The cryptocurrency market on Wednesday evening, witnessed mixed trading, as representatives from BlackRock, Nasdaq, and the Securities and Exchange Commission met for the second time in a month to talk about rule changes that would enable the listing of spot bitcoin exchange-traded fund.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin BTC/USD | +2.73% | $42,431 |
| Ethereum ETH/USD | +0.72% | $2,192 |
| Dogecoin DOGE/USD | -2.10% | $0.090 |
What Happened: According to a published memo, "The discussion concerned The NASDAQ Stock Market LLC's proposed rule change to list and trade shares of the iShares Bitcoin Trust under Nasdaq Rule 5711(d)."
In other news, Bankman-Fried’s request to delay his sentencing hearing was denied by Judge Lewis Kaplan of the Southern District of New York. on Wednesday. The former FTX CEO and convicted felon had submitted his request one day before his scheduled pre-sentencing interview.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| ioTEX (IOTX) | +23.73% | $0.061 |
| Stacks (STX) | +17.42 | $1.44 |
| Neo (NEO) | +14.04% | $14.54 |
The global crypto market cap has reached $1.15 trillion, marking a 0.40% decrease in the last 24 hours.
The stock market took a hit on Wednesday, as investors decided to take some profits during the recent market upturn. Adding to the decline was FedEx, which weighed heavily on the S&P 500. The Nasdaq Composite fell by 1.50% to 14,777.94.
In addition, the S&P 500 decreased by 1.47% to 4,698.35.
See More: Best Cryptocurrency Scanners
Analyst Notes: Cryptocurrency analyst Michael Van de Poppe thinks that we might be seeing a peak in Bitcoin dominance. "Currently, the momentum is skewed surrounding Bitcoin and the ETF approval, but Ethereum might also get a Spot ETF. Positioning yourself with a large allocation towards the Ether ecosystem makes sense."
Bitcoin could skyrocket to $160,000 in the next bull market, said analysts from CryptoQuant.
On-chain analysis firm CryptoQuant said that demand for bitcoin from forthcoming exchange-traded funds (ETFs), the reward halving, and growing stock markets could lift the crypto asset’s prices to at least $50,000 in the short-term. "We argue that bitcoin and crypto markets could have a positive year in 2024 mostly amid the effects from: 1. The market valuation cycle, 2. Network activity, 3. The bitcoin halving, 4. The macroeconomic perspective, 5. Bitcoin spot ETF approval and 6. Growing stablecoin liquidity," CryptoQuant analysts were quoted as saying by CoinDesk.
Bitcoin climbs to $44.2K, the highest in 10 days, according to on-chain analytics firm Santiment. The increase was helped by ETF optimism and more importantly, the reappearance of 22 whale wallets holding 100+ BTC, after a two-week dip. The latest rally started on October 15 and has been fueled by the asset’s daily RSI hitting its most bullish level since then. Experts say if these signals persist, Bitcoin reaching $45K+ is a serious possibility.
Photo by FellowNeko on Shutterstock
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.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
