SEC Greenlights Two Crypto ETFs, Samson Mow Warns About Bitcoin Supply Shock Ahead, 200 Million Dogecoin Stun Binance in Major Move: Crypto News Digest by U.Today
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U.Today has prepared a summary of the top three news stories over the weekend.
SEC greenlights two crypto ETFs
According to Nate Geraci's X post from Friday, Dec. 20, the U.S. Securities and Exchange Commission (SEC) has approved two Bitcoin/Ether combo exchange-traded funds (ETFs) proposed by Hashdex and Franklin Templeton. As stated in the approval order, these products are "substantially similar" to previously approved spot-based Bitcoin and Ethereum ETFs. Geraci wrote in a following post that it would be interesting to see whether other major financial firms, such as BlackRock, will try to launch similar products following this approval. Replying to Geraci, Bloomberg's Eric Balchunas suggested that the recently approved ETFs will likely be launched in January. As a reminder, the SEC greenlit multiple Bitcoin ETFs in early 2024, paving the way for a substantial rally on the crypto market. Previously, U.Today reported that U.S.-based Bitcoin ETFs have now exceeded the total holdings of Satoshi Nakamoto.
Samson Mow on Bitcoin crash: "Supply shock is coming"
Last week, Bitcoin experienced significant volatility, with the asset reaching an all-time high of over $108,000 before dropping as low as $95,587.68. Despite a notable accumulation of Bitcoin by major firms, including MicroStrategy's purchase of $1.5 billion, the Bitcoin price has continued to decline. Samson Mow, prominent BTC supporter and CEO at JAN3, took to social media to address the crypto community's concerns regarding the paradox of rising demand amid falling prices. In his X post, Mow explained the current situation as "the market behaving irrationally with what limited Bitcoin supply is left." In conclusion, the CEO urged investors to trust their instincts and warned about an impending supply shock to the market. At writing time, BTC is changing hands at $93,950, down 2.10% over the past 24 hours, per CoinMarketCap.
Godfrey Benjamin200 million Dogecoin stun Binance in major move
As reported by Whale Alert blockchain tracker, on Dec. 20, a major Dogecoin transfer took place, carrying 200 million DOGE from an unknown wallet to Binance. This amount of dog-themed meme coins is valued at approximately $59.9 million. Such large transfers to cryptocurrency exchanges can suggest various intentions, including potential trading or selling activities. Also, the move could be part of preparations for liquidity provision on Binance; however, the specific purpose of this transaction remains unclear. On Dec. 19, Dogecoin dropped below the 50-day SMA at $0.36, hitting lows of $0.262 in Friday's session before rebounding strongly. Currently, DOGE is changing hands at $0.309, down 0.56% over the past 24 hours, with its value dropping almost 23% over the past seven days. If the price continues to fall, Dogecoin could plummet to as low as $0.23.
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