The first week of 2024 ends with substantial and new developments in the cryptocurrency space. Among them, a notable increase in interest was seen among global cryptocurrency market traders and investors, orbiting Bitcoin, Solana, Terra and the US SEC. This seems to be mainly attributed to the key developments observed by the entities before mentioned. In line with this, some of the main headlines of the week are:
The Bitcoin Chronicle
The week began with quite optimistic sentiment for Bitcoin globally, as the token noted a rapid increase in its dominance following the cryptocurrency market rally on New Year's Day. Furthermore, this chronicle was full of positive sentiments ahead of the timely approval of the Bitcoin ETF by the US SEC, which is approaching on January 10.
Meanwhile, in the meantime, the creator of the Bitcoin S2F model Plan B hinted that the BTC price would reach $55,000 as the halving approached and scheduled it to reach $1 million by the end of 2025. However, Bitcoin soon retreated, erasing earlier gains, as the broader crypto market experienced more of $700 million in liquidation on January 3, 2024.
Additionally, Dennis Porter, executive director of the Satoshi Action Fund, revealed U.S. Senator Thom Tillis' “notable concerns” about the 'Bitcoin ban bill.' At the same time, he highlighted the importance of a balanced regulatory approach to innovation and the fight against illicit finance.
On the other hand, homeport Foresaw a possible BTC price drop to $36000 as the platform's anticipation predicted the SEC's unfavorable stance on Bitcoin ETF one-time decisions.
Simultaneously, 210,010 BTC, worth $9 billion, were interchanged in block #824239 on January 4, showing one of the most notable Bitcoin transactions to date. In this regard, two unknown wallets transferred the aforementioned amounts to each other.
However, despite the colossal market sell-offs and transfers amid concerns generated by the SEC's stance on the Bitcoin Spot ETF, long-term Bitcoin holders seemed unfazed. Furthermore, Arthur Hayes, co-founder of BitMEX, hinted at a possible 40% correction in BTC price after the approval of the Bitcoin Spot ETF.
Additionally, Citigroup Inc. Alumni also revealed plans to launch Bitcoin depositary reservesreleased from the limitations of the US SEC
Solana awakens optimism
Solana, a prominent blockchain with the native SOL token, also marked a storm of advances this week, following a major list bonanza. According to a CoinGape media report, Binance, the world's largest cryptocurrency exchange, announced plans to create support for SOL isolated and cross-margin pairs on its platform.
Additionally, Solana co-founder Anatoly Yakovenko cracked down on major vulnerabilities orbiting the Solana ecosystem. Meanwhile, Solscan, Solana's blockchain analytics platform, also strategically merged forces with Etherscan, revolutionizing the blockchain exploration space.
In addition to this, Yakavenko affirmed Solana's strong and continued approach to layer 1 scaling, fueling greater optimism for SOL.
Also read: Lido DAO (LDO) Price Hits New Highs in Extended Rally
Terra awakens inferences
The Terra Classic community also highlighted notable developments this week such as binance, a major crypto exchange announced the burning of 5.57 billion Terra Luna Classic tokens. With this, the community collectively noted the burning of 93 billion LUNC, according to a report by CoinGape Media.
Additionally, the community also rejected a request for 8 million USTC. burning proposalwith the aim of using it for purposes related to the development of the chain.
Simultaneously, Chris Amani, CEO of Terraform Labs, quickly fueled an increase in the prices of Terra-backed tokens. This comes as a result of Amani's prediction, which proclaims that the Terra ecosystem will have the deepest stablecoin liquidity in Cosmos. Furthermore, he claims that Terra will be the only ecosystem that will have enough liquidity for DeFi.
Also read: Terraform Labs and Do Kwon challenge SEC experts' opinion in legal showdown
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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