- Digital asset markets peak with Bitcoin ETF anticipation in the U.S.
- Cryptocurrency daily trading volumes surge 33.9% in Q4 2023.
- SEC decision on Ark 21 Shares Bitcoin ETF due by January 10th.
During the fourth quarter of 2023, digital asset markets experienced unprecedented peaks as large-scale investors increased their optimistic stakes in anticipation of the expected sanctioning of a direct Bitcoin ETF in the United States.
A new analysis from CCData on cryptocurrency performance for the last quarter of the previous year details how a rise in optimistic mood due to various factors that improved on-chain metrics has been observed.
Concluding the year with robust performance, there was a 33.9% surge in daily trading volumes due to an influx of capital into the markets. The daily trading volume for cryptocurrency products has peaked since January 2022, achieving an unprecedented $659.5 million.
Highly Anticipated Event
The SEC of the United States has until January 10th to determine if it will grant approval to the application submitted by Ark 21 Shares. With more than twelve applications awaiting a decision of either acceptance or denial, this date is probably regarded as the final opportunity for a resolution.
An increase in submissions and continuous conversations among staff at the SEC, trading platforms, and potential offerors are among several signs suggesting that an authorization is probably about to happen soon.
As of this writing, the current trading value of Bitcoin stands at $43,260, representing an increase of 5.40% over the past 24 hours, according to information from CoinMarketCap. Additionally, there has been an 18.25% rise in trading volume. Following a rapid drop in price the previous day, the price has experienced a short-term recovery.
Should the price surpass the $43,280 mark, it is expected to continue its ascent towards the $43,510 resistance mark. Conversely, should the price fall beneath the $42,240 threshold, it is anticipated that it will proceed with a downward movement to reach the $41,870 support mark.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
