BTC's 3 Big Challenges
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- 😲 ETF panic. Analysts at Matrixport, a crypto financial services firm, released a report suggesting Bitcoin ETFs may not be approved this month. The report's unintentional wide release caused a temporary wave of sell-offs.
- 📈 Arbitrum on the rise. Arbitrum, the leading L2, has crossed the $2.5B TVL mark, with the ARB token notching a new all-time high above $2.
- 🪙 Goldman Sachs eyes ETFs. Today, news broke that investment banking giant Goldman Sachs is in discussions with Blackrock and Grayscale in a bid to become an "authorized participant" in their seemingly imminent Bitcoin ETF offerings.
📊 Down we go! Crypto markets tumbled this morning, with the total crypto market cap (TOTAL) wicking down as much as 12%, its largest single-day decline since the collapse of FTX in November 2022. What's causing the crypto weakness?
| Prices as of 5pm ET | 24hr | 7d |
|
Crypto $1.64T | ↘ 4.6% | ↘ 3.0% |
|
BTC $42,916 | ↘ 4.9% | ↘ 1.1% |
|
ETH $2,223 | ↘ 6.1% | ↘ 5.9% |
The bull case for Bitcoin certainly hasn't been shy in presenting itself lately. Yet there are some important caveats to remember before you unquestioningly ape BTC to enjoy the monstrous gains that may be in store for 2024...
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