PakGazette – PakGazette has prepared a summary of the three most important news of the weekend.
SEC gives green light to two crypto ETFs
According to Nate Geraci’s As noted in the approval order, these products are “substantially similar” to the previously approved ETFs and spot. Geraci wrote in a subsequent post that it would be interesting to see if other major financial firms, such as BlackRock (NYSE 🙂), will attempt to launch similar products following this approval. In response to Geraci, Bloomberg’s Eric Balchunas suggested that the newly approved ETFs will likely launch in January. As a reminder, the SEC gave the green light to several Bitcoin ETFs in early 2024, paving the way for a substantial rally in the cryptocurrency market Previously, PakGazette reported that ETFs. US-based Bitcoin exchanges have now surpassed Satoshi Nakamoto’s total holdings.
Samson Mow on Bitcoin crash: “A supply shock is coming”
Last week, Bitcoin experienced significant volatility, with the asset hitting an all-time high of over $108,000 before falling as low as $95,587.68. Despite a notable accumulation of Bitcoin by large companies, including the $1.5 billion purchase of MicroStrategy, the price of Bitcoin has continued to decline. Prominent BTC supporter and CEO of JAN3, Samson Mow, took to social media to address the crypto community’s concerns regarding the paradox of rising demand amid falling prices. In his X post, Mow explained the current situation as “the market is behaving irrationally with the limited supply of Bitcoin left.” In conclusion, the CEO urged investors to trust their instincts and warned of an imminent supply shock in the market. At the time of writing, BTC is changing hands at $93,950, down 2.10% in the last 24 hours, according to CoinMarketCap.
200 million surprise Binance in a major move
As reported by blockchain tracker Whale Alert, a major Dogecoin transfer took place on December 20, transporting 200 million DOGE from an unknown wallet to Binance. This amount of dog-themed meme coins is valued at approximately $59.9 million. Such large transfers to cryptocurrency exchanges can suggest various intentions, including possible trading or selling activities. Additionally, the move could be part of preparations for liquidity provision on Binance; However, the specific purpose of this transaction is still unclear. On December 19, Dogecoin fell below the 50-day SMA at $0.36, reaching lows of $0.262 in the Friday session before recovering strongly. DOGE is currently changing hands at $0.309, down 0.56% in the last 24 hours, and has fallen almost 23% in value in the last seven days. If the price continues to fall, Dogecoin could fall as low as $0.23.
