Coin360 Daily Dispatch | Crypto Market Updates & Highlights | January 9, 2024

U.S. Spot Bitcoin ETFs Launch This Thursday

Bitcoin's price rose to $47,000, then briefly dipped below $46,000 amid BlackRock's S-1 filing and ETF anticipation, and finally bounced back to be close to $47,000 again. CryptoQuant suggests a bearish turn, with whale activity indicating risk-off moves. 

Significant market liquidations occurred, the largest since August 2023, amidst mixed sentiments on ETF approvals. Bitcoin's first-ever 'Golden Cross' signals a potential bullish shift. Jim Cramer's skepticism on Bitcoin's future contrasts with Messari CEO Ryan Selkis's advice to hold Bitcoin for an upcoming rally.

Bitcoin Price Fluctuates Amid ETF Buzz and Whale Moves

The imminent launch of U.S. spot Bitcoin ETFs is marked by anticipation and rapid regulatory responses. VanEck and Valkyrie expect trading to start Thursday, following the SEC's decision. Issuers like BlackRock and VanEck have swiftly updated filings, with fee reductions noted. 

Spot Bitcoin ETFs might trade at an 8% premium due to regulatory constraints. K33 Research suggests the market is robust for the upcoming ETF announcement. Intense fee competition is evident among issuers, with significant market impact and inflows expected.

Standard Chartered: Huge Inflows Expected into Bitcoin ETFs

Standard Chartered Bank forecasts $50-100 billion inflows into spot Bitcoin ETFs in 2024, paralleling the transformative effect of gold ETFs. They predict Bitcoin's price could soar to $200,000 by end-2025, driven by ETF approvals and rapid market development, mirroring gold's post-ETF performance but over a shorter timeframe.

Ethereum's Ether Dips Against Bitcoin Pre-ETF Launch

Ethereum's ether (ETH) has hit a 32-month low against bitcoin (BTC) due to anticipation of bitcoin ETF approval in the U.S. ETH lost 43% of its value against BTC since Sept. 7, while BTC gained 81%. Ethereum is seen as undervalued and ripe for a surge post-Bitcoin ETF approval. Analysts predict a shift in focus to Ethereum for a spot ETF, following its futures-based ETFs in the U.S. 

ApeCoin DAO's Metaverse Game Amid APE Value Drop

ApeCoin DAO plans to launch a metaverse racing game using APE as in-game currency. Despite this, APE has plummeted 26% in the last 30 days. 15.6M tokens are set to unlock, adding selling pressure. APE currently trades at $1.29, down 4.57% in 24 hours. Bearish on-chain signals contrast with a slightly bullish Relative Strength Index (RSI).  

Solana Sees Surge in Developer Retention in 2023

In 2023, Solana's developer retention rate surged over 20%, reaching over 50%. This increase is attributed to improved onboarding processes and increased ecosystem opportunities. The network maintains 2,500 to 3,000 monthly active developers. Approximately 400-500 senior developers graduate every 6 months with plans to build on Solana, and hackathons continue to attract a significant number of developers.  

Starknet v.13 Update Introduces STRK Token Payments

Starknet's community approved the v.13 update, introducing STRK token payments for transaction fees alongside ether. The upgrade aims to reduce costs and enhance network performance, potentially cutting transaction fees by 25-50%. 

The network operates as a Layer 2 decentralized system on Ethereum, utilizing zero-knowledge roll-up technology. The Starknet Foundation plans to distribute 1.8 billion tokens as rewards and rebates, including a potential community airdrop.  

Bitfinex Adapts Services for UK Regulation Compliance

Bitfinex will limit services for some UK customers to comply with UK regulations. The changes will affect existing individual and corporate UK customers not exempt from the Financial Promotions Order. New UK customers since Nov. 1, 2023, can't apply for individual verification. Exemptions will apply to certain corporate UK residents meeting high net worth criteria.  

ImToken Added to MAS's Investor Alert List

ImToken, a crypto wallet firm headquartered in Singapore, was added to MAS's Investor Alert List for not applying for a financial business license. The firm is actively engaging with MAS to address this. With 12 million users and $50 million in crypto stored, it operates a self-custodial wallet globally, emphasizing its decentralization. 

Thai Government Plans Digital Wallet Stimulus

The Thai government is considering a controversial plan to distribute 10,000 baht to citizens using digital wallets for economic stimulus. The Office of the Council of State's report on the plan's funding methods has sparked differing opinions. The digital baht is not a central bank digital currency, and a delayed launch is expected due to funding and system development issues.   

Curve Finance's Stability Questioned Amid Debt Concerns

Curve Finance faces a potential stress test amid concerns over founder Michael Egorov's $100 million debt backed by CRV tokens. DeFi analyst DeFi Made Here cautions that the protocol's stability may be at risk when OTC tokens become tradable, with potential liquidity withdrawal and shorting. However, the situation remains uncertain with hopes for a positive outcome.  

DCG's Outstanding Debts Exceed $1.7 Billion

Digital Currency Group (DCG) reportedly owes substantial amounts in Bitcoin and USD to Genesis, refuting its prior claims of loan repayment. DCG transferred $189 million in cash and illiquid assets, falling short of the owed amount. A dispute over interest and late fees has surfaced, with total outstanding obligations exceeding $1.7 billion.  

BitPay Expands to Support Multiple Cryptocurrencies

BitPay, originally a bitcoin payments startup, now supports dozens of cryptocurrencies, including Uniswap, Chainlink, and BNB. Customers can use these tokens to purchase goods from merchants like Gucci and AMC Theatres, as well as make car and mortgage payments. The company has raised over $70 million in funding and aims to make crypto payments accessible.  

Argo Blockchain's CEO Departs Amidst Company Growth

Argo Blockchain's interim CEO and COO, Seif El-Bakly, departed on January 5, 2024. The company's Nasdaq-listed shares tumbled 8.38%, reducing market capitalization to $183.7 million. Despite this, the firm achieved record-highs in mining, with 155 Bitcoins produced in December 2023 and a 25% revenue increase. They also completed a financial milestone through a private placement.  

Top Altcoin Gainers and Losers

Gainers:

Helium HNT (+30.95%)

Bonk BONK (+25.12%)

Bitcoin SV BSV (+19.73%)

Losers:

Internet Computer ICP (-6.73%)

Aptos APT (-5.31%)

Synthetix SNX (-5.02%)