No Pump After Bitcoin ETF… What Is Going On?!
Hello there and welcome to another Coinigy news roundup.
So, quick one here…
Bitcoin ETFs were approved last week—about 11 applications.
And the market jumped—as we all hoped.
Then it tanked like nothing major happened.
I know everyone was expecting Bitcoin to reach $50K after the approval 😆
Anyway, here’s the latest:
- Bitcoin price sells-off after ETF approval — Have investors turned bearish?
- Gold on steroids? Bitcoin, gold correlation surges in 2023 — Fidelity
- Ripple to buy back $285 million of its shares, valuing the company at $11 bln
- Ethereum co-founder Vitalik Buterin calls for 33% increase in Gas limit
Bitcoin price sells-off after ETF approval — Have investors turned bearish?
Bitcoin price dropped by 6.8% between Jan. 11 and Jan. 12, confirming bears’ theory of a sell-the-news-style event occurring after the approval of a spot Bitcoin exchange-traded fund (ETF). The much-anticipated event ensued after a 75% rally in the 90 days leading to the initial trading on Jan. 11. This partially explains the lack of excitement and the subsequent price correction down to $43,180.
Gold on steroids? Bitcoin, gold correlation surges in 2023 — Fidelity
In 2023, gold experienced significant fluctuations but showed strong performance against several currencies overall. Gold’s price in United States dollars jumped 14.6% in 2023, with notable variations among different currency pairs. The asset performance was primarily driven by geopolitical risks and central bank demand. Bitcoin, meanwhile, gained 156% in 2023.
Ripple to buy back $285 million of its shares, valuing the company at $11 bln
Ripple Labs is set to conduct a tender offer to repurchase a $ 285 million stake from early investors and employees, aiming for a total expenditure of $500 million. The deal values Ripple at $11.3 billion and limits investors to selling 6% of their holdings.
Read the complete article here
Ethereum co-founder Vitalik Buterin calls for 33% increase in Gas limit
During a Reddit, Inc. AMA, Ethereum co-founder Vitalik Buterin suggested a "modest" increase in the gas limit. This change, aiming to enhance network throughput, would elevate the limit to about 40 million from the current 30 million, a 33% rise.
Read the complete article here
Other Highlights Worth Mentioning
Let’s be real: Bitcoin ETFs have never really mattered - Blockworks
In 2023, the use of Web3 applications saw a notable increase, with a 124% rise in unique active wallets. — Cryptopotato
The Hedera and Algorand Technologies have teamed up to create a decentralized system for digital asset recovery. This initiative unveiled at the Crypto Finance Conference, focuses on simplifying the security and recovery of digital assets. — Forkast News
Phoenix Group is boosting its Bitcoin mining sector presence with a $187 million investment. Its subsidiary Phoenix Computer Equipment announced an agreement with BITMAIN Development PTI Ltd for new mining machines. — Cryptorank