Price analysis 12/18: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, AVAX, DOGE

Bitcoin may remain under pressure for a few days, but a collapse is unlikely, as traders are expected to buy the dips in anticipation of a spot Bitcoin ETF.

The S&P 500 Index (SPX) rose 2.49% last week, extending its string of weekly gains to seven weeks, the longest such winning streak since 2017. However, Bitcoin (BTC) could not maintain its momentum and succumbed to profit-booking by the bulls. Trading resource Material Indicators said in an X (formerly Twitter) post that “ year-end profit taking and tax loss harvesting” will prevail in the short term.  

However, a crash is unlikely because several analysts expect the United States Securities and Exchange Commission to approve one or more spot Bitcoin exchange-traded fund (ETF) applications in January. If that happens, it could prove to be a game-changer for the sector.

VanEck CEO Jan van Eck said in an interview with CNBC that Bitcoin is likely to hit a new all-time high in the next 12 months. He expects Bitcoin to become an accompaniment to gold.

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Price analysis 12/15: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, DOT, MATIC

Bitcoin and select altcoins are witnessing profit-booking on rallies, increasing the likelihood of a short-term pullback.

Bitcoin’s (BTC) rally has been taking a breather for the past few days but its strong rally in 2023 has not gone unnoticed. A survey of United States financial services companies by crypto firm Paxos showed that 99% of the firms were putting as much or more focus on crypto projects this year as compared to previous years.

Analysts are increasingly bullish on Bitcoin and the crypto space in 2024. Bitwise senior research analyst Ryan Rasmussen made ten predictions for the crypto industry in 2024 in an X (formerly Twitter) post on Dec. 13. He believes Bitcoin will soar to $80,000 in 2024 and “more money will settle using stablecoins than using Visa.”

Along with crypto-specific issues, expectations of rate cuts by the Federal Reserve in 2024 are adding to the bullish sentiment. Arthur Hayes, the former CEO of crypto exchange BitMEX, reiterated his bullish view on crypto in an X post on Dec. 14. He said that the fiat was “a filthy piece of trash” and there was no reason not to be long crypto.

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SEC pushes deadline for decision on Invesco Galaxy spot Ethereum ETF to 2024

The commission had until Dec. 23 to decide or punt on approval or disapproval for the spot crypto investment vehicle.

The United States Securities and Exchange Commission has delayed its decision on whether to approve or disapprove a spot Ether (ETH) exchange-traded fund, or ETF, proposed by Invesco and Galaxy Digital.

In a Dec. 13 notice, the SEC said it would designate a longer period on whether to approve or disapprove a proposed rule change that would allow the Cboe BZX Exchange to list and trade shares of the Invesco Galaxy Ethereum ETF.

The proposed spot crypto investment vehicle is one of many being considered by the commission, which to date has never approved an ETF with direct exposure to Bitcoin (BTC) or other cryptocurrencies.

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Price analysis 12/13: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, DOT, MATIC

Bitcoin and altcoins are trying to find support at lower levels, indicating that the sentiment remains positive, and that traders are buying the dips.

Bitcoin (BTC) has failed to rebound sharply following the fall on Dec. 11, suggesting selling pressure on relief rallies. Glassnode data shows that short-term holders (STHs), entities holding Bitcoin for 155 days or less, sent $1.93 billion worth of Bitcoin to exchanges on Dec. 11 and $2.08 billion on Dec. 12. The last time single-day selling crossed the $2 billion mark was way back in June 2022. This shows that speculators are in a hurry to dump their holdings.

However, lower levels are attracting buyers. Trading resource Material Indicators suggested that “institutional sized” bids could be seen but added that it was unclear if it was accumulation or a short-term trading opportunity with dips being purchased and rallies being sold.

Cointelegraph contributor Marcel Pechman analyzed derivatives data and said that Bitcoin remains on track to hit $50,000 despite the recent correction. He added that chances of “cascading liquidations” were low as the correction seems to have been “primarily driven by the spot market.”

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Enterprise blockchain Coti set to become Ethereum privacy-centric layer 2 in 2024

Coti will look to provide privacy-focused functionality to the Ethereum ecosystem as a new layer-2 protocol.

Enterprise-grade blockchain platform Coti is set to transition protocol to become a scalable, privacy-focused layer-2 on Ethereum in 2024.

An announcement shared with Cointelegraph outlines how Coti will shift from a standalone protocol to an Ethereum layer 2 to bring its privacy features to the broader ecosystem. Coti v2’s features a cryptographic approach called garbled circuits, which allows transactions to be processed without exposing sensitive information and data.

Drawing from the field of multi-party computation (MPC), garbling protocols enable two or more parties to jointly compute a function while keeping both their inputs and intermediate variables private.

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Ethereum scaling firm =nil; Foundation introduces security-focused zkEVM

A new Ethereum zero-knowledge proof compiler could address security concerns identified in different zkEVM solutions.

Zero-knowledge technology firm =nil; Foundation has developed a new type-1 zero-knowledge Ethereum Virtual Machine (zkEVM) compiler to address security concerns identified in similar ZK-powered Ethereum scaling solutions.

Speaking exclusively to Cointelegraph, =nil; Foundation CEO and co-founder Misha Komarov says the technology prioritizes security and allows high-level programming code to be compiled automatically into Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARKS) circuits.

The firm’s zkEVM is designed to be compatible with evmone, which is a C++ version of Ethereum’s base execution environment. The key takeaway is that the code of applications is processed and rolled up as proofs submitted to Ethereum in the same format as its EVM.

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Price analysis 12/11: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX

Bitcoin’s sharp correction surprised investors, but is it a sign that further downside is in store?

Bitcoin (BTC) closed last week with gains of 9.55%, but started the new week on a weak note, falling near $40,500. The sharp correction in Bitcoin also caused liquidations in several altcoins. According to CoinGlass data, cross-crypto long liquidations for Dec. 11 were more than $300 million.

The sharp fall does not change the trend in Bitcoin and altcoins, as corrections are a part and parcel of any uptrend. Generally, vertical rallies are followed by sharp pullbacks, which shake out the weaker hands and allow long-term investors to buy more at lower levels.

The corrections are unlikely to stretch longer due to several bullish catalysts in 2024. Analysts expect one or more Bitcoin exchange-traded funds to receive regulatory approval in January, which could be a game changer. That will be followed by Bitcoin halving in April, and finally, expectations of a rate cut by the United States Federal Reserve could boost risky assets. Goldman Sachs anticipates the Fed to start cutting rates in the third quarter of 2024.

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Price analysis 12/8: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, LINK, MATIC

Bitcoin price staged an intraday rally to the $44,000 level and technical charts show altcoins are keen to follow.

This week Bitcoin (BTC) price saw a shallow pullback, but the intra-day rally to the $44,000 level is an indication that the bulls are not hurrying to close their positions. Data from the popular HODL Waves metric shows that investors who purchased Bitcoin between December 2020 and December 2021 have been sitting on their coins.

Investors have not been selling into strength because they anticipate higher levels in the future. Asset manager VanEck said in its crypto predictions for 2024 that Bitcoin would make a new all-time high, buoyed by the “political events and regulatory shifts following a U.S. presidential election.”

Bitcoin’s rally of the past few days has also attracted investors to select altcoins, such as Ether (ETH), Cardano (ADA) and Solana (SOL). Research firm Santiment remains positive on the prospects of Bitcoin. It said on Dec. 7 that if FUD increases, Bitcoin could surge to $50,000.

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Bitcoin may hit $50K on altcoin ‘FUD’ as Ethereum, Solana beat gains

Bitcoin takes a back seat on low timeframes as ETH and SOL claw back crypto market cap share from BTC.

Bitcoin (BTC) struggled to hold above $43,000 into Dec. 8 as an altcoin surge put Ether (ETH) in the spotlight.

Data from Cointelegraph Markets Pro and TradingView showed ongoing BTC price consolidation as ETH/USD added up to 7.6% in around 24 hours.

Bitcoin, having tapped new 19-month highs of $44,490 earlier in the week, now troubled market participants as both ETH and Solana (SOL) stole attention.

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Why is Ether (ETH) price up today?

Ethereum price is up today as network revenue skyrockets and ETH clears the $2,300 resistance.

Ether (ETH), the native token of the Ethereum network,  is witnessing a breakout on the back of increasing institutional interest in the second-largest cryptocurrency by market cap. The increased bullish sentiment pushed Ether price up by 23.7% over the past 30 days. The fact that ETH trades above $2,300 could indicate that increased attention is shifting toward Ether. Year to date, ETH price is up by 96.5%. 

Let’s review a few of the reasons for Ether’s price strength.

A surge in traders’ interest in Ether began on Nov. 1 when the U.S. Securities and Exchange Commission (SEC) acknowledged Grayscale Investment’s application to convert its Ethereum trust into an ETF.

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