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Spot Bitcoin ETFs Approved...Finally
It's been another interesting week in the crypto world.
In our last report, we mentioned a Spot Bitcoin ETF "approval can happen as early as Wednesday" and that's exactly what happened this week, but with a twist...
On Tuesday, Something interesting happened...
On Tuesday, the SEC tweeted "Today the SEC grants approval for Bitcoin ETFs for listing on all registered national security exchanges"
The tweet was up for only up for about 30 minutes until it was removed by the SEC...
Later that same afternoon, Gary Gensler, Tweeted:
“The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.”
The funny thing is...As Eric Weiss mentions,
"was the account actually compromised or was a drafted tweet released prematurely by someone who had authorized access to the account?"
Regardless, the "unauthorized tweet" (even though it was up for less than 30 minutes) resulted in Bitcoin's price spiking to nearly $48,000 (but has since fallen to $42,800).
The Next Day...
Interestingly enough, the next day, the SEC OFFICIALLY approved all Spot Bitcoin ETFs however, we didn't see much price action as the approval had already been worked into the market price.
What Happened?
According to X's @Satefy, the account was "compromised" and an "unidentified individual obtained control over a phone number associated with the @SECGov account".
And while we may never get to the bottom of this, it's strange that one of the most important announcements to be made by the SEC was "compromised'.
Going back to Eric Wiess's tweet:
"was the account actually compromised or was a drafted tweet released prematurely by someone who had authorized access to the account?"
That would seem like the more reasonable answer.
What is Next
The next two big known catalysts that will impact the cryptocurrency market this year will be the Bitcoin Halving event taking place in April and also the ramping up for the presidential elections (taking place in November).
If you are interested in our crypto predictions for 2024, consider reading this article:
Richard Knight
Shifting into the Run-Up Phase
Now that we have received the positive news of the approval of the Spot Bitcoin ETFs, and the Bitcoin Halving is only a few months away, we are still on track to see the market move into the run-up phase over the next few months.
If you still haven't allocated some assets into cryptocurrency it's still not too late. Bitcoin is an excellent choice, but where some of the greatest gains will be made within the small-cap altcoins.
If you would like to know what we are buying, consider becoming a member.
Join Us - As We Accumulate
Now is still an excellent time to get into the market while prices are still relatively low. If you want to know what we are buying, you are more than welcome to join us as we share our monthly Altcoin picks in anticipation of the upcoming bull run - You just need to become a member.
Richard.
Top 100 Trending Altcoins:
The cryptocurrency market is back to all green again this week.
Today's Crypto Fear & Greed Index:
Today's Crypto Fear and Greed Index = Greed –> Decreased to 64 (from 70).
Bitcoin & Ethereum Price Movement
Bitcoin decreased 2.7% in the last week, currently trading at $42,788. In the previous 90 days, Bitcoin has increased by 58.7%.
Ethereum increased 14.1% in the last week, currently trading at $2,568. In the previous 90 days, Ethereum has increased by 64.5%.
Global cryptocurrency market capitalization has increased to $1.68T (from $1.65T last week).
Top 100 Gainers - Last 7 Days
Over the last 7 days, the biggest gainers (within the top 100):
Ethereum Name Service (ENS) +74.2% - Ranked #88
Ethereum Name Service (ENS) is a decentralized system on the Ethereum blockchain that allows users to register and manage human-readable domain names ending in .eth, making it easier to send cryptocurrencies and interact with decentralized applications. It offers decentralization, compatibility, and user control.
Sui (SUI) +55.1% - Ranked #53
Sui (SUI) is a blockchain protocol developed by Mysten Labs, notable for its high performance, scalability, and the use of the Move programming language. It's designed to support a wide range of decentralized applications (dApps), particularly in sectors like DeFi, NFTs, and gaming. Key features include high throughput, low latency, security, and a focus on being user and developer-friendly. The team behind Sui includes former employees of Meta (Facebook), emphasizing its strong technical foundation. Sui aims to address common blockchain challenges such as scalability and ease of use.
Ethereum Classic (ETC) +43.6% - Ranked #21
Ethereum Classic (ETC) is a blockchain platform and cryptocurrency that originated from a split with the original Ethereum network in 2016, following differing responses to the DAO hack. It upholds the principle of "Code is Law," emphasizing the immutability of the blockchain and the irreversibility of transactions.
While it shares many technical features with Ethereum, such as smart contract functionality, Ethereum Classic has evolved separately, with its own community and development path. ETC, its native cryptocurrency, is used for transactions and rewarding miners. However, the network has faced security challenges, including multiple 51% attacks. Overall, Ethereum Classic maintains a presence in the cryptocurrency market, particularly among supporters who value blockchain immutability and decentralization.
Helium (HNT) +36.7% - Ranked #60
Helium (HNT) is a decentralized blockchain network designed to provide wireless connectivity for Internet of Things (IoT) devices. It operates through individual nodes called Hotspots, which offer network coverage and are rewarded with Helium's native cryptocurrency, HNT. The network uses a unique Proof-of-Coverage consensus mechanism to ensure legitimate coverage.
Known as "The People’s Network," Helium emphasizes its community-driven approach, allowing anyone to operate a Hotspot and participate in the network. It's particularly suited for low-power IoT devices needing small data transfers, making it energy-efficient. The network supports various IoT applications in fields like logistics, agriculture, and smart cities. Helium's growth and success hinge on its continued expansion and adoption in the IoT realm.
Biggest Micro-Cap Gainers in the last 30 days
We review and analyze small and micro market cap cryptos weekly, looking for the next low-cap gem. These are the best-performing (quality) micro-cap projects over the last 30 days:
Best Performing Quality Micro Caps (Last 30 days):
- KEX +1,844% - Trustless Computing (Micro-Cap)
- METAL +1,379% - Multiplayer shooter game (Nano-Cap)
- SEILOR +823% - SEI Liquid Staking (Micro-Cap)
Monthly Altcoin Pick:
In two weeks, we will be releasing our latest Altcoin Pick. If you would like access to this and future monthly Altcoin picks, consider becoming a member - It's only the price of a few cups of coffee a month.
Altcoin picks are emailed to members as soon as they are published. If you are wondering how we choose our monthly Altcoin Picks, this is our methodology.
Our Altcoin Picks for the prior months can be found here.
Thanks and appreciation to all our members!
Until the next report,
Richard.
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