Week Ahead: Bitcoin ETF countdown begins
This week is extremely important due to the Bitcoin spot ETF approval deadline. This week will end investors’ years of waiting to get a Bitcoin ETF approved by the US Securities and Exchange Commission (SEC). As a result of this crucial event, it could bring in volatility like never before.
On Thursday, the US Bureau of Labor Statistics will announce the inflation numbers for December. The headline inflation number was 3.1% for November, and forecasts currently sit at 3.2%, a slight increase.
Why Litecoin active addresses spike is not a bullish sign
Ordinals made headlines for congestion on the Bitcoin blockchain, the NFT-like assets have caused a spike in active addresses on Litecoin (LTC). The surge in address activity is therefore unlikely to fuel a rally in LTC as the hype surrounding ordinals increases.
Litecoin blockchain’s active addresses crossed 697,000 (at the time of writing) in the past 24 hours, according to data from BitInfoCharts. The number eclipsed Bitcoin and Ethereum’s active addresses, supporting the thesis of rising activity on the Litecoin blockchain.
2 Million Ordinals have been inscribed on Litecoin in 2024! In just one week!! #Litecoin⚡️ $LTC #LTC20 pic.twitter.com/LTe6zCEY4N
— Litecoin (@litecoin) January 7, 2024
Chainlink supply on exchanges hits six-month low, fueling LINK price recovery thesis
Chainlink (LINK) price fell nearly 11% in the past week amidst speculation of Bitcoin Spot ETF rejection by the US Securities and Exchange Commission (SEC). The blockchain oracle token’s on-chain metrics paint a bullish picture for LINK price recovery this week.
A decline in Chainlink’s supply on exchanges and a rise in total wallet addresses could help LINK erase some of its weekly losses, and begin a recovery. The altcoin’s supply on cryptocurrency exchanges has hit a six-month low at 8.46% of the total Chainlink supply, according to data from Santiment, a crypto on-chain and social media market tracker.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Top 3 meme coins Dogecoin, Shiba Inu and Bonk: Bitcoin gains could fuel recovery in DOGE, SHIB, BONK
Prices of meme coins Dogecoin (DOGE), Shiba Inu (SHIB) and Bonk (BONK) are broadly steady on Tuesday, as the broader crypto market recovers on the back of Bitcoin’s recent gains. BTC climbed to a high of $64,400 on Tuesday, catalyzing gains in altcoins.
XRP holders to see redacted versions of SEC reply in Ripple lawsuit on Wednesday
Ripple (XRP) lawsuit’s latest development is Securities and Exchange Commission (SEC) filing, under seal. The regulator has filed its reply brief and supporting exhibits and the documents will be made public on Wednesday, May 8.
Polygon launches zk-based Ethereum scaling solution Miden on testnet, fuelling Layer 2 war
Polygon (MATIC), the largest Ethereum scaling solution, announced on Monday the launch of its zero-knowledge (zk) based “Miden”, a scaler to boost Ethereum chain’s capabilities.
Bitcoin miner Marathon Digital stock gains ground after listing by S&P Global
Following Bitcoin miner Marathon Digital's inclusion as an upcoming member of the S&P SmallCap 600, the company's stock received an 18% boost, accompanied by an $800 million rise in market cap.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.