Analysts and experts were all praise for the crypto trading fundamentals at the end of the year, while traders held BTC over $42,000 with optimism for 2024.
The crypto market has slowed down slightly post-Christmas, as Bitcoin dipped a little below $43,000. Meanwhile, experts noted the crypto trading fundamentals were still as robust as earlier. As a result, the crypto market cap was stable, and sentiments for 2024 were bullish on multiple aspects. Moreover, the spot Bitcoin ETF approvals in the US have likely yielded developments.
According to a recent report, the US regulator, the SEC, has posted amendment deadlines for ETF applicants to December 29. On social media, experts and analysts have claimed the approvals could start coming in within January 2024.
The report further said, “In recent months, however, there have been increasing signs that regulators are prepared to sign off on at least some of the 13 proposed spot Bitcoin ETFs. Some say the catalyst was a federal appeals court decision in August that the SEC erred in rejecting Grayscale’s proposed conversion of its trust into an ETF.”
Meanwhile, market reports are highly bullish on the probable capital inflows the ETFs could bring. Some believe the volumes of such ETFs could surpass that of all crypto exchange-traded products in the market.
BTC/USD 1D price chart
Bitcoin is currently trading at around $42,700 on December 26, 2023, with BTC/USD trading lower by a margin of 0.9% in the last 24 hours. Bitcoin’s market cap was trading at around $838 billion.
BTC/USD is trading higher than its 20-day EMA (42,274.87), as BTC’s 24-hour volume was at around $22 billion. The crypto market cap decreased by around 0.74%, trading above $1.65 trillion. BTC’s year-to-date returns are above 161.81%
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