FameEX Morning Crypto News Recap | December 25, 2023

Open Interest in Bitcoin Options Soars Above $18 Billion Amid Expectations of SEC ETF Verdict

As of December 22, 2023, the open interest in Bitcoin options soared past $18 billion, setting a new record. This increase is attributed to traders utilizing Bitcoin options for hedging and speculating on its price prospects. A key factor fueling this trend is the expected U.S. Securities and Exchange Commission (SEC) decision on a spot Bitcoin ETF.

SEC Chief Gary Gensler Voices Concerns Over Cryptocurrencies Amid Growing Anticipation for Spot Bitcoin ETF Endorsement

SEC Chairman Gary Gensler has issued a warning to investors about the hazards associated with cryptocurrency investments, pointing out prevalent noncompliance issues in the crypto industry. He emphasized how such noncompliance erodes trust, leaving many facing bankruptcy. These advisories emerge amid growing market expectations for the soon-to-be-approved spot bitcoin exchange-traded funds (ETFs).

Blackrock Unveils Strategy to Allocate $10 Million to Spot Bitcoin ETF on January 3

On January 3, Blackrock, recognized as the world's leading asset manager, intends to seed its spot bitcoin ETF with an investment of $10 million. This decision comes after six discussions with the SEC, leading Blackrock to transition from its initial in-kind model to a cash creation model, adapting to address the SEC's reservations about the fund's framework.

Anticipation Builds — Increase in Bitcoin Price Projections as 2024 Draws Closer

Closing 2023, Bitcoin has impressively surged by 165% since the start of the year. With 2024 on the horizon, numerous experts and market analysts foresee further growth for Bitcoin. Markus Thielen from Matrixport's research team predicts a likely approval of a spot bitcoin ETF in January, with expectations that Bitcoin's value might surpass $50,000 by month's end.