Latest News

Bitcoin market cools off, ETF talks ‘advanced to key details’


Bitcoin market cools off, ETF talks ‘advanced to key details’ By Proactive Investors

Breaking News



Published Dec 07, 2023 12:52
Updated Dec 07, 2023 13:10

Bitcoin market cools off, ETF talks ‘advanced to key details’

Proactive Investors – Bitcoin (BTC) has entered a corrective phase after chalking up substantial gains in the first week of December.

The BTC/USDT pair closed 0.7% lower on Wednesday before dropping another 1.3% in early Thursday trades, bringing the benchmark cryptoasset to $43,196 at the time of writing.

Hopes are still high that bitcoin’s stellar recent performance will continue through the festive season as the market weighs up the possibility of a classic Santa rally.

The news cycle remains preoccupied with the hype surrounding spot-bitcoin exchange-traded funds, with US regulators poised to grant permission for bitcoin to be traded on the US stock exchanges for the first time ever.

Sources told Reuters on Thursday that US bitcoin ETF issuer talks with the Securities and Exchange Commission (SEC) have “advanced to key details”.

Bitcoin is up over 14% in the past seven days– Source:

ETF speculation has fuelled exceptional performance in the cryptocurrency markets in 2023.

Grayscale Bitcoin Trust (GBTC), the largest bitcoin investment vehicle on the market, has rallied in conjunction with the ETF hype, with the trust’s long-term discount narrowing from nearly 50% earlier this year to just 11% today.

Allowing the various ETF application from Grayscale, not to mention BlackRock (NYSE:BLK), Fidelity and other major institutions, would be a likely boost to bitcoin’s overall performance.

Ethereum (ETH), the second-largest cryptocurrency, fell back even further back bitcoin on Wednesday, dipping over 2.6% against the US dollar, though Thursday trades have been more bullish.

At the time of writing, the ETH/USDT pair was swapping for $2,250.

Avalanche (AVAX) has emerged as the top altcoin mover in the December, rallying 27% from the start of the month.

Cardano (ADA) and Dogecoinm (DOGE) follow with 16% added to their market value, while Ripple (XRP), Solana (SOL) have kept their gains to the mid single digits.

Global cryptocurrency market capitalisation currently stands at $1.58 trillion, with bitcoin dominance nearing 55%.

Read more on Proactive Investors UK


Bitcoin market cools off, ETF talks ‘advanced to key details’

Our Apps

Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information

© 2007-2023 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Jamie Dimon Wants to Kill Off Bitcoin, Buffett Hates It. Why It’s Invincible.

Previous article

McDonald’s is opening a new chain called CosMc’s. Here’s what to know.

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News