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On December 7, according to sources cited by Reuters, discussions between the Securities and Exchange Commission (SEC) and asset management companies applying for spot Bitcoin ETFs delved into key technical details, indicating that the agency may soon approve these products.
Some of these details include regulatory arrangements, subscription and redemption mechanisms.
According to insiders, anonymity was requested as the discussion was held privately. A spokesperson said that BlackRock did not respond to a request for comment, Invesco declined to comment, and Grayscale noted that they will continue to have constructive contact with the SEC.
On December 8, Bloomberg analyst Eric Balchunas announced on his social media platform that Fidelity’s spot Bitcoin ETF code was designated as FBTC and listed on the Depository Trust and Clearing Corporation of the United States (DTCC).
On the same day, Ethereum core developer Timo Beiko recapped the 176th ACDE meeting on social media. The developers discussed the status of Denchun, the schedule for test net, and how to plan for the next network upgrade.
According to the meeting discussion, Deevnet #12 was launched last week, and almost all clients are running on it. Bugs were discovered and fixed on several clients, including Reth and Lighthouse.
Meanwhile, the development team has prepared a fork testnet and plans to run a large-scale Goerli shadow fork in the coming weeks. Developers unanimously agreed that if things go smoothly, a Goerli fork date will be set in early 2024 to bring Denchun online in January. It is reported that the last ACDE meeting of 2023 will be held at 22:00 Beijing time on December 21.
At the same time, asset management company VanEck posted its top 15 predictions for the crypto industry in 2024.
Specifically, this includes:
The US economic recession is approaching, but the first batch of Bitcoin spot ETFs will also be approved. In the first quarter of 2024, more than $2.4 billion could flow into these ETFs to support the price of Bitcoin. The fourth Bitcoin halving in 2024 will have minimal market disruption, and after the halving, Bitcoin prices will rise, leading to significant profits for some low-cost miners. The price of Bitcoin will reach a historical high in the fourth quarter of 2024, which may be driven by political events and regulatory changes after the US presidential election. Ethereum won’t outperform Bitcoin, but will still outperform major tech stocks. Other smart contract platforms will challenge Ethereum’s market share. After the implementation of EIP-4844, Ethereum L2 will capture the majority of EVM compatible TVLs and trading volumes. NFT activity will return to historical highs, Ethereum will continue to lead, and Bitcoin will gain traction through the Ordinals protocol. By the end of 2024, the NFT issuance ratio between ETH and BTC will reach 3:1. Binance will lose its spot trading position, and competitors like Coinbase will compete for a leading position. Coinbase’s futures market daily trading volume may exceed $1 billion. The market value of stablecoins will reach more than $200 billion, reaching a historical high. DEX’s share of the spot trading market will reach a historic high. Remittances will promote the use of blockchain, and the “Bitcoin staking” on the Lightning Network offers revenue opportunities through new, user-friendly staking tools. A breakthrough blockchain game can have more than one million daily players. Solana is expected to become one of the top 3 blockchains in market cap, TVL and user count. DePin networks, especially Hivemapper and Helium, will be more widely adopted. The new accounting standards will increase companies’ holdings in cryptocurrencies. Decentralized finance (defi) applications that comply with know-your-customer (KYC) requirements, led by Uniswap, can exceed those that do not, attracting institutional transaction volume and increasing protocol fees.
According to a report released by CoinGecko, more than half of the world’s countries/regions have legalized cryptocurrencies, including 119 countries/territories and 4 UK overseas territories. Europe is at the forefront of global crypto legalization, with 39 out of 41 analyzed countries (95.1%) recognizing its legitimacy.
In addition, since the bear market bottomed out at the end of 2022, the proportion of holders who did not transfer Bitcoin to the total token supply within two to three years has increased significantly.
Last December, this investor group held about 8% of the stock tokens, but now it accounts for more than 15%. Although Bitcoin has seen a 165% increase this year, holders who bought BTC between December 2020 and December 2021 did not choose to take significant profits and exit the market.
According to Deribit data, BTC options with a nominal value of nearly $1.399 billion and ETH option contracts with a nominal value of more than $458 million will expire and be delivered on Friday, December 7. The maximum pain point price for BTC is $40,000; The maximum pain point price for ETH is $2,100, which reminds investors to pay attention to market changes.
Trends of Major Coins
Bitcoin
Bitcoin price continues to stabilize around the $42,000 mark this week. In the short term, there could be a gradual decline in the test of the $42,015 support.
Two high targets remain at $45,345 and $47,990.
Long-term bullish targets are $120,400 and $128,350, with a medium pullback expected in Q1 2024.
Ethereum
Ethereum hit the upside price target of $2,381 and hit a high of $2,382. In the short term, it is expected to test the $2,381 resistance several times. The possibility of an uptrend is expected, with targets at $2,545. Long-term bullish targets are set at $8,000 and $12,300.
HIGH
The weekly chart of Highstreet completes a golden cross retracement, closing above the $1,586 level. Breaking the first resistance at $1.882, the next price target for HIGH is $2.233. Deviations on the daily and weekly charts indicate a continued uptrend this week. Using a low-risk ratio for position building is suggested for long-term profits.
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