Bitcoin has kicked off the new year with a bang, as the world’s most popular cryptocurrency reached a 21-month peak of nearly $46,000. The strong start for Bitcoin in 2024 comes amid optimism for the anticipated approval of ETFs, a higher risk appetite driven by rate cuts, and the halving quickly approaching. In fact, Bitcoin closed out the previous year with a gain of 156%, making it the strongest yearly performance since 2020.
In other news, U.S. investment firms, stock exchanges, and the SEC are finalizing applications for spot Bitcoin ETFs, with expectations of regulatory approval. The countdown is on for the SEC commissioners to vote on the filings, with January 10 being the deadline for approval for ARK Invest and 21Shares products. Additionally, Goldman Sachs is in talks to become an authorized participant for spot Bitcoin ETFs, joining other leading investment banks in the race to offer these products to institutions like BlackRock and Grayscale.
Ethereum co-founder Vitalik Buterin has unveiled Ethereum’s 2024 roadmap, focusing on integrating proof-of-stake consensus and bringing back the original idea of the cypherpunk revolution for the blockchain with more privacy solutions. Meanwhile, bankrupt lender Celsius Network has pivoted to Bitcoin mining after the SEC rejected their initial bankruptcy strategy, with a U.S. bankruptcy judge giving the green light for the transition.
MicroStrategy’s co-founder Michael Saylor is selling $216 million in company stock options to buy more Bitcoin for his personal holdings, aiming to increase his Bitcoin holdings before his stock options expire. And in a surprising move, the Avalanche Foundation is considering buying memecoins as part of its ‘Culture Catalyst’ initiative, inspired by recent token surges on Solana.
As Bitcoin celebrates its 15th anniversary of the mining of its genesis block by Satoshi Nakamoto, the cryptocurrency’s impact on finance is undeniable. With a market cap of nearly $900 billion and a $1.8 trillion crypto ecosystem, Bitcoin has reshaped digital assets and global financial markets over the past 15 years.
That’s a wrap on this week’s crypto news – stay tuned for more updates next week.
