Zinger Key Points
- Bitcoin, Ethereum, Dogecoin experienced mixed trading on Sunday evening following a crucial meeting.
- Cryptocurrency analyst Michael Van de Poppe believes that Bitcoin is set to take the spotlight in the near future.
- Santiment, an on-chain data analytics firm, Bitcoin has surged to $38.3K, marking its highest price since May 5, 2022.
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Major cryptocurrencies experienced mixed trading on Sunday evening following a crucial meeting between BlackRock Inc BLK, Nasdaq representatives, and the Securities and Exchange Commission (SEC).
The meeting aimed to discuss the proposed rule regarding the listing of a spot Bitcoin exchange-traded fund (ETF).
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin BTC/USD | -0.55% | $37,482 |
| Ethereum ETH/USD | -0.38% | $2,061 |
| Dogecoin DOGE/USD | +0.60% | $0.078 |
What Happened: BlackRock presented an in-depth plan showcasing its capability to employ either an in-kind or in-cash redemption model for its iShares Bitcoin Trust.
Additionally, SEC officials held a meeting with representatives from Grayscale to deliberate the listing of a Bitcoin ETF.
BlackRock is part of a group of firms that have submitted spot crypto ETF applications to the SEC, awaiting a response. This group includes organizations such as Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck, and Bitwise.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Terra Classic | +30.18% | $0.0001011 |
| Terra | +19.76% | $0.79 |
| Axie Inifinty | +10.72% | $6.99 |
The global crypto market cap currently stands at $1.42 trillion, reflecting an increase of 0.01% in the past 24 hours.
Stock futures dipped on Sunday evening, signaling a potential pause in the equity market’s recent upward trend. S&P 500 and Nasdaq 100 futures slipped by 0.2% each.
Despite the potential setback, Wall Street has experienced four consecutive weeks of gains, with stocks rallying since the 10-year Treasury yield retreated from its brief peak of 5% in late October.
Notably, this rally has occurred despite concerns raised by some U.S. retailers about weakening consumer spending. As a result, traders will closely monitor the start of the holiday shopping season following Black Friday, in order to gauge the potential impact on the economy.
If weak spending data emerges, it could suggest that the Federal Reserve’s rate hikes are beginning to impact the broader economy. Monday will see the release of new home sales data and the latest Dallas Fed Manufacturing Survey. Consumer confidence and inflation readings will follow later in the week.
See More: Best Cryptocurrency Scanners
Analyst Notes: EQI Bank Executive Director Eli Taranto, in a note seen by Benzinga, said, "Post-Thanksgiving retail figures in the U.S. are surpassing expectations, signaling potential opportunities for Bitcoin and altcoins.”
“Given the relationship between market confidence and Bitcoin’s price, the meeting between BlackRock and the SEC over the weekend further amplifies the positive outlook. With the sun seemingly rising on the horizon, this could potentially propel Bitcoin towards the $40K mark,” he added.
Cryptocurrency analyst Michael Van de Poppe believes that Bitcoin is set to take the spotlight in the near future due to the increasing hype surrounding the approval of the Bitcoin Spot ETF. "After that, Altcoins will have their run. Ethereum will continue to shine as well."
According to Santiment, an on-chain data analytics firm, Bitcoin has hit $38,300 for the first time since May 5, 2022. Notably, the top 100 largest publicly known addresses holding Tether (USDT) have collectively acquired a staggering $1.67 billion over the span of six months, it added.
If this trend of significant whale buying power in USDT persists, it is highly likely that Bitcoin’s price will surpass $40,000 in the near future, according to Santiment.
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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