JUST IN: Bitcoin Price Hits Above $45,000: A New Year’s Rally Fueled by ETF Optimism

Welcoming 2024 with a financial flourish, Bitcoin has triumphantly surged more than 7%, eclipsing the $45,000 threshold for the first time since the early months of 2022. This impressive ascent is propelled by the burgeoning hope amongst investors for the approval of multiple spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). A buzz has been created in the cryptocurrency circles following a Reuters report, which suggests that the SEC might start approving these ETFs as soon as the coming Tuesday. This news has injected a fresh dose of enthusiasm into the market, painting a bullish start for Bitcoin’s journey in the new year.

Bitcoin begins 2024 by rising above $45K

The crypto market appears to have started the new year with a bang as Bitcoin broke above $45,000 late Monday.

According to TradingView data, bitcoin crossed the $45,000 line shortly after 7 p.m. ET. Trading volumes rose sharply at that time, with the price peaking at $45,376 on Coinbase.

Bitcoin was last above the $45,000 mark in April 2022, according to market data.

As of press time, bitcoin is hovering around the $45,000 mark on Coinbase, having previously slid to a local low around $44,700.

It’s unclear what prompted the Monday price move, but speculation has mounted in recent weeks above a potential approval of a spot bitcoin ETF in the United States.

Numerous firms,…

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The charts that defined crypto in 2023 

During the final three months of 2023, there was a marked increase in the values of cryptocurrencies like bitcoin and ether, which rose by 51% and 36% respectively. This upward trend in the market has left many traders feeling optimistic about what’s to come in 2024.

As investors get their 2024 strategies in order, here is a review of some of the charts and data points that defined the crypto market in 2023. 

Bitcoin’s correlation with stocks 

Bitcoin’s correlation with the S&P 500 and Nasdaq Composite indexes whipsawed this year. 

The asset was most closely correlated with the S&P 500 in February 2023, when its 30-day rolling average coefficient hit 0.9. The max is 1, meaning…

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What Gen Z Thinks About Bitcoin

One of us is from Kentucky and the other from China. We both attend Washington and Lee University in Virginia. Last summer, we assisted Professor Seth Cantey, also a co-author of this piece, with research on the roles of bitcoin and Tether in Lebanon. To help with that work, first we had to learn a lot. What is bitcoin, and what are the problems it’s trying to solve? How is it being used in Lebanon? Could bitcoin adoption mitigate the economic crisis? For two months, we wrestled with these questions.

But another question came up too. What does our generation, Gen Z, think of bitcoin?

Gen Z, the demographic cohort succeeding Millennials, includes those born from the mid-1990s to the early…

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Ethereum Improvement Proposals to watch in 2024

The latest Ethereum All Core Developers meeting finally put some tentative dates on the upgrade schedule for the next mainnet hard fork, Dencun.

With the caveat that it’s only “if no major issues arise,” Ethereum devs are eyeing the following dates for forking Ethereum’s public testnets:

Goerli: Jan. 17
Sepolia: Jan. 30
Holesky: Feb. 7

This will be the last time that Goerli is included in the testing regimen, as the network is slated for deprecation.

They also discussed what comes next — the as-yet-un-nicknamed Prague/Electra upgrade. The Ethereum community is considering whether to focus on a large core feature — which could take a year of work —  or structure the…

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The 3 biggest DeFi innovations of 2023

Decentralized finance has seen some significant improvements over the past year.

Here are some of the major milestones the DeFi space has seen since the start of 2023.

1. Cross-chain communication for more interoperable blockchains

Cross-chain communication protocols seek to enable different blockchains to communicate with each other. They are designed so that data and value can be connected between separate systems, enabling tokens or assets to be transferred between separate networks. 

This type of technology allows decentralized exchanges to tap into more liquidity pools and give applications access to technological functionality across other blockchains. 

Squid, a cross-chain…

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Top Trending Crypto Coins of The Day

BIGCAP COINS:

  1. Solana: Market Cap of $45.0 Billion.
  2. Internet Computer: Market Cap of $6.2 Billion.
  3. Bitcoin: Market Cap of $835 Billion.

MIDCAP COINS:

  1. Tellor: Market Cap of $536 Million.
  2. Bonk: Market Cap of $814 Million.
  3. ORDI: Market Cap of $1.5 Billion.

RISING COINS:

  1. Jesus Coin: Market Cap of $25.8 Million.
  2. PepeCoin: Market Cap of $93.3 Million.
  3. UNODEX: Market Cap of $5.51 Million.

Disclaimer: Market capitalizations can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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SBF, Ordinals and more: What defined crypto markets in 2023

With bitcoin poised to end 2023 around 150% higher — and ether more than 80% in the green — crypto traders are heading into the new year in a positive mood.

Here are some of the top headlines and storylines that moved markets this year, and what to keep an eye on as we enter 2024. 

Bitcoin NFTs come on the scene 

Ordinal protocol developer Casey Rodarmor launched Bitcoin Ordinals in January 2023, bringing non-fungible tokens to the Bitcoin blockchain. 

Data from CryptoSlam shows that Ordinal sales peaked in May 2023 with $452 million in transactions before dipping to around $3 million by August. 

While demand has ebbed and flowed, Ordinals have also made transactions on the…

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NFTs are the new cookies

In recent years (past the initial buzz around NFTs in 2021), brands in Web3 have focused mainly on building Web3 loyalty programs — which are an incredibly effective way for brands to find more dynamic ways to engage and retain consumers.

But here’s the kicker: Web3 loyalty programs are about more than just loyalty — and they are just the tip of the iceberg in many ways. 

The real magic in Web3 loyalty programs isn’t just the coveted act of retaining consumers, but as we like to say in Web3, what happens under the hood. This is where things get really interesting.

In other words, the next big trend in Web3 after loyalty may very well be a more efficient and engaging form of…

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Bit Mining Sells Btc.com Mining Pool Due to Loss of $2.6M

In a strategic move aimed at optimizing its operations, renowned mining firm Bit Mining Limited announced the sale of its mining pool division associated with Btc.com for $5 million. The transaction, involving the Hong Kong-based Esport-Win Limited, is expected to impact the company’s equity positively, depending on certain closing conditions.

On December 29, the bitcoin mining and blockchain infrastructure company announced the divestiture of its Btc.com mining pool business through a document shared with the Securities and Exchange Commission (SEC). Esport-Win Limited, a Hong Kong limited liability company, emerged as the acquiring entity in this strategic transaction. The filing…

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