As of today, Wednesday, Bitcoin (BTC) has experienced a slight price drop, currently trading at $42,875. This dip coincides with notable developments in the cryptocurrency market, particularly the significant Wall Street evolution surrounding Bitcoin ETFs, described by industry veteran Michael Saylor as the most significant in thirty years.
📊 #Bitcoin is now back above $42.5K as its volume has stayed in line with levels it began to increase to once the #bullrun started back in October. However, will #altcoins fare the same? We touch on some comparative charts in our latest insight. 👇 https://t.co/avHMfS3Dy9 pic.twitter.com/1mrbski2zR
— Santiment (@santimentfeed) December 20, 2023
Despite this brief dip, there are numerous positive indicators to consider. In a recent interview, Michael Saylor, the Co-founder of Microstrategy, expressed confidence in Bitcoin’s potential for a bullish run in 2024. He highlighted the approval of a spot-Bitcoin ETF as a potential monumental development on Wall Street, emphasizing its impact on the market.
Microstrategy Co-founder Michael Saylor says Bitcoin will go on a bull run in 2024, and the approval of a spot-Bitcoin ETF could be the biggest development on Wall Street in 30 years.
Watch our full interview here: https://t.co/0rlQYIYAps pic.twitter.com/94dH18gE5Y
— Bloomberg Crypto (@crypto) December 19, 2023
Santiment’s insights further shed light on the situation, revealing that BTC’s trading volume has remained consistent with the levels observed since the commencement of the bull run in October. This stability suggests resilience in Bitcoin’s market dynamics amidst various fluctuations.
The recent news of Blackrock’s revised ETF proposal for SEC approval, now incorporating cash redemption, has significantly boosted trader optimism. Historically, in anticipation of ETF approvals, Bitcoin prices have experienced notable surges. In response to the latest developments, Bitcoin has seen a 3% increase since the news became a focal point of mainstream discussions. Interestingly, this positive momentum has extended to altcoins like Solana, Chainlink, and BinanceCoin, all experiencing mini surges in response to the optimistic market sentiment.
🤞 Following yesterday's news of #Blackrock's revised #ETF proposal for the #SEC's approval, which now includes the addition of cash redemption, trader optimism has jumped. In previous instances of anticipation of ETF approval, prices have jumped. Thus far, this small
(Cont) 👇 pic.twitter.com/i61grqYkFP
— Santiment (@santimentfeed) December 20, 2023
Adding to the positive outlook, data reveals that out of the total circulating supply of 19.574 million BTC, a substantial 76.1% (over 14.9 million BTC) is held off exchanges and has remained untouched for over 155 days.
In addition, out of a total circulating supply of 19.574M BTC, over 14.900M (76.1%) are held off exchanges and have not moved in over 155-days, increasing by 825k BTC YTD.
— Wu Blockchain (@WuBlockchain) December 19, 2023
This long-term holding trend has seen an increase of 825,000 BTC year-to-date, further contributing to the overall positive sentiment surrounding Bitcoin.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Follow us on Twitter @thevrsoldier to stay updated with the latest Crypto, NFT, and Metaverse news!
Image Source: wrightstudio/123RF // Image Effects by Colorcinch
