Reserve

Bitcoin ETF

Spot

<h2 id="span-data-font-font-size-style-font-size-20px-bitcoin-tops-42-000-spot-etf-approval-fuels-market-surge-br-span">Bitcoin Tops $42,000: Spot ETF Approval Fuels Market Surge </h2>
<ul>
 <li>Expectations of US Federal Reserve interest rate cut in 2024.</li>
 <li>Potential positive impact on liquidity with the expected rate reduction.</li>
 <li>Approval of a Bitcoin ETF may contribute to the upward movement of the cryptocurrency's price.</li>
</ul>
<h3 id="span-span-data-font-font-size-style-font-size-18px-major-events-to-watch-span-span">Major Events To Watch:</h3>
<h4><img src="https://lh7-us.googleusercontent.com/i5l9ukCvxhk3fk5_5BBVkk1uI7gi8FYvB5IFU07RpU9jaSoBceweaCDs1zhheK5aGjmwUueJ3e-VuKPGLDSTAdBmYDc4hnhK5DilXDVWQx0p_uoNd2J0S5LDWlW3ez6fnAblWTxqS-C-fqdjJwGXK04" width="531" height="375"></h4>
<h4>Crypto Fear and Greed:</h4>
<img src="https://lh7-us.googleusercontent.com/2fOeg6YAHLbRG00dvEcCPhGHaYUjedvAsBYKBJWg3NDW2zSU4vK522xyyhRnJe4EfCjlqkDco5XtLDFfJH154x3d8ydWNSWt9AOsMXoI9w1FORgtVpIgZMIwyspM52R3rzbIyPcpQizOfTqSAhbwY0E" width="558" height="238">
Over the past 24 hours, increased buying activity in the cryptocurrency markets resulted in a one-point uptick on the "Greed and Fear Index," now standing at a current reading of 75 on a scale ranging from 0 to 100.
<h4>Latest Market Update:&nbsp;</h4>
<ul>
 <li>Bitcoin, the oldest and most valuable cryptocurrency globally, reached a two-year high, surpassing $42,000.</li>
 <li>Several popular altcoins, including Ethereum, Solana, BNB, BCH, and ADA, showed modest gains.</li>
 <li>Terra Classic emerged as the top performer, boasting a remarkable 24-hour increase of over 52.00%.</li>
 <li>On the flip side, FTX experienced the most significant loss on Monday, with a 24-hour dip of nearly 10.20%.</li>
 <li>Total DeFi volume stands at $5.97B, constituting 10.62% of the entire 24-hour crypto market volume.</li>
 <li>Stable coins volume reached $50B, making up 88.84% of the total 24-hour crypto market volume.</li>
 <li>Bitcoin dominance increased to 54.08%, rising by 1.01% in the last 24 hours.</li>
</ul>
<h4>Major Worldwide News Update:</h4>
<ul>
 <li><a href="https://www.coingabbar.com/en/price-analysis/bitcoin-analysis-bitcoins-battle-clearing-the-hurdle-or-stumbling" class="f-link" rel="noopener noreferrer nofollow">Bitcoin's </a>recent surge to retest its yearly high above $42,000 has sparked controversy among crypto leaders. Former SEC official John Reed Stark criticized the rally, citing crypto's lack of intrinsic value and regulatory vulnerabilities. However, pro-XRP lawyer John E. Deaton defended crypto investments, highlighting industry figures like MicroStrategy's Michael Saylor, who profited amid market criticisms.</li>
 <li>Societe Generale's €10 million digital green bond issuance on the Ethereum network signifies a major shift in traditional finance towards blockchain adoption. Managed by SG-FORGE, the initiative emphasizes transparency and sustainability in financial transactions. AXA and Generali's involvement highlights the industry's move towards tokenized assets, indicating a transformative era for mainstream finance.</li>
 <li>Yann LeCun, during Meta's FAIR team anniversary, emphasizes Nvidia's pivotal role in AI hardware. Contrasting with optimistic AI predictions, he believes milestones like "dog" and "cat" level AI are prerequisites for human-level AI. LeCun questions quantum tech's current efficiency, setting Meta apart as it prioritizes AI advancements over quantum exploration.</li>
 <li>In the Terraform Labs legal saga, a federal judge in Utah hints at potential SEC sanctions, alleging misleading conduct in a separate case. Terraform's legal team strategically challenges the SEC's credibility, adding complexity to the high-profile case. Do Kwon's recent extradition from Montenegro intensifies scrutiny on regulatory compliance and ethical practices.</li>
 <li>OpenAI COO Brad Lightcap, in a CNBC interview, cautioned against unrealistic expectations from AI integration, dispelling the myth of immediate transformative results. Highlighting ongoing AI experimentation, he emphasized that AI isn't a one-size-fits-all solution. <a href="https://www.coingabbar.com/en/crypto-currency-news/open-ai-commence-on-the-path-of-developing-its-own-ai-chips" class="f-link" rel="noopener noreferrer nofollow">OpenAI</a>, along with Microsoft and Amazon, is developing enterprise-focused generative AI models with enhanced safeguards for sensitive data.</li>
 <li>BlackRock and Bitwise submitted fresh S-1 amendments for a spot Bitcoin ETF, aligning with the ongoing SEC coordination. The flurry of activities indicates collaborative efforts between issuers and regulators, emphasizing a shared push towards <a href="https://www.coingabbar.com/en/crypto-currency-news/approval-of-sec-for-spot-bitcoin-etf-is-hopeful-for-future" class="f-link" rel="noopener noreferrer nofollow">Bitcoin ETF</a> approval. The Bitcoin price surge, surpassing $42,000, adds momentum to the evolving developments.</li>
 <li>Bitcoin rallied past $42,000 on December 4, currently consolidating at $41,900 with an $817 billion market cap. Notably, Bitcoin's 2023 surge of 150% has diminished its correlation with equities, contrasting with traditional indicators facing losses. The 90-day correlation coefficient with global shares dropped from 0.60 to 0.18, highlighting Bitcoin's evolving autonomy. Additionally, bitcoin perpetual futures on Deribit hit a two-year high, reaching $740 million.</li>
 <li>Riot Blockchain (NASDAQ: RIOT) has strengthened its Bitcoin mining capabilities by executing a substantial purchase option with MicroBT Electronics. Acquiring 66,560 latest-generation miners, alongside a previous order, boosts Riot's self-mining hash rate capacity to over 38 EH/s, with an option for 265,000 more miners. The $290.5 million investment underscores Riot's commitment to efficiency and growth. The announcement led to a 12.35% surge in RIOT stock, reflecting positive investor sentiment. Deployment is scheduled from Q1 2024 to H2 2025.</li>
</ul>
COIN GABBAR Views:Is Bitcoin poised for a rally to $100,000 before the upcoming BTC halving event in April 2024, considering its recent surge above $41,000 and heightened trader interest in higher targets? Could the current upward momentum signify the beginning of a bullish rally? Is there potential for a Santa Claus rally in the crypto market in December? To get latest news Stay tuned us at <a href="https://www.coingabbar.com" class="f-link" rel="noopener noreferrer nofollow">coingabbar</a>
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
For More News: <a href="https://www.coingabbar.com/en/crypto-currency-news/crypto-roundup-dec-crypto-craze-coincides-with-indian-elections" class="f-link" rel="noopener noreferrer nofollow">Crypto Roundup, 04 Dec: Crypto Craze Coincides with Indian Elections</a>

24 Crypto Update, 4 Dec: Crypto Cool: Markets Catch a Post-Bull Breath

Table of Contents

Coingabbar

Other articles published on Dec 5, 2023

Private RPC Nodes: A Comprehensive Guide

Marathon Digital mined 1,187 BTC in November amidst record network difficulty

Shiba Inu (SHIB) and VC Spectra (SPCT): Analysts’ Top Picks for Cryptocurrency Wealth Building

ETH’s Current Price Is “Hilarious”, but Whale Still Cashes Out

Ethereum can hit $3500, but only on this condition

Three Stocks that Benefit from US Chip Restrictions on China

Join our free newsletter for daily crypto updates!