U.Today – Weekend News Summary

SEC Greenlights Two Crypto ETFs

According to Nate Geraci's X post from Friday, Dec. 20, the U.S. Securities and Exchange Commission (SEC) has approved two Bitcoin/Ether combo exchange-traded funds (ETFs) proposed by Hashdex and Franklin Templeton. As stated in the approval order, these products are "substantially similar" to previously approved spot-based Bitcoin and Ethereum ETFs. Geraci noted that it would be interesting to see whether other major financial firms, such as BlackRock (NYSE:BLK), will try to launch similar products following this approval. Bloomberg's Eric Balchunas suggested that the recently approved ETFs will likely be launched in January. The SEC had previously greenlit multiple Bitcoin ETFs in early 2024, paving the way for a substantial rally in the crypto market. Notably, U.Today reported that U.S.-based Bitcoin ETFs have now exceeded the total holdings of Satoshi Nakamoto.

Samson Mow on Bitcoin Crash: "Supply Shock is Coming"

Last week, Bitcoin experienced significant volatility, reaching an all-time high of over $108,000 before dropping to $95,587.68. Despite notable accumulation by major firms, including MicroStrategy’s purchase of $1.5 billion, the Bitcoin price has continued to decline. Samson Mow, a prominent Bitcoin supporter and CEO at JAN3, addressed the community's concerns regarding the paradox of rising demand despite falling prices. He described the current market behavior as "irrational with limited Bitcoin supply left." Mow advised investors to trust their instincts and warned about an impending supply shock. At the time of writing, BTC was trading at $93,950, down 2.10% in the past 24 hours, according to CoinMarketCap.

200 Million Dogecoin Stun Binance in Major Move

On Dec. 20, a significant Dogecoin transfer occurred, moving 200 million DOGE from an unknown wallet to Binance, valued at approximately $59.9 million. Large transfers to cryptocurrency exchanges can indicate various intentions, such as potential trading or liquidity provision. However, the specific purpose of this transaction remains unclear. On Dec. 19, Dogecoin fell below the 50-day SMA at $0.36, hitting lows of $0.262, before rebounding. Currently, DOGE is trading at $0.309, down 0.56% over the last 24 hours, and has dropped nearly 23% over the past week. If prices continue to decline, Dogecoin could potentially fall to $0.23.

This article was originally published on U.Today.