple rejoiced that all charges against its leaders were dismissed in a Securities and Exchange Commission complaint. Since then, it has been trying to spread to Europe and Africa. According to the research, Garlinghouse added that Ripple has over $1 billion in cash and over $25 billion in digital assets, the majority of which is the XRP currency.
Cosmos Hub Votes on Proposal to Set Minimum ATOM Inflation Rate to Zero
Voting has begun among the community members of Cosmos’ central hub network on a proposal to drastically change the network’s economic policy by lowering the minimum inflation parameter from the current 7% to 0%. The objective of the new proposal 868 is to set the InflationMin parameter to 0%. This suggests that if it is adopted and the total bonded ATOM exceeds two-thirds of supply, inflation could gradually start to go to zero. By targeting a sustainable inflation rate, Stakelab hopes to eliminate inflationary pressures on ATOM, especially if the majority of coins are bonds.
Purchase of Equipment for Mining Operations from Phoenix Group
Phoenix Group, an Abu Dhabi-based crypto mining firm, announced that it has purchased $187 million worth of new Bitcoin mining rigs from Bitmain Technologies to expand its mining operations. Phoenix Group stated that the new hardware will significantly increase Bitcoin hashing power.
OpenSea Launches Email Wallet Creation Feature for Web3 Users
OpenSea, a leading NFT marketplace in the Ethereum ecosystem, has announced a new feature that allows users to create Web3 wallets using just their email address. The OpenSea platform said the wallet will be powered by Privy’s technology and will be fully integrated into the ecosystem.
Bitcoin Could Be $500,000 in Five Years, Says Fundstrat Managing Partner
Tom Lee, managing partner at Fundstrat Global Advisors, predicts that Bitcoin could rise to $150,000 in the next 12 months, and potentially $500,000 in the next five years. According to Lee, the approval of spot Bitcoin ETFs will increase institutional adoption, which will increase demand by attracting large-scale investments to Bitcoin, and the price of Bitcoin will be positively affected by the increase in demand.
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BITCOIN(BTC)
Bitcoin is priced at $ 46,330 with a 0.69% loss in value as of today morning hours. There was a drop in the price yesterday evening as firms withdrew applications, and spot Bitcoin continued to rise after the ETF approval, overcoming this selling pressure. Pricing above $46,000 is very important. For the moment, pricing is between 47,300 and 45,000 dollars. A break below $45,000 may cause price retracements down to $41,400. Above $47,400 may cause an increase up to $49,200.
ETHEREUM(ETH)
ETH, which gained 0.93% as of morning hours, is priced at $ 2607. After exceeding $2400, there was a strong movement, first to $2500 and then to the current level of $2600. With Ethereum expected to be the next ETF, it now looks like the spotlight will be on it. 2500 dollars is the first support position and the 2722 dollar level can be seen in the continuation of the upward movement.
RIPPLE(XRP)
XRP is priced at $0.6020 with a 0.20% gain as of morning hours. A critical zone of 0.60 dollars seems to have been regained. Ripple also saw a surge as ETH and XRP ETF rumors circulated. Persistence above $0.60 could lead to rises first to $0.65 and then to $0.72.
AVALANCHE(AVAX)
AVAX is priced at $ 39.19 with a 1.74% gain in value as of morning hours. After receiving support at $ 31.40, there was an increase up to $ 37. After receiving support at $ 33.50, it broke the falling trend structure and rose up to $ 39. The first support position is 37.50 dollars, and if it falls here, it may rise up to 42 dollars with the reaction it will receive.
SOLANA(SOL)
SOL is priced at $ 99.6, down 2.33% as of morning hours. When we examine the four-hour chart, we see that the resistance zone of 102.3 continues to work. This level could not be broken upwards with the bullish movement experienced yesterday. At the same time, we can talk about an image similar to a rising triangle pattern by combining rising bottoms. In case of a pullback, the $ 95 level can be followed as support. An upside breakout of the resistance zone and the falling trend line could see a move towards the $110 area.
CHAINLINK(LINK)
With a 1.9% loss in value as of morning hours, LINK is priced at $ 14,750. When we examine the daily chart, we see that the horizontal movement continues between the $ 13,100 and $ 17 levels. With the bullish movement experienced yesterday, there was an increase up to the level of $ 15, but no permanence was achieved. If the retreat continues, the 14.500 level can be followed as support. With the resistance zone of $15, a movement up to $16.5 can be seen.
SYN
SYN is priced at $0.4783 with a gain of 9.3% as of morning hours. When we examine the daily chart, we see that there is a horizontal movement between 0.38 and 0.51 levels. With the rise experienced today, the 0.51 region was tested, but no upward breakthrough was realized. If this breakout occurs, a movement towards 0.55 and then 0.60 regions can be seen. In case of a pullback, the 0.45 level can be followed as support.
UNIBOT
UNIBOT is priced at $ 87.15 with a 7.5% gain in value as of morning hours. When we examine the daily chart, we see that the $ 76.75 level, which is the resistance zone, was broken upwards. If this strong movement continues, it could see the $100 level. In case of a pullback, the $ 80 level can be followed as support.
