Bitcoin Spot ETF: What does the decision mean for the crypto market in 2024?

Bitcoin Spot ETF: What does the decision mean for the crypto market in 2024?

New week, new luck - this is how the final trading week in 2023 can be described, which could still be a little quieter. Traditionally, trading volumes are lower between holidays, but this could sometimes allow for significant price movements. In the absence of macroeconomic events, the focus is likely to be on crypto-internal events. It seems likely that the trends of the past few weeks will continue in the last trading week of 2023. At the same time, we should take a look at new coins that will start their presale just before the end of the year. Better than BONK? This meme coin could explode by 100x in 2024 Bitcoin spot ETF: Now things are getting serious.

According to a report from www.finanzen.net, the launch of a Bitcoin spot ETF is expected, which could increase the confidence of institutional investors and further drive Bitcoin adoption. The SEC has now given applicants a December 29 deadline for amendment requests to be approved in the first wave of Bitcoin spot ETFs. This could have a positive impact on the Bitcoin market in 2024, as both the upcoming Bitcoin halving in spring 2024 and possible interest rate cuts in the first half of 2024 could further benefit the market. Despite the price's consolidating move over Christmas, the outlook for Bitcoin remains bullish as volatility has eased and a trend reversal is on the horizon.

Solana is also experiencing a pump with a price jump of around 5% in the last 24 hours and is close to $120. However, the heavily overbought RSI on the daily chart shows that consolidation may be necessary soon, as Solana is close to the critical supply zone between $120 and $140. A possible consolidation could impact the broader market as well as other altcoins such as ETH, as traders could see a shift in sentiment away from Solana and towards other coins.

A new meme coin called SPONGEV2 aims to deliver 100x returns and follows the successful SpongeBob Token (SPONGE). Developing some kind of “version 2” or successor to successful meme coin projects has gained popularity in the past, and the launch of such a successor could attract investors who have already heard of or participated in the successes of the original project. SPONGEV2 is already generating increasing demand and, in addition to the staking feature, will also offer a play-2-earn game to give the meme coin more use.

These are the latest developments investors are expecting this week that could potentially impact the crypto market.