Crypto Week Ahead: Bitcoin Begins 2024 On A Steady Note

Bitcoin (BTC), the most popular cryptocurrency in the world, ushered in 2024 with prices stable at around $42,000. BTC, over the past few days, has been hovering within the $42k $43k range, without signs of taking a major hit, especially as the possibilities of Bitcoin exchange traded fund (ETF) looms on the horizon, with a US SEC update expected within days.

As per CoinMarketCap data, the market’s overall fear and greed index stood at 68 (Greed), starting the year on a positive note. Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future.

This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call. Crypto Prices Over The Past Week Last Monday (December 25), the overall crypto market cap stood at $1.66 trillion.

BTC price stood at around $43,100, ETH price stood at around $2,270. A week later, the overall market cap dipped to $1.65 trillion. googletag.cmd.push(function() { googletag.display("div gpt ad 6601185 5"); }); Check Out Top Crypto Prices Today DeFi's total volume stands at $7.82 billion, at 16.43 percent of the total market 24 hour volume.

In the case of stablecoins, the overall volume stands at $41.14 billion, at 86.41 percent of the total 24 hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Greed’ with 68 points (out of 100). BTC dominance, at the time of writing, stood at 50.31 percent.

Over the past seven days, Bitcoin achieved a high of $43,706.31 (on December 28) and a low of $41,642.49 (December 30). Ethereum, on the other hand, saw a high of $2,435.54 (December 28) and a low of $2,196.53 (December 26). Crypto Events To Note In a recent development, a US bankruptcy judge has given the green light to Celsius Network's transition into Bitcoin mining.

The decision permits the company to alter its previously approved bankruptcy plan, with the judge, Martin Glenn, asserting that the adjustment did not adversely impact creditors and customers. The original bankruptcy plan, sanctioned in November, was deemed flexible enough to accommodate the shift in Celsius Network's strategy after encountering obstacles with the US Securities and Exchange Commission (SEC).

The cryptocurrency lender initiated Chapter 11 proceedings in July 2022, becoming one of several crypto lending entities facing insolvency amid the rapid expansion of the industry during the Covid 19 pandemic. Following a setback with the SEC, Celsius had reined in its broader objectives, including plans to generate fees from validating crypto transactions and exploring new business avenues.

The recent court approval signifies a pivotal turn in Celsius Network's restructuring efforts. Meanwhile, a palpable sense of anticipation pervades as prominent asset management entities manoeuvre to attain regulatory clearance for the inaugural spot Bitcoin exchange traded funds (ETFs) in the US.

Various contenders, such as Blackrock, Vaneck, Valkyrie, Bitwise, Invesco, Fidelity, Wisdomtree, and the collaborative effort of Ark Invest and 21shares, have diligently revised and resubmitted their applications to the US Securities and Exchange Commission (SEC) this past Friday. The imminent deadline for the inaugural spot Bitcoin ETF proposed by Ark Invest and 21shares is set for January 10.

A prevailing expectation among industry observers is that the SEC will greenlight multiple spot Bitcoin ETFs by the stipulated date. Lastly, in anticipation of the impending decision by the US Securities and Exchange Commission (SEC) on the approval of a spot Bitcoin ETF, leading cryptocurrency exchange Coinbase has announced comprehensive readiness in its systems to facilitate the custody of BTC for issuers of spot Bitcoin ETFs.

Several applicants for spot bitcoin ETFs, such as BlackRock, the largest asset manager globally, Ark Invest, Bitwise, WisdomTree, and Invesco, have identified Coinbase as their chosen custodian for bitcoin holdings, according to information available on the Nasdaq listed crypto platform. Subscribe And Follow ABP Live On Telegram: t.me/officialabplive Disclaimer: Crypto products and NFTs are unregulated and can be highly risky.

There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever.

Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers..