Blockchain

In a week etched in crypto history, the long-awaited arrival of Bitcoin ETFs in the US sent shockwaves through the market. Yet, despite the monumental achievement, the king of crypto, Bitcoin, took a step back on Saturday, dipping 6% to end the week barely above $43,000.

Many analysts predicted a “sell-the-news” scenario, where investors cashed in on profits built upon anticipation of the ETF approval. Others suggest a rotation into Ethereum, which surged 15% on the week and touched highs not seen since May 2022.

Ethereum ETF Speculation: Shaping Crypto Narratives

This speculation is fueled by expectations of imminent Ethereum ETF decisions from the SEC, potentially mirroring the winds that propelled Bitcoin towards a 60% rally in recent months.

According to Alex Saunders, a Citi analyst, the cryptocurrency market has transitioned to a new narrative, as Ethereum has outperformed Bitcoin. This surge is believed to be driven by anticipation that the second-largest cryptocurrency could receive approval for an ETF.

“In our view, the crypto market has already moved to the next narrative, with ETH rallying more than bitcoin, likely on the expectation that crypto’s second largest token could also see an ETF approval,” Saunders said.

While the immediate price action might paint a contrasting picture, the significance of the ETF launch for Bitcoin’s long-term trajectory remains undeniable. Market participants across the board agree that ETFs will pave the way for increased institutional adoption, a crucial step towards legitimizing Bitcoin as a serious asset class.

Analysts at Citi anticipate “extra prominence” for Bitcoin in diversified portfolios, although widespread inclusion is still some distance away.

The road to crypto acceptance, however, isn’t paved solely with Bitcoin. Litecoin, often dubbed “silver to Bitcoin’s gold,” emerged as another bright spot this week, on track for an impressive 11% gain. This signifies diversification within the crypto landscape, a trend likely to continue with the potential influx of other crypto ETFs.

Crypto Equities Shake Amidst Bitcoin’s Slide

Beyond the digital coins themselves, the news wasn’t as rosy for crypto-related equities and miners. Coinbase and MicroStrategy, heavily invested in Bitcoin, took tumbles of 6% and 8%, respectively. Miners, already on the back foot after suffering substantial losses on Thursday, extended their descent, with CleanSpark and Iris Energy experiencing double-digit drops.

This market snapshot illustrates the dynamic nature of the crypto ecosystem. While Bitcoin might have taken a breather after its historic week, the overall sentiment remains positive. Ethereum’s ascent and the anticipation of broader ETF access signal a shift in investor focus, suggesting a future where the crypto playing field isn’t solely Bitcoin’s domain.

The dust settles on Bitcoin’s ETF debut, leaving a wobbly king and a market yearning for the next narrative. Ethereum, bathed in its own ETF hopes, gleams like a challenger. In this dance of highs and lows, understanding the evolving stories matters more than chasing fleeting profits. Bitcoin’s wobble may yet be a prelude to a high-flying future. The crypto saga, after all, has only just begun.

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Solana (SOL) could well be on course to continue its remarkable run from 2023, going by a recent analysis by crypto analyst Ali Martinez. The analyst laid out a certain condition that could see SOL rise to as high as $150 soon enough. 

How Solana Could Rise To $150

Martinez noted in an X (formerly Twitter) post that Solana was breaking out from a bull flag that had developed on the 4-hour chart that he shared. According to him, the crypto token could rally towards the $150 to $165 price range if there was a sustained close above $106. However, that hasn’t been the case as SOL has declined to price levels far from that since then. 

#Solana is breaking out from a bull flag that developed on the 4-hour chart. A sustained close above $106 can trigger a 47% rally that pushes $SOL toward the $150 – $165 price range. pic.twitter.com/VmbA9L4QuL

— Ali (@ali_charts) January 11, 2024

At the moment, SOL looks to be moving with the tide in the broader crypto market, which has been on a decline since the approval of the Spot Bitcoin ETFs. This decline is believed to be a result of Bitcoin being priced in before the approval order came in. As such, traders may be looking to take profits from the flagship crypto token and altcoins like SOL which they may have been invested in. 

Despite this occurrence, the general outlook on SOL looks bullish as there is the possibility that the crypto token could once again hit its all-time high of $260 this year. This looks more feasible, considering that the next bull run has been predicted to begin this year, possibly after the Bitcoin Halving.

In the meantime, SOL’s investors might see the current dip as an opportunity to load up on more of the tokens, especially considering that it is currently trading below the psychological price level of $100. 

ETH Could Usher In The Altcoin Season

Crypto analyst Jaydee recently hinted that ETH could usher in the Altcoin season. This is known to be when other crypto tokens begin to outperform Bitcoin. Analyzing the Ethereum to Bitcoin price chart, the analyst noted that the “real altcoin season” begins when the Relative Strength Index (RSI) breaks above the 20 level. 

#ETH/BTC – While “Dumb Money” bashes on #Ethereum, “Smart Money” is planning $ETH SEASON right before the REAL ALTSEASON starts!

ALTSEASON:
1. SRSI 20 LEVEL BREAKS!
2. RSI break out! (confirmed!)

If orange box get hit, I’m BUYING HEAVILY into alts!
Retweet/Like for updates!… pic.twitter.com/4gkDVUdHha

— JD (@jaydee_757) January 12, 2024

His theory about Ethereum ushering in the altcoin season is also backed by recent sentiments in the crypto market. All attention looks to be turning to Ethereum in anticipation of a potential approval of the Ethereum Spot ETFs. Market intelligence platform Santiment recently noted how traders are particularly bullish about Ethereum. 

As the weekend has kicked off, sentiment toward top cap assets remain at extremely optimistic levels with spotlights on them following the #ETF approvals. Traders are particularly #bullish toward #Ethereum after its market value climbed above $2,700 for the first

(Cont) pic.twitter.com/JxitOuX6Ww

— Santiment (@santimentfeed) January 13, 2024

With this in mind, ETH could begin to post significant gains against Bitcoin in the coming weeks, setting the tone for other altcoins. ETH already showed huge strength post the Spot Bitcoin ETF approval as it rallied to $2,700, the first time it has attained this level since May 2022. 

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The price of Bitcoin has been on a massive bullish momentum since the approval and launch of Spot Bitcoin ETFs. However, a crypto analyst, Jason Pizzino, predicts a temporary halt in the growing trajectory, citing Bitcoin’s proximity to a crucial resistance point that could result in a significant price drop. 

Analyst Foresees Bitcoin Price Correction

In a recent YouTube video published on Friday, January 12, Pizzino shared his insights into the current market conditions of Bitcoin, the world’s largest cryptocurrency. According to the analyst, the price of the top crypto is expected to drop by 20% to 22%, reaching possible support levels of $37,000 to $39,000 before the Bitcoin halving. 

The halving which is expected to take place in April 2024 is an event that would see Bitcoin mining rewards cut by half to reduce the number of new coins entering the market. This reduction effectively decreases the cryptocurrency’s total supply and supposedly increases its value through scarcity. 

Pizzino substantiated his predictions by pointing out that BTC is currently trading at a key resistance level in the bull market that could result in a significant price correction. He acknowledged that the excitement surrounding Spot Bitcoin ETFs has successfully pushed the cryptocurrency to its recent highs. However, the crypto analyst also highlighted a possibility of complacency following the present hype which could lead to a major price correction. 

While the crypto has experienced an impressive uptrend in recent months, Pizzino emphasized the significance of understanding historical price patterns and market behaviors. He stressed the importance of being prepared for any potential correction or retracement in the price of Bitcoin. 

BTC Plunges Below $42,000

Following the official approval of Spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC), the price of Bitcoin has been skyrocketing. The cryptocurrency surged to $49,000 on Thursday, January 11, after Spot Bitcoin ETFs had launched and investors had started trading officially. 

However, Bitcoin’s price experienced a massive downturn recently after news of Vanguard restricting its customers from trading Spot Bitcoin ETFs on its platform spread. As a result, the cryptocurrency experienced a price drop below $42,000, falling more than $7000 short of its 2024 peak of $49,000. 

Presently, the coin has recouped some of its lost gains and at the time of writing it’s current trading price is at $43,158.52 according to CoinMarketCap. While the dip is perceived as a temporary setback for the crypto market, it is also regarded as an opportunity to enter the market at more affordable price levels. 

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Celestia is the star of the modular network in late 2023 after its airdrop and staking TIA has become a good way to receive airdrops. Celestia is a chain that a lot of people overlooked because, before the launch, there was not a lot of information about Celestia and the airdrop. However, in the fast-paced world of cryptocurrency, overlooked gems can often surprise the market, and Celestia Network is no exception. 

Celestia (TIA) Airdrop And What People Missed

Celestia network had stayed out of the limelight until it announced an airdrop eligibility site. Lots of people didn’t bother checking if they were eligible for an airdrop, because they felt it was irrelevant, people didn’t claim their airdrop at the deadline as requested by the team, which made the team extend the date to give more people the chance to claim. 

At the end of the claim period, there were a lot of unclaimed airdrops to the extent the team had to distribute all the unclaimed airdrops to the wallets that claimed their airdrops, meaning that eligible wallets got double their initial allocations. 

After the airdrop, the team focused on developing and creating utility for their chain, making the price of TIA skyrocket, as the demand for the chain and its token started to grow. 

TIA Utility: Data Availability and Scalability

Celestia gives great utility towards Data Availability and Scalability giving other chains or upcoming chains a foundation to learn and work on. The Celestia team’s innovative approach, combined with partnerships and a focus on utility, set it apart in a crowded space. 

In this guide, we will delve into the dynamics of Celestia, explore its transformative airdrop strategy, and discuss how staking TIA can position you for not only handsome rewards but also exclusive airdrops. 

Unlike many projects that fizzle out post-airdrop, Celestia took a different path. The team continued developing the platform, adding significant utility to the Celestia chain. This utility, focused on data availability and scalability, spurred demand for the native token, TIA, ultimately driving its price higher.

Celestia (TIA) Network Collaborations

Celestia has partnered with most roll-ups of other chains like the Manta network which is another rollup that has been able to combine utility from the calamari network, and the EVM network. Collaborating with Celestia for better scalability and data availability increased the demand for Celestia(TIA). 

Celestia (TIA) Network Airdrop Distribution

Celestia changed the way they distributed their TIA airdrop, which was different from what the market was used to. The Celestia pre-launch had incentivized node running events, rewarding node runners, but that was not enough to bring more people into exploring its ecosystem, it had to distribute its airdrop by rewarding all EVM users. If you had interacted on the EVM chain, you were eligible for the TIA airdrop. 

Now, let’s delve deeper into the details surrounding TIA staking, Celestia’s impact on the crypto space, and the broader implications for investors seeking to navigate this dynamic landscape.

Reasons To Stake TIA

Staking TIA offers a multifaceted investment strategy, combining an attractive Annual Percentage Rate (APR), potential airdrop eligibility, and the broader positive trajectory of the Celestia platform. Taking a closer look at TIA staking, investors are drawn by the appealing APR, often exceeding 10%. 

However, it’s essential to note that the choice of validator plays a crucial role in determining the staking rewards. As the Celestia platform continues to innovate and gain prominence, the allure of TIA staking is further heightened.

Celestia’s commitment to enhancing scalability and data availability. This, in turn, has led to increased demand for TIA, solidifying its position as a valuable asset within the crypto market.

Celestia’s unique utility and game-changing capabilities have positioned it as a frontrunner in the blockchain space. As a result, any new chain looking to launch and conduct a successful airdrop finds integrating TIA stakers as an effective strategy to garner attention. This is particularly true for projects building on the Celestia platform, where TIA’s association adds a layer of credibility and visibility

The association of TIA with projects like Dymension, where TIA stakers met airdrop eligibility criteria, underscores the growing trend of projects leveraging TIA stakers for increased visibility and credibility. As more projects within the Celestia chain ecosystem emerge, the potential for additional airdrops targeted at TIA stakers becomes increasingly promising.

While this analysis sheds light on the potential benefits of staking TIA, it’s crucial to acknowledge the ever-changing nature of the crypto market. Therefore, individuals considering TIA staking should conduct thorough research and stay updated on market trends to make informed decisions. 

Exchanges to Buy Celestia (TIA)

To embark on the journey of acquiring TIA, one can explore various prominent exchanges where TIA is listed. Platforms such as Binance, Kucoin, OKX, and Bybit offer a convenient gateway for purchasing TIA. 

A critical component of the staking process is securing a Keplr wallet. The Keplr wallet is an essential tool for managing and staking TIA securely. Users can download the wallet, create a new wallet by saving the seed phrase, and take precautions to safeguard their keys. The importance of protecting access to one’s crypto assets cannot be overstated, as the security of the Keplr wallet directly correlates with the safety of the stored TIA holdings.

How to Get Your TIA Wallet Address

Go to your Keplr wallet and get your TIA address. You can get it by typing TIA in the search bar, but if it’s not available, you have to make it available.

Click on the hamburger sign at the top left corner:

Click on Manage Chain Visibility next, type TIA, enable it, and Save it:

Go to your wallet dashboard and copy your TIA address, remember, the address is supposed to start with “Celestia”. Go to your crypto exchange and send TIA to that address. 

The process of obtaining TIA is straightforward, with the cryptocurrency available across major exchanges. Additionally, users can explore the option of bridging from other Cosmos chains, such as converting ATOM on the Cosmos chain or INJ on the Injective chain to TIA.

Once TIA is secured in the Keplr wallet, staking becomes the next logical step. Users can access the Celestia Staking dashboard on Keplr, choose a validator based on their preferences, and stake their TIA accordingly. Choosing a validator that offers a high percentage of rewards is best.

It’s important to note that unstaking TIA involves a 21-day processing period, requiring users to plan their actions accordingly. 

Protect Your Staked TIA

Securing a Keplr wallet is paramount for those looking to engage in TIA staking. The wallet serves as a secure tool for managing and staking TIA, requiring users to download it, create a new wallet with a saved seed phrase, and take necessary precautions to safeguard their private keys. 

Never store your seed phrase in a place where it can be accessed on the internet. Do not copy your seed phrase on your device. It is best to write down your seed phrase on a piece of paper and keep it in a place only you can access.

CONCLUSION

It’s crucial to emphasize that the information provided here is not financial advice, but rather an analysis of the current trends in the crypto market. However, the logic behind acquiring TIA and staking is compelling. 

The demand for TIA has been on a consistent uptrend, driving its value from an initial $2.2 to well over $10. The combination of robust staking rewards and the prospect of participating in airdrops makes TIA an enticing asset for investors looking to maximize their returns.

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Shiba Inu whales have been gobbling up the recent dip in Shiba Inu, with on-chain data showing some accumulating an enormous 2.39 trillion SHIB between them. SHIB’s price has been on a downtrend since the beginning of the month, falling as low as 20% from the yearly open to reach $0.000008735 on January 8th. 

Although the crypto has since recovered 15% from this low and is now trading at $0.000009763, its price is still showing signs of decline and is currently down by 3.3% in the past 24 hours. Behind the background sits some whales, gobbling up a whopping 2.39 trillion SHIB tokens worth $24.15 million and sending them straight to cold storage.

Cold storage mostly refers to digital wallets that are not owned by crypto exchanges, making the SHIB stored in them inaccessible for trading or selling. By putting their Shiba Inu into cold storage, these whales show that they plan to HODL for the long term.

Whales Accumulate 2.39 Trillion SHIB In A Month

Shiba Inu’s ecosystem is home to many whale investors, and transactions among these whales are not uncommon. According to on-chain transaction tracker Lookonchain, there have been huge SHIB transfers from crypto exchange Binance into four whale addresses in the past 30 days.

The latest big SHIB whale transaction was one of 136.86 billion SHIB tokens worth $1.38 million at the time of transfer to a newly created wallet. Notably, this was the smallest accumulation from the four whales. The three other whale transactions were of larger proportion, one of which included TRON founder Justin Sun who accumulated 577 billion SHIB worth $5.82 million from Binance.

The third exit from Binance went into address 0xa656, which accumulated 237.87 billion SHIB worth $2.4 million. The largest accumulation came from 0xF633 who accumulated 1.44 trillion SHIB worth $14.54 million from Binance and Gateio. 

https://x.com/lookonchain/status/1745361421817508240?s=20 

A fresh whale wallet accumulated 136.86B $SHIB(1.38M) 30 mins ago.

In the past month, $BTC has increased by 9.78%, $ETH has increased by 16.09%, while $SHIB has only increased by 4.86%.

And 4 whales have accumulated a total of 2.39T $SHIB ($24.15M) from exchanges in the past… pic.twitter.com/NKLz8AhGfV

— Lookonchain (@lookonchain) January 11, 2024

Current State Of Shiba Inu

According to data from IntoTheBlock, large SHIB holders now hold 78% of the total circulating supply, and some of them can manipulate the price to their advantage. However, the huge buys indicate that some SHIB whale investors remain confident in the token’s long-term prospects, despite recent market volatility. 

Shytoshi Kusama, the lead developer of Shiba Inu, urged the growing SHIB community in a social media post to remain steadfast. This came in light of the introduction of Shib name tokens. On the other hand, the SHIB burn rate has seen a spike in efforts to push the price of SHIB up. According to the burn tracker, the burn rate recently witnessed a 395.43% spike in burn rate.

Hey, #SHIBARMY! While everyone is focused on approved or not, hacked or not, we remained focused on creating what we said we would: A Network State. Since I’m hearing a lot of Web 3 but not enough WEB, let’s talk about #SHIB NAME TOKENS. 1/

— Shytoshi Kusama (@ShytoshiKusama) January 9, 2024

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According to the latest report, asset management firm Grayscale has been transferring large amounts of Bitcoin to various wallet addresses over the past month. This data revelation comes days after the asset manager’s application to convert its Bitcoin trust to a spot exchange-traded fund (ETF) was approved by the United States Securities and Exchange Commission (SEC).

It is believed that the Grayscale Bitcoin Trust is one of the largest Bitcoin entities in the world. In September 2023, crypto analytics platform Arkham Intelligence discovered the asset manager’s multi-billion dollar BTC holdings across more than 1,750 wallet addresses.

How Much Did Grayscale Send To Coinbase?

CryptoQuant’s founder Ki Young Ju revealed  – via a post on the X platform – that Grayscale has moved about 21,400 BTC to different wallet addresses in the last 30 days. The CEO also highlighted that some of the funds were sent to Coinbase, the largest centralized exchange in the United States.

Grayscale sent 21.4k $BTC to multiple addresses, including Coinbase, in the last 30 days. pic.twitter.com/7WK9qV8wa3

— Ki Young Ju (@ki_young_ju) January 13, 2024

Specifically, the recent conversion of the Grayscale Bitcoin Trust to a spot BTC ETF has put some spotlight on the firm’s funds movement in recent days. This is because the shares of GBTC are now redeemable for Bitcoin following the ETF approval on January 10.

However, Arkham Intelligence data on Friday, January 12, a day after the spot Bitcoin ETFs began trading in the US, revealed that Grayscale’s Bitcoin trust sent 894 BTC (about $41 million) to Coinbase in a single transaction. This amount sent to the exchange represents about 0.15% of GBTC’s total holdings.

Arkham’s data shows that an additional $119 million in BTC was sent to other addresses on January 12. Interestingly, these funds outflows from Grayscale Bitcoin Trust are believed to have caused the sudden downturn in the price of BTC on Friday.

Popular crypto trader Ran Neuner agreed with this belief, saying that the Bitcoin price is “dumping” as investors are selling their GBTC shares. Neuner said in his post on X:

GBTC held $25bn+ worth of Bitcoin that has been locked up for years with no option to be sold. As soon as the redemption option opened, for the first time people are starting to exit – as they exit the Bitcoin must be sold on the market.

Bitcoin Price is dumping as people are dumping their GBTC shares.

GBTC held $25bn+ worth of Bitcoin that has been locked up for years with no option to be sold. As soon as the redemption option opened, for the first time people are starting to exit – as they exit the Bitcoin… pic.twitter.com/EqHgpHyVdd

— Ran Neuner (@cryptomanran) January 12, 2024

Bitcoin Price Overview

As of this writing, the price of Bitcoin stands at $42,805, reflecting a 7% decline in the past 24 hours. The premier cryptocurrency has reversed most of its gains in the past week after initially falling to below $42,000 on Friday.

According to CoinGecko data, Bitcoin’s price is down by about 2.5% in the last seven days. Nevertheless, BTC maintains its position as the largest cryptocurrency in the sector, with a market cap of $838 billion.

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The winds of change are swirling through the once-Bitcoin-dominated cryptocurrency landscape, as Ethereum (ETH) stages a stunning rally, leaving the reigning king, Bitcoin (BTC), in its wake.

Just days after the highly anticipated approval of Bitcoin’s spot ETF, a paradoxical scene unfolds: ETH soars 13.5%, scaling a 9-month high above $2,650, while BTC stumbles with a 10% dip. This unexpected turn of events has sent shockwaves through the crypto community, igniting a fierce debate – is Ethereum finally usurping Bitcoin’s throne?

While the Bitcoin ETF approval was initially heralded as a game-changer, its muted impact left investors bewildered. This begs the question: what hidden forces are propelling Ethereum’s meteoric rise? Several factors seem to be fueling this ETH revolution:

Tech Titans Take Notice

Unlike Bitcoin, often shrouded in an aura of anonymity and regulatory uncertainty, Ethereum is increasingly embracing a collaborative, future-oriented approach. Upcoming technological advancements like the “Dencun” hard fork promise enhanced data availability and reduced transaction costs, while account abstraction paves the way for smoother user experiences and secure social logins.

Larry Fink is already beating the Ethereum drum. One day after the Bitcoin launch.

The rotation is real. https://t.co/5Ctvqqqauy

— The Wolf Of All Streets (@scottmelker) January 12, 2024

These innovations are attracting the attention of tech giants like BlackRock, whose CEO, Larry Fink, recently expressed “seeing value” in a potential Ethereum ETF. This institutional validation adds significant fuel to the ETH fire.

Ethereum Staking Rewards And Scarcity

Unlike its proof-of-work rival, Ethereum rewards its holders with attractive annualized staking rewards (around 4.3%). This incentivizes investors to lock up their ETH in the network, effectively reducing supply and pushing the price up. Additionally, Ethereum’s issuance rate is slightly negative, further contributing to its scarcity and increasing its appeal as a valuable asset.

Outpacing The Competition

While Bitcoin grapples with its identity crisis, Ethereum thrives in a bustling ecosystem of decentralized applications (dApps) and blockchain-based projects. This vibrant network effect creates a self-reinforcing loop, attracting developers, users, and investors, and solidifying Ethereum’s position as the go-to platform for innovation in the blockchain space.

Meanwhile, direct competitors like BNB and SOL have encountered recent stumbles, further highlighting Ethereum’s relative strength and resilience.

The ETF Factor Looms Large

Though still shrouded in uncertainty, the possibility of an Ethereum ETF approval later this year adds another layer of intrigue to the story. With BlackRock openly advocating for it, and regulatory hurdles potentially clearing by May, the prospect of an influx of institutional capital into the Ethereum market has investors salivating.

However, the crypto world is as unpredictable as a rollercoaster. While Ethereum’s current trajectory is undeniably impressive, challenges remain. Regulatory hurdles, potential network upgrades, and broader market fluctuations could all disrupt its momentum.

Meanwhile, Bitcoin, though seemingly faltering, still boasts a massive market cap and a loyal following. It’s too early to write off the digital gold just yet.

The battle for crypto supremacy has entered a fascinating new chapter. Ethereum, armed with technological prowess, staking rewards, and a burgeoning ecosystem, appears poised to challenge Bitcoin’s long-held dominance.

But whether it can dethrone the king and claim the crown remains to be seen. This crypto saga, still unfolding with every traded byte, promises to keep us on the edge of our seats, wondering who will ultimately rule the digital kingdom.

Featured image from Shutterstock

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In a dramatic turn of events, Bitcoin prices plummeted Friday, erasing almost 10% of its value and dashing hopes of a sustained rally fueled by the highly anticipated launch of spot Bitcoin ETFs. The cryptocurrency, which had surged to a two-year high of $49,000 just a day prior, retreated below $42,000 as investors digested the implications of the new financial instruments.

Bitcoin’s Downturn: ETF Impact, Trust Sell-off, FTX Bankruptcy

Analysts point to a confluence of factors behind the sudden downturn. Profit-taking by early adopters who cashed in on the ETF-induced surge is likely one major driver. With the news out of the way, some investors might have seen an opportunity to lock in profits after a rapid climb.

Adding to the selling pressure was a wave of selling from Grayscale Bitcoin Trust shares. The long-standing trust, which tracks Bitcoin’s price but doesn’t directly hold the cryptocurrency, saw significant outflows as investors shifted towards the newly available ETFs. This switch, while seemingly positive for the ETF market, contributed to the immediate pressure on Bitcoin itself.

Further complicating the picture, the bankruptcy proceedings of FTX, the once-dominant crypto exchange, are also believed to be playing a role. Assets are reportedly being “unloaded” amid the increased market activity surrounding the ETF launch, leading to additional downward pressure on Bitcoin’s price.

Despite the significant correction, not everyone is singing the blues. Some analysts believe the pullback is a healthy development, allowing the market to adjust after the initial hype surrounding ETFs. Zach Pandl, managing director of research at Grayscale, views the profit-taking as a natural reaction to the recent surge and suggests it shouldn’t have a long-term impact on Bitcoin’s price.

Bitcoin ETF Launch: Landmark Moment, Uncertain Future

While the immediate future remains uncertain, the launch of spot Bitcoin ETFs represents a landmark moment for the cryptocurrency industry. With traditional financial tools now available for institutional and retail investors alike, Bitcoin’s accessibility and potential for wider adoption are undoubtedly enhanced.

However, the story doesn’t end there. The recent volatility serves as a stark reminder of the inherent risks involved in the cryptocurrency market. As the dust settles and the market digests the ETF news, it will be fascinating to see whether this marks a mere correction or a more fundamental shift in the trajectory of Bitcoin’s price.

One thing is clear: the saga of Bitcoin is far from over. With new players entering the game and established forces facing challenges, the next chapter promises to be just as thrilling, if not more, than the one we’ve just witnessed.

Featured image from iStock

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According to data from CoinMarketCap, Ethereum (ETH) had dipped over 2% in the last 24 hours. This negative price movement comes after an initial price boost by the token which it gained by over 19% following news of the Bitcoin spot ETF approval in the US on Wednesday. 

Interestingly, popular crypto analyst Ali Martinez has offered more insight into ETH’s developing downtrend, highlighting the next possible support zones for crypto’s largest altcoin. 

Ethereum May Be Headed For $2,450 – Analyst

In an X post on January 11, Martinez shared that the TD Sequential indicator presented a sell signal on the Ethereum 4-hour chart, which could possibly result in the altcoin’s price falling to a support level of $2,530. 

For context, the Tom Demark Sequential indicator is a popular TA tool used to identify trend exhaustion and predict possible trend reversals. 

According to Martinez, this analysis tool showed that ETH was due for a price correction following a price surge in which the asset traded above $2,700 in reaction to the US Securities and Exchange greenlighting the launch of Bitcoin spot ETFs on US securities markets. 

If #Ethereum can’t hold above $2,530, the next stop will be $2,450! https://t.co/wtjcdRTWnv

— Ali (@ali_charts) January 12, 2024

Interestingly, in a second post on January 12, the renowned crypto analyst doubled down on this prediction stating that if the ETH bulls failed to keep the coin’s value above $2,530, there was a chance the token could trade as low as $2,450.

According to Martinez, ETH’s current negative price movement appears to be a mere correction which is likely true as the general investor sentiment around the altcoin remains bullish.

Earlier this week, NewsBTC reported that ETH investors are hyped with the expectation of an Ether spot ETF in the US following the SEC’s clearance of 11 Bitcoin spot ETF applications on Wednesday. Considering ETH’s rank as the second-largest cryptocurrency after Bitcoin, as well as the rising number of Ether spot ETF applications, investors believe the altcoin may be in line for the SEC’s favor. 

ETH’s Price Overview

At the time of writing, Ethereum was trading at $2,548 with a slight decline of 2.67% in the last day. However, the altcoin has shown an overall bullish performance in the last week, with a notable gain of 14.48%. Adding to this positive narrative, there is also an uptick in ETH’s daily volume by 22.25% which is currently now valued at $26.8 billion. 

Featured image from Forbes, chart from Tradingview

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On January 11, crypto exchange Coinbase unveiled its partnership with Yellow Card, the largest and first licensed Stablecoin on/off ramp on the African continent, to expand the access of their products to emerging economies across the African continent.

Expansion To Emerging Economies

Coinbase will expand access to its products through this new partnership with Yellow Card, starting with 20 African countries. They will provide millions of African users access to USD Coin (USDC) on the Coinbase Wallet and the Yellow Card app.

Both partners expect to “increase economic freedom” in many of these countries, whose economies have suffered from high inflation and remittance dependency and the lack of a modern financial system vastly sought by the younger generations. As they state in their press release:

Young people are more likely to recognize the benefits of crypto: more than seven in 10 crypto owners globally (72%) are under age 34.

Their Plan To Make The Global Financial System “More Accesible”

To achieve opening access to a more modern and global financial system, they will facilitate access to USDC on Base for cheaper fees and faster transactions than traditional transfers starting in February 2024.

In the Coinbase Wallet, users will be able to purchase USDC directly from their Wallet app, as well as sending USDC without any fee to messaging and social media apps, as they noted:

Coinbase Wallet users will be able to easily send USDC without fees on any platform where they can share a link — including messaging apps like WhatsApp, iMessage and Telegram, and through popular social media apps and email.

Users of the Yellow Card’s platform can purchase USDC on Base and transfer through the L2 blockchain, benefiting from cheaper fees and easy access to the stablecoin, too.

Chris Maurice, Co-Founder and CEO of Yellow Card, expressed his excitement in an X (formerly known as Twitter) post. Maurice is optimistic about the future of the partnership and the solutions it might bring to African people and businesses.

Beyond excited to bring @coinbase to Africa!

Stablecoins like USDC solve real problems for real people & businesses on the continent.

With @yellowcard_app‘s regional expertise and Coinbase’s global brand and infrastructure, we will empower the next one billion people. https://t.co/9DOgZ4TKMr

— Chris Maurice (@chrismaurice) January 11, 2024

The partnership aims to protect users’ savings across the African continent from “unstable currencies” and economic volatility due to the high inflation rates of up to 18.5%.

They will offer lower remittance fees, with the maximum fee being 2%. As well as offering access to the global financial system to small and medium enterprises (SMEs) by allowing merchants to set up a Wallet in less than a minute and broadening their growth.

In summary, the Coinbase and Yellow Card partnership will expand solutions for people and businesses in 20 African countries by making the global financial system more accessible.

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