Dive into the crypto frenzy! Bitcoin soars on ETF hopes, Ethereum dances with BlackRock. Stock market joins the party. Get the scoop now!
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In a crypto rollercoaster that could give Six Flags a run for its money, Bitcoin skyrocketed to nearly $38,000, teasing May 2022’s highs. Ethereum joined the party, flexing its muscles after BlackRock hinted at an ETH ETF. It’s a digital dance floor, and everyone’s invited!
Bitcoin ETF Buzz Ignites Price Surge
The U.S. Securities and Exchange Commission (SEC) is in talks with Grayscale Investments (GBTC), discussing the conversion of their bitcoin trust into a spot bitcoin ETF. CoinDesk spilled the beans, revealing a court ruling deemed the SEC’s previous rejection “arbitrary.” The suspense builds as the SEC juggles 12 spot bitcoin ETF applications. Cue Bloomberg’s James Seyffart reporting a 90% chance of approval by January 10. Crypto enthusiasts, mark your calendars!
As if that wasn’t enough, over $86.8 million in bitcoin short positions went up in smoke in the past 24 hours. CoinGlass calls it a short squeeze, a dramatic plot twist as bitcoin soared past $36,000. Who said crypto was predictable?
Ethereum Takes Center Stage
Not to be outdone, Ethereum stole the spotlight. BlackRock, the maestro of financial symphonies, seemed to register an iShares Ethereum Trust in Delaware. If this were a play, Diogo Monica, Anchorage Digital’s co-founder, would call it “act two.” An Ethereum ETF? That’s the kind of sequel we’d stand in line for.
Monica predicts a spot Ethereum ETF would be a game-changer, offering a regulated gateway for institutions and consumers to dive into the ETH ecosystem. But here’s the twist—Ethereum, a proof-of-stake asset, could also be staked for extra rewards. It’s not just a sequel; it’s a blockbuster with added perks!
Bitcoin and Ethereum Price Ballet
Bitcoin wasn’t just a spectator; it stole the show, trading above $36,600 and peaking at $37,960, its highest since May 2022. With a jaw-dropping 121% surge this year, Bitcoin is the rockstar of the financial world.
Meanwhile, Ethereum reclaimed its glory, dancing back above $2,000 for the first time since mid-July. Up almost 72% in 2023, Ethereum is the unsung hero of the crypto ball.
Stocks Join the Crypto Carnival
In the stock market, Coinbase (COIN) flaunted its moves with a 5.1% jump. Marathon Digital (MARA), the Bitcoin miner, didn’t want to miss out, spiking nearly 8%. GBTC shares did their own dance, swinging 5.3% higher. It seems stocks caught the crypto fever too!