Bitcoin, Ethereum, Dogecoin Trade Mixed As Speculation Builds Around BTC ETF Ads On Google: Analyst Says 'Real Impact' Of ETFs Will Propel King Crypto To $500K

Zinger Key Points
  • Bitcoin has shown a steady upward trend over the weekend, suggesting sustained interest from bullish investors. 
  • Benjamin Cowen predicts a significant correction for Ethereum.
  • FOMC is scheduled to commence its two-day policy meeting on Tuesday.

Major cryptocurrencies showed mixed trading on Sunday evening as traders monitored the inflows into the recently launched Bitcoin exchange-traded funds and anticipated the Bitcoin halving in April.

CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EST)
Bitcoin BTC/USD+0.66%$42,201
Ethereum ETH/USD-0.75%$2,,265
Dogecoin DOGE/USD-1.99%$0.078

What Happened: Bitcoin has shown a steady upward trend over the weekend, suggesting sustained interest from bullish investors. 

On Monday, Google is reportedly poised to implement updated policies that will permit the advertising of certain cryptocurrency products on the major search engine. The revision is expected to open the doors for the promotion of Bitcoin and exchange-traded funds.

Google will revise its advertising policy to accommodate ads from “advertisers offering Cryptocurrency Coin Trust targeting the United States.”

According to data presented by Bloomberg analyst James Seyffart on Jan. 26, the assets under management of BlackRock’s iShares Bitcoin Trust (IBIT) have surpassed the $2 billion milestone.

On Thursday, investors infused approximately $170 million into IBIT, leading to the acquisition of nearly 4,300 Bitcoin. Consequently, the total tokens held by the fund surged to 49,952, coinciding with the surge in the price of bitcoin, which escalated beyond the $40,000 mark early Friday. 

This growth elevated the assets under management (AUM) to over $2 billion. Notably, with AUM surpassing $2 billion, IBIT now ranks as the third highest in asset accumulation among the 600 ETFs launched in the past year. 

The next fund anticipated to exceed the $2 billion threshold is Fidelity’s Wise Origin Bitcoin Fund (FBTC), which as of Jan.25, held just under 44,000 bitcoin.

Top Gainer (24 Hour)

CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)
Conflux CRYPTO: CFX)+9.27%$0.24
Injective INJ/USD+5.16%$37.29
Flare FLR/USD+4.49%$0.022

The global cryptocurrency market cap now stands at $1.56 trillion, showing a 0.48% increase in the past 24 hours.

U.S. stock futures experienced a broad decline Sunday night as Wall Street prepared for the release of several mega-cap tech earnings reports and the Federal Reserve's rate policy decision. Futures linked to the Dow Jones Industrial Average fell by 86 points, or 0.2%. Similarly, S&P 500 and Nasdaq 100 futures saw decreases of 0.2% and 0.3%, respectively.

In the previous trading week, all three major averages recorded gains following positive economic data. The fourth-quarter economic growth surpassed expectations, while the core inflation rate on a yearly basis was lower than anticipated, indicating a potential slowdown in price increases. However, the market's gains were more subdued compared to the previous week’s surge, attributed to disappointing earnings reports from notable companies such as Intel and Tesla.

The Federal Open Market Committee (FOMC) is scheduled to commence its two-day policy meeting on Tuesday. Market observers are highly confident that the central bank will maintain stable rates. Traders involved in the Fed funds futures market have assigned an almost 97% probability that the Fed will not cut rates at the upcoming meeting, according to the CME Group.

See More: Best Cryptocurrency Scanners

Analyst Notes: Cryptocurrency analyst Michael Van de Poppe has suggested that Bitcoin is likely to consolidate within the range of $37,000 to $48,000 in the months ahead.

"In this period, Altcoins will have their time. The real impact on the ETF is going to come in the next few years, resulting into a price of Bitcoin going to $300,000-500,000."

Crypto analyst Benjamin Cowen predicts a significant correction for Ethereum, anticipating a sharp decline to below the $1,000 mark.

"What I'm suggesting is that sometime in the next few months, ETH/BTC breaks down. After ETH/BTC breaks down, ETH/USD breaks down. One of the things about ETH/USD that you might notice is that it doesn't tend to just put in a low and then never test the integrity of that low. Look at all the prior examples…  So at some point, I think Ethereum will test the integrity of that low, back down below $1,000. But, history would also suggest that it won't test it until after ETH/BTC breaks down. And history also suggests that ETH/BTC probably won't break down in January because normally January is a good month for Ethereum."

On-chain analytics firm Santiment reported that Bitcoin has surpassed the $42K mark, while altcoins have not yet followed suit. Interestingly, the SP500 achieved a new all-time highs just yesterday, fueling the bullish argument for crypto. 

Photo by Matt Benzero on Shutterstock

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