Daily News | The SEC Officially Approved Bitcoin Spot ETFs, BTC Breaking Through $47,000, ETH Exceeding $2,700, ENS Increasing by Over 30%

Crypto Daily Digest: The SEC has officially approved Bitcoin spot ETFs, has the market come to an end?

On January 11th, according to the latest news today, the US SEC has officially approved all 11 Bitcoin spot ETFs under Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity, and Franklin Templeton. The SEC announced the voting results for the listing application of Bitcoin spot ETF, which was approved by a vote of 3-2. SEC Chairman Gary Gensler, member Hester Peirce, and member Mark Uyeda voted in support.

The positive news has hit the ground. According to Gate.io market data, Bitcoin immediately broke through $47000 and is now quoted at $46504.4, a 24-hour increase of 2.65%. Ethereum has broken through $2600 and is now quoted at $2593.82, with a 24-hour increase of over 10%.

The overall market is climbing, and counterfeit coins are also showing a general upward trend. Led by Ethereum, Ethereum eco tokens are mainly starting to rise, among which ENS, with a 24-hour increase of 26.7%, is currently quoted at $18.6; PENDLE has increased by 23.4% and is currently quoted at $1.72,; The OP has increased by 10.26%, and the current quotation is $3.9; MATIC has increased by 11.06% and is now quoting $0.9.

In addition, according to Gate.io market data, ARB broke through $2.3 in the short term and is now quoted at $2.32, setting a new historical high with a 24-hour increase of 22.2%.

The ETH/BTC exchange rate has rebounded above 0.055, currently reporting 0.0558, with a maximum increase of 15% within 2 days.

Bloomberg predicts that on the first day of Bitcoin spot ETF trading, there will be an inflow of $4 billion, of which $2 billion may come directly from BlackRock. On the first day of listing, Bitcoin spot ETFs in the United States may manage assets worth up to $30 billion.

History always coincides. Today, 15 years ago, Hal Finney released his first tweet mentioning Bitcoin, “Running Bitcoin.” Today, 15 years later, Bitcoin spot ETFs were officially approved for listing by the US SEC, allowing investors to trade on the NASDAQ, New York Stock Exchange, and CBOE (Chicago Board of Exchange). Patrick McHenry, Chairman of the House Financial Services Committee, stated that the approval of Bitcoin spot ETFs is a historic milestone in the US digital asset eco.

But SEC Chairman Gary Gensler released a statement on his official website approving Bitcoin spot ETFs, stating that this in no way indicates that the SEC is willing to approve the listing of crypto securities. The approval also did not indicate the committee’s view on the status of other crypto assets under federal securities law.

Gensler also stated that although we approved the listing and trading of certain Bitcoin spot ETP stocks today, we did not approve or support Bitcoin. Investors should be cautious about the risks associated with Bitcoin and crypto related products. Bitcoin is primarily a speculative, highly volatile asset that is also used for illegal activities, including ransomware, money laundering, sanctions evasion, and terrorist financing.

Previously, CBOE sent a letter to the US SEC requesting it to accelerate the approval of spot Bitcoin ETFs for Ark 21Shares, Invesco, Fidelity, and Vaneck. The CBOE file shows that VanEck Bitcoin spot ETF will start trading on January 11th.

Regarding the market situation after the landing of ETFs, Greeks.live researcher Adam stated on social media that on the day when the ETF is expected to pass today, Bitcoin actually fell below $45,000, setting a new low in recent days. The intense fluctuations continue to drive up the RV, and there has been a slight rebound in the short-term IV. Recently, we have mentioned in our data analysis that the bulls are currently very fragile.

In the two consecutive declines today, there has been a significant increase in active short sellers, mainly buying month end bearish. The short-term game is gradually stalling, and monthly options have once again become the main trading targets, and the ETF market is about to come to an end.

According to Deribit data, the futures price of Bitcoin at the end of 2024 has fallen below $50,000, which is less than 10% higher than the current spot premium, indicating that the bulls are continuing to liquidate their positions.

Today’s Main Token Trends

BTC

As the market finally passes the Bitcoin ETF news, whether it is interpreted as good but turns out to be bad, or the market continues to rise, it means that the entire crypto eco has been widely recognized by the market, and the industry is ushering in popularization and scale.

In the short term, it rose to $47,990 for the second time in four hours. Its resistance level of $48k still needs time to be digested. In the short term, it can break through to the lower resistance level of $51,650. It is recommended to continue to hold the orange line central axis level.

ETH

The four-hour line broke through and rose, and closed at the highest Fibonacci level of US$2,620. In the short term, it is recommended to hold the support level of US$2,571, and is expected to usher in a complementary increase in the altcoin sector, reaching the resistance level of US$2,838. Once it breaks through, it will Looking at the mid-term high of $3,480.

DODO

The long-term base price continues to hold steady at $0.1297. Since breaking through the downward trend, the short-term price closed at the highest resistance level of $0.2632. In the short-term, it may continue to fall back to the upper limit of the trend. It is recommended to hold the support at $0.1297, with medium-term targets of $0.2632 and 0.3607. For the U.S. dollar, the long-term daily line has the opportunity to form a W-bottom structure and will look at $2.3919 and $5.60.

Macro: Trading is light and waiting for CPI, the Fed has not yet started discussing interest rate cuts

On Wednesday, as traders remained cautious before the CPI data was released, the US dollar index consolidated sideways and ultimately closed down 0.153% at 102.36. The 10-year US Treasury yield hovered around the 4% mark and ultimately closed at 4.03%; The two-year US Treasury yield, which is more sensitive to the Federal Reserve’s policy interest rates, closed at 4.36%.

Spot gold fluctuated and fell, briefly approaching the $2,020 mark, ultimately closing down 0.29% at $2,024.44 per ounce. Spot silver failed to recover from the 23 mark and ultimately closed down 0.34% at $22.9 per ounce.

Due to the unexpected increase in crude oil inventories in the United States, concerns about the largest oil market demand have arisen. Both the US and Brent oil markets experienced a plunge, erasing all gains for the day. WTI crude oil fell 1.84% to close at $72.14 per barrel; Brent crude oil rose 1.47% to $77.47 per barrel. The three major US stock indexes collectively closed higher, with the Dow Jones up 0.45%, the S&P 500 up 0.57%, and the Nasdaq up 0.75%.

New York Fed Chairman Williams said on Wednesday that interest rates are already sufficiently restrictive to reach the 2% price target. When there is confidence in inflation reaching 2%, the Federal Reserve can lower interest rates, and the speed of rate cuts depends on economic conditions. It seems that there is not yet an opportunity to slow down the scale reduction, and plans need to be made to gradually slow down the scale reduction in 2024.

This time, Williams’ comment tone was different from his comment on December 15th, when he stated that the recent issue faced by officials was whether policies were “sufficiently restrictive” to ensure inflation returned to 2%. At that time, he also added that officials “did not really discuss interest rate cuts.”

Federal Reserve policymakers are expected to maintain interest rate stability at this month’s meeting, giving themselves more time to uate the economic situation. At the same time, bond traders are betting on the sudden end of the Federal Reserve’s tightening cycle, although expectations for a rate cut in March have weakened.

Data released last week showed that US employment growth accelerated in December, with wage growth exceeding expectations. Despite high loan costs, the strong performance of the labor market has driven stable consumer spending and healthy economic growth. At the same time, inflation has slowed down, and it is expected that the consumer price data released on Thursday will show further softening.

Williams is also more optimistic about the inflation outlook and said, “I am not worried that inflation will stay at too high a level, such as 3% or 4%,” he said. “Things are moving in the right direction.”