eToro: The crypto market continues to attract through turbulence and uncertainty

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Simon Peters, cryptoasset market analyst at multi-asset investment platform eToro Please see below the latest crypto market insights and notable stories with a f

Bucuresti, January 9, 2024# rbjSimon Peters, cryptoasset market analyst at multi-asset investment platform eToro

Please see below the latest crypto market insights and notable stories with a forward look at what’s coming up this week for investors.

Bitcoin experienced a wild week of price movement last week, first spiking higher and breaking the $45,000 price level for the first time in two years, before then reversing 8% the following day on the back of chatter on X with a prominent analyst expressing the view that the long-awaited Bitcoin spot ETFs won’t be approved. This seemed to have spooked some investors, leading to a sell off.

Bitcoin price action has now actually pushed higher and is currently trading around the $47,000 mark.

Similarly other large cap cryptos followed suit. Ether rose 7% in the beginning of the week before then falling back 10%. It is now trading around $2,300.

Week ahed

We’re in for a massive week with one of the most significant events in crypto history taking place, the potential approval of a bitcoin spot ETF.

Wednesday 10th January is the set deadline for the SEC (US Securities and Exchange Commission) to approve the ARK/21 Shares ETF application, and if that application is approved it’s likely the other applications will also be given the green light.

The consensus among the crypto community is that if these bitcoin spot ETF applications are approved, this could trigger the floodgates to open, as institutional investors who have to a degree have been frozen out of the crypto space can now get exposure via a regulated instrument.

On the economic data front we also have the latest inflation print from the US on Thursday. We’ve seen in the past how the direction of crypto markets has been linked to the loosening or tightening of financial conditions. If we do see an inflation print lower than forecast (particularly core CPI – which removes the volatile food and energy components) this could be positive for cryptoasset prices, as market participants could further speculate that the Federal Reserve will take their ‘foot of the brake’ sooner and potentially make more interest rate cuts this year than indicated at the last FOMC (Federal open Market Committee) meeting back in December.

Eye-catching stories: $1.2million USD worth of bitcoin sent to bitcoin genesis wallet by anonymous crypto user

An unknown crypto user sent 26.9 BTC (approx $1.2million) to the Bitcoin genesis wallet – the first wallet address ever created on the Bitcoin network.

The genesis wallet address was of course set up by Satoshi Nakamoto, the pseudonymous creator of Bitcoin, so it’s unlikely the funds recently moved to this genesis wallet will ever be retrieved or moved again.

Since Satoshi’s disappearance back in December 2010 there has been no movement of funds from any wallet addresses associated with Satoshi Nakamoto.

Satoshi Nakamoto is believed to hold around 1.1million bitcoin (nearly $50billion at current prices), so whilst the recent 26.9 BTC moved to the genesis wallet is significant for some, it’s a drop in the ocean to Satoshi.

xxx

eToro is a trading and investment platform that empowers people to grow their knowledge and wealth as part of a global community of investors. eToro was founded in 2007 with the vision of opening up the global markets so that everyone can trade and invest in a simple and transparent way. Today, eToro is a global community of more than 33 million registered users who share their investment strategies; and anyone can follow the approaches of those who have been the most successful. Due to the simplicity of the platform users can easily buy, hold and sell assets, monitor their portfolio in real time, and transact whenever they want.

Disclaimer
This communication is for information and education purposes only and should not be taken as investment advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without taking into account any particular recipient’s investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past or future performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.

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