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The cryptocurrency market surged on Monday, due to BlackRock’s amended S-1 filing with the Securities and Exchange Commission (SEC). The filing revealed the proposed spot Bitcoin ETF will bear the ticker IBIT, and provided additional details concerning the creation and redemption methodology to be implemented by the fund.
Bloomberg Intelligence analyst Eric Balchunas noted that BlackRock has gone cash only at this time, and that it is “all about getting ducks in row bf holidays. Good sign.” Data from Coinglass revealed BTC shorts amounting to over $37 million were liquidated in the past 12 hours.
The global crypto market cap has reached $1.56 trillion, marking a 2.06% decrease in the last 24 hours. The top gainer in the last 24 hours was SEI (SEI) with a 38.09% gain, followed by Woo Network (WOO) with a 23.17% gain, and Injective (INJ) with a 21.91% gain.
On Monday, the S&P 500 continued its winning streak of seven weeks, rising by 0.45% to 4,740.56. The Nasdaq Composite index also saw a boost, advancing by 0.61% to close the day at 14,904.81.
Cryptocurrency analyst Michael Van de Poppe believes that Bitcoin will hit its low point before rising again. He notes that “profit taking end of year, most likely from later this week/early next week we’ll be back in up-only mode.”
On-chain analyst PlanB recently shared some exciting insight that could lead Bitcoin (BTC) to a new all-time high in as little as four months. During an ask-me-anything (AMA) session, the quantitative analyst disclosed that the approval of spot market Bitcoin exchange-traded funds (ETFs) could be the key that unlocks explosive growth for the leading cryptocurrency, ultimately pushing it to break past its previous record-high before April 2024’s halving event.
On-chain analytics firm Santiment reported that “in the latest case of ‘traders get fearful, market prices get cheerful’, crypto market caps rebounded big on Monday.” Twitter users had strong reactions to Jim Cramer’s advice against using Binance, and according to Cramer, traders should be wary of using the platform.
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