Countdown to Approval of Spot Bitcoin ETF on January 10th -

BlackRock anticipates the U.S. Securities and Exchange Commission (SEC) approving the Spot Bitcoin ETF by Wednesday, January 10th, within the decision deadline. This is to be followed by the official announcement on January 11th, according to Fox Business, as reported by The Block.

The Block also reports that Goldman Sachs, a major player in the investment sector, is in discussions with BlackRock and Grayscale Investments to be an authorized participant in the Spot Bitcoin ETFs of these two companies.

Grayscale has adjusted its crypto fund portfolios by replacing MATIC (Polygon) with AVAX (Avalanche) and XRP (Ripple). For DeFi Funds, CRV(Curve) has been removed from the list which also features UNI (Uniswap), LDO (Lido DAO), MKR (Maker), AAVE (Aave), and SNX (Synthetix Network). These changes are part of Grayscale’s strategy to align with market conditions and regulatory frameworks.

VISA has announced a new Web3-based rewards program in collaboration with SmartMedia Technologies. This initiative will enable customers to use their digital wallets to accumulate tokenized tickets, loyalty coins, digital collectibles, and other exclusive benefits from various brands. The platform is designed to be user-friendly, requiring no advanced knowledge of blockchain technology.

In 2024, Square Enix, a renowned Japanese gaming giant, is planning to focus on game development using AI, , Web3, and cloud technologies. However, the company has not yet revealed a specific timeline for launching games incorporating blockchain technology.

Delphi Digital’s report highlights that Optimism and Starknet are the most popular blockchain networks among developers for building GameFi infrastructure. Currently, there are about 1.2 million active digital wallets engaged in blockchain gaming per day. This report emphasizes the rapid expansion in the Web3 game development space and the growing interest in blockchain gaming.

Weekly Technical Analysis: 9-15 January 2024

Bitcoin (BTC)

Bitcoin (BTC) is currently in a consolidation phase following rumors that the Bitcoin ETF might not be approved. Investors await clearer market indicators. Key support is observed at $42,500; if this level breaks, it may lead to further correction. However, if Bitcoin rallies, the first resistance is at $46,000, and surpassing this, the next target is $48,000.

Support : 1,480,000 THB Resistance: 1,570,000 THB

Ethereum (ETH)

Ethereum (ETH) is currently experiencing a period of stabilization. The short-term focus is on the support level at $2,150. A break below this level could indicate a bearish trend. The first resistance is at $2,500; overcoming this may lead to a test of the $2,600 level. Overall, the market is awaiting new supporting factors.

Support: 74,500 THB Resistance: 80,000 THB

Ethereum Name Service

ENS experienced a 26.15% increase over the past week, followed by a retracement. The price did not reach a new low, suggesting a potential for further upward movement. In the short term, the support level to watch is around 380 THB, with a short-term profit target at the previous high of 560 THB.

Support: 380 THB Resistance: 560 THB

VELO

VELO has increased by 16.31% in value over the past week. However, it experienced a significant sell-off, dropping to a low of 0.150 THB. This level could be considered for buying or setting a stop-loss if the price fails to hold. The short-term resistance and profit-taking target is at 0.220 THB.

Support: 0.150 THB Resistance: 0.220 THB

Trading and Investment Considerations For The Week

Last week’s announcement of a higher-than-expected non-farm payroll led to a strengthening of the US dollar, which in turn put pressure on Bitcoin prices. Financial markets are beginning to speculate that the chances of the U.S. Federal Reserve lowering interest rates in March are decreasing.

This week, a key economic indicator to watch is the U.S. Consumer Price Index (CPI) announcement on January 11th. The market expects a figure of 3.2%. A number lower than this would be favorable for the markets, as it could increase the likelihood of the U.S. Federal Reserve cutting interest rates in March.

The BTC.D index has increased while the Total3 index has decreased, indicating that altcoins are underperforming compared to Bitcoin. There is an expectation of capital flowing out of altcoins in anticipation of the Bitcoin ETF approval.

The crypto market is expected to move sideways and slow down, especially as the market awaits the SEC’s decision on the Bitcoin ETF by January 10th. If approved, a temporary speculative surge is expected before a market correction. In the case of rejection, an immediate correction may occur.

Investors with lower risk tolerance should consider reducing their investment portfolios and exercise caution due to the expected short-term volatility following the announcement.

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