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#BTC stands upon $44,000, more pump?#
Bitcoin Spot ETF likely to be approved by the US SEC by January 10, BTC price sustains above $44,000
Bitcoin traded above the $44,000 mark on Friday as Fox Business reported that the SEC is likely to approve Spot BTC ETF by January 10.
Spot Bitcoin ETF approval is expected to usher in institutional capital and demand for BTC, catalyzing gains in the cryptocurrency.
Bitcoin price eyes $48,000 target with sustained demand for BTC among market participants.
Bitcoin price sustained above $44,200 on Friday. The largest asset by market capitalization held on to its gains from the week as the market ushers in the report of likely Spot Bitcoin ETF approval by the SEC.
According to a Fox Business report, sources close to the SEC revealed that an approval is likely by January 10, 2024.
Bitcoin Spot ETF likely to be approved by the US SEC by January 10, BTC price sustains above $44,000
Bitcoin traded above the $44,000 mark on Friday as Fox Business reported that the SEC is likely to approve Spot BTC ETF by January 10.
Spot Bitcoin ETF approval is expected to usher in institutional capital and demand for BTC, catalyzing gains in the cryptocurrency.
Bitcoin price eyes $48,000 target with sustained demand for BTC among market participants.
Bitcoin price sustained above $44,200 on Friday. The largest asset by market capitalization held on to its gains from the week as the market ushers in the report of likely Spot Bitcoin ETF approval by the SEC.
According to a Fox Business report, sources close to the SEC revealed that an approval is likely by January 10, 2024.
Also read: Bitcoin price rallies to $44,000 as Spot BTC ETF deadline looms
Daily Digest Market Movers: Spot Bitcoin ETF approval likely by January 10
Fox Business reports that sources close to the SEC unveiled that according to the recent guidance by the US financial regulator, an approval of the Spot Bitcoin ETF is likely by January 10.
Bloomberg ETF analyst Jeff Seyffart had predicted a 90% likelihood of Spot Bitcoin ETF approval before January 10.
The new securities offering is expected to drive institutional demand for the asset and boost capital inflow to BTC funds, in the short term.
Combined with the upcoming halving scheduled for April 2024, BTC holders expect the asset to yield massive gains next year.
Regulatory and economic catalysts that are expected to support BTC price gains are:
Argentina's Minister of Foreign Affairs, Diana Mondino’s confirmation that the country is set to embrace Bitcoin for contractual agreements.
According to a Reuters report, El Salvador approved an immigration law to grant citizenship to foreigners who donate Bitcoin to government social and economic development projects.
On-chain metrics reveal a neutral to bearish outlook on Bitcoin, as the supply on exchanges has climbed between December 2 and December 22In the past 20 days, the supply on exchanges climbed from 5.36% to 5.61%, further there is a spike in profit-taking by BTC holders, as seen in the Network Realized Profit/Loss data from Santiment.
Despite profit-taking activities and rising exchange supply of the asset, Bitcoin price continued its climb. Technical Analysis: Bitcoin price rally to $48,000 likely, BTC clears major resistance
Bitcoin price is currently in an uptrend that started on November 7, 2022. On the weekly chart, BTC price cleared a crucial resistance at $42,349, the 50% Fib level of the decline from the November ‘21 high of $69,158 to the November ‘22 low of $15,541. #SOL is the 5th largest coin by marketcap now#Here’s How Many Traders Were Liquidated as SOL Explodes to $100 and Surpasses BNB
Led by Solana, many altcoins registered massive gains over the past day or so, leaving nearly $150 million worth of liquidated positions, with a total number of wrecked traders standing well above 50,000.
At the same time, the alts have reduced BTC’s dominance over them by half a percent, as bitcoin’s price is up by just 1.5% today.The past few weeks have been predominantly dominated by Solana, its native token, and several meme coins operating on its layer-1 blockchain. The price of SOL has been particularly impressive as it stood below $50 just over a month ago and earlier today shot up to $100 for the first time since late April 2022.
This resulted in SOL surpassing XRP as the fifth-largest cryptocurrency yesterday. Moreover, Solana also took the fourth spot today, following the 17% surge now.This comes despite BNB’s surge of 7%, which has taken it to a multi-month peak of its own at $275.
Most other larger-cap alts have also posted impressive daily gains. These include Cardano (8%), Avalanche (8%), and Chainlink (9%). Polkadot and ICP have even soared by double digits, with 12% for DOT and 16% for the latter.
With BTC standing at just over $44,000, these gains from the alts mean that bitcoin’s dominance over the market has been reduced by 0.5% and is under 52% on CMC now.
Additionally, the rallies by the altcoins have harmed over-leveraged traders, with 54,000 getting wrecked in the past day, according to CoinGlass data. The total value of liquidated positions within the same timeframe stands close to $150 million. According to Coingecko data, the total Market Cap of Stable Coins reached $131,341,924,612, of which USDT accounted for 71.66% of the total Market Cap of Stable Coins. USDT currently ranks first with a Market Cap of $91,062,275,440, up 3.7% over the past 30 days; USDC ranks second with a Market Cap of $24,781,831,406, up 1.5% over the past 30 days; DAI ranks third with a Market Cap of $5,289,958,455, down 0.2% over the past 30 days. Daily BTC Review
❌Liquidations in the market over the last 24 hours, CoinGlass: ~56 K traders, totaling ~$145 million - 40% long positions and 60% shorts.
Bitcoin is pressing against an important resistance zone, and the resulting "double bottom", on a localized downtrend, should help break above it📈
⚫️Positive scenario: break above 44-45K, consolidate and move further to 48-52K. It's hard to say if this kind of movement will happen before the end of the year, but most people have big bets for January, it's filled with bitcoin-ETF deadlines, starting January 1.
⚫️Negative scenario: I will say right away that it is unlikely, personally for me. It is a rebound from the resistance zone and another decline, first to 42K, and in the worst case, to 40K. Let me remind you that there are no preconditions for this yet, everything points to the continuation of growth to a greater extent. 
