SEC Greenlights Two Crypto ETFs, Samson Mow Warns About Bitcoin Supply Shock Ahead, 200 Million Dogecoin Stun Binance in Major Move: Crypto News Digest by U.Today

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As a seasoned analyst with over two decades of experience in the financial markets, I find myself increasingly intrigued by the dynamic interplay between traditional finance and the burgeoning digital asset space.

U.Today has prepared a summary of the top three news stories over the weekend.

SEC greenlights two crypto ETFs

Based on Nate Geraci’s post from December 20th, it has been announced that two combined Bitcoin/Ether exchange-traded funds (ETFs) proposed by Hashdex and Franklin Templeton have been approved by the U.S. Securities and Exchange Commission (SEC). These products are similar to previously approved spot-based Bitcoin and Ethereum ETFs. In a subsequent post, Geraci suggested that it would be intriguing to observe if other significant financial institutions like BlackRock will introduce comparable products as a result of this approval. Bloomberg’s Eric Balchunas commented that these new ETFs are expected to launch in January. It is worth noting that the SEC has given the go-ahead for several Bitcoin ETFs in early 2024, which could potentially spark a significant surge in the crypto market. Previously reported by U.Today, U.S.-based Bitcoin ETFs now surpass the total holdings of Satoshi Nakamoto.

Samson Mow on Bitcoin crash: “Supply shock is coming”

Recently, Bitcoin underwent substantial price fluctuations, peaking at a record high of more than $108,000 before dipping to around $95,587.68. Even with big companies like MicroStrategy buying over $1.5 billion worth of Bitcoin, the cryptocurrency’s value has persistently dropped. Samson Mow, a well-known BTC advocate and CEO at JAN3, spoke out on social media to assuage the crypto community’s worries about the price paradox where demand increases while prices fall. In his post, Mow described the current state as the market acting irrationally due to the remaining limited Bitcoin supply. Ultimately, Mow advised investors to rely on their intuition and cautioned about an upcoming shortage in the market supply. At the time of writing, a Bitcoin is being traded at $93,950, marking a 2.10% decrease over the past 24 hours, according to CoinMarketCap.

200 million Dogecoin stun Binance in major move

According to Whale Alert, a significant transfer of Dogecoin occurred on December 20th. This transfer moved 200 million DOGE from an undisclosed wallet to Binance, equivalent to around $59.9 million. Large transfers like this to cryptocurrency exchanges can indicate various possibilities, such as upcoming trading or selling actions. It’s also possible that the transaction is part of plans for liquidity provision on Binance; however, the exact purpose of the transfer remains uncertain. The day before, Dogecoin dipped below its 50-day Simple Moving Average at $0.36, reaching a low of $0.262 in Friday’s session before making a strong recovery. Currently, DOGE is being traded at $0.309, representing a 0.56% decrease over the last 24 hours and nearly a 23% drop over the past week. If the price continues to decline, Dogecoin may drop as low as $0.23.

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2024-12-23 19:22