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The cryptocurrency market witnessed a surge on Monday, amid BlackRocks amended S-1 filing with the Securities and Exchange Commission (SEC).CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EST)Bitcoin BTC/USD +4.93%$43,085Ethereum ETH/USD +2.83%$2,238Dogecoin DOGE/USD +0.91%$0.093
What Happened: The filing revealed the proposed spot Bitcoin ETF will bear the ticker IBIT.
The revised filing provides additional details concerning the creation and redemption methodology to be implemented by the fund. This topic has been the subject of recent discussions between BlackRock and SEC officials.
The Trust issues and redeems Baskets on a continuous basis, according to the filing. These transactions will take place in exchange for cash. Subject to the In-Kind Regulatory Approval, these transactions may also take place in exchange for bitcoin.
BlackRock has gone cash only, Bloomberg Intelligence analyst Eric Balchunas wrote on X. That's basically a wrap. Debate over. In-kind will have to wait. It's all about getting ducks in row bf holidays. Good sign.
BlackRock has gone cash only. That’s basically a wrap. Debate over. In-kind will have to wait. It’s all about getting ducks in row bf holidays. Good sign. https://t.co/vgocs1aIwS Eric Balchunas (@EricBalchunas) December 19, 2023
According to data from Coinglass, BTC shorts amounting to over $37 million were liquidated in the past 12 hours.
Top Gainer (24 Hour)CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)Sei (SEI)+38.09%$0.31Woo Network (WOO)+23.17%$0.45Injective (INJ)+21.91%$37.26
The global crypto market cap has reached $1.56 trillion, marking a 2.06% decrease in the last 24 hours.
On Monday, the S&P 500 continued its winning streak of seven weeks, maintaining its momentum and rising further. The S&P 500 showed a positive trend, climbing up by 0.45% to 4,740.56. Additionally, the Nasdaq Composite index, which is heavily tilted towards technology stocks, also saw a boost, advancing by 0.61% to close the day at 14,904.81.
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Analyst Notes: According to cryptocurrency analyst Michael Van de Poppe, it seems likely that Bitcoin will hit its low point before rising again. He notes that "profit taking end of year, most likely from later this week/early next week well be back in up-only mode."
To me, it’s still reasonable to expect that we’ll sweep the lows before we’ll grind back up on #Bitcoin.
Profit taking end of year, most likely from later this week/early next week we’ll be back in up-only mode. pic.twitter.com/wlPwS2qUe1 Michal van de Poppe (@CryptoMichNL) December 18, 2023
On-chain analyst, PlanB, on Monday shared some exciting insight that could lead Bitcoin (BTC) to a new all-time high in as little as four months. During a ask-me-anything (AMA) session, the quantitative analyst disclosed that the approval of spot market Bitcoin exchange-traded funds (ETFs) could be the key that unlocks explosive growth for the leading cryptocurrency, ultimately pushing it to break past its previous record-high before April 2024s halving event.
"The halving is in April 2024, so that's four months from now. A possible all-time high would be $69,000 that would be a 50%+ increase in the next four months. I think it's very well possible. In fact, if the ETF gets approved before the halving and I think everybody's looking at January for that if the ETF gets approved by January, then I think we'll have this all-time high in the pocket, and $69,000 would be a low estimate I think we'll go straight to $100,000."
Santiment, an on-chain analytics firm, has reported that "in the latest case of traders get fearful, market prices get cheerful, "crypto market caps rebounded big on Monday. Aftermarket fatigue began kicking in last Friday, posts about Bitcoin began skewing very negatively in tone.
?? In the latest case of “traders get fearful, market prices get cheerful”, #crypto market caps rebounded big on Monday. After market fatigue began kicking in last Friday, posts about #Bitcoin began skewing very negative in tone. With this being one of the most
(Cont) ? pic.twitter.com/nNtFwcJqFN Santiment (@santimentfeed) December 19, 2023
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