Demex Daily #62: $BTC Bitcoin Soars Above $45K in Lead-Up to U.S. Spot ETF Decision

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Bitcoin's price showed bullish momentum at the start of the year, partly due to expectations of a spot Bitcoin ETF approval in the U.S. On January 1, 2023, BTC's price rose to over $45,000, driven by trader and investor optimism and a fear of missing out (FOMO). The U.S. Securities and Exchange Commission (SEC) is anticipated to make a decision on the Ark 21Shares spot Bitcoin ETF filing by January 10, 2024. Reports from Reuters suggest that SEC officials might approve the first-ever spot Bitcoin ETF around January 9 or 10, 2024. Despite this optimism, some analysts caution that BTC's price could see a retracement following the ETF approval, potentially dropping to as low as $37,000, even with the months-long hype around the ETF's impact on institutional players like Blackrock and Fidelity.

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Tether's USDT stablecoin reached a $91.5 billion market cap, a sign of its growing influence in the crypto market. CEO Paolo Ardoino attributes this to continuous innovation and responsiveness to community feedback. Besides its stablecoin operations, Tether has diversified into various projects, including peer-to-peer technology and Bitcoin mining. The company has also focused on compliance and security, collaborating with U.S. agencies like the Secret Service and the FBI. Looking ahead to 2024, Ardoino teases new product launches and enhancements, highlighting Tether's commitment to advancing in the digital currency sector.