Giant Whales Buy Bitcoin Again, Compact Crypto Strengthens
The crypto market has dominated the green in the last 24 hours as the US Securities and Exchange Commission (SEC) approves the spot Bitcoin ETF and Microstrategy's purchase of jumbo bitcoin.
Referring to CoinMarketCap on Thursday (28/12/2023) at 10:29 WIB, the majority of the crypto market strengthened. Bitcoin rose 2.83% to US$43,429.78 although on a weekly basis it still weakened slightly by 0.5%.
Read: Stories of 3 Compact Crypto Banks Bankrupt in a Week
Ethereum was in the positive zone of 8.88% in the last 24 hours and in the week rose 9.79%.
BNB flew 13.34% daily and weekly jumped 25.77%.
Likewise, Cardano shot up 11.81% in the last 24 hours and is still flying 10.22% on a weekly basis.
The CoinDesk Market Index (CMI), which is an index for measuring the market capitalization-weighted performance of the digital asset market, rose 4.11% to 1,871.75. Open interest appreciated 5.56% at US$42.89 billion.
Meanwhile, the fear & greed index is reported by coinmarketcap . com shows the number 73 which shows that the market is in the greed/optimistic phase with the current economic conditions and crypto industry.
Reporting from coingape . com , the sentiment coming from the SEC will likely give the green light to a number of applications to offer spot Bitcoin ETFs before January 10, 2024 providing a breath of fresh air for the crypto industry.
Partner at law firm Cahill Gordon & Reinel, Sam Enzer said that the place for ETFs has finally arrived, stating that they should have been approved long ago.
He said that consensus expectations for a Bitcoin ETF are likely due to the SEC's defeat of Grayscale in the Grayscale Bitcoin Trust (GBTC) spot ETF lawsuit.
He also said the justices said the SEC's previous rejection of an application for conversion to an ETF was "arbitrary and capricious."
Bloomberg Intelligence analyst Eric Balchunas informed that the ETF filers are in the process of signing agreements with authorized participants, which is the final step towards approval.
Additionally, MicroStrategy, the largest bitcoin (BTC) holding company, added more to its holdings on Wednesday, buying 14,620 BTC for around $615.7 million.
The company's Executive Chairman, Michael Saylor, tweeted that MicroStrategy bought bitcoin at an average price of $42,110 per bitcoin.
For the record, MicroStrategy started buying bitcoin in August 2020. The company's most recent purchase before Wednesday was last month, where it bought 16,130 BTC, worth about $608 million at the time.
