Altcoins led the gains on Tuesday, with NEAR Protocol NEAR gaining 15% in the last 24 hours and Avalanche AVAX and Solana SOL gaining 8%, while Bitcoin (BTC) gained about 5%. After hitting an intraday low of $40,000 on Monday, Bitcoin has gained and is now trading at around $43,000. Traders are looking ahead to the next levels of the cryptocurrency. Matteo Bottacini, trader at Crypto Finance AG, only sees a break above $45,000 if there is unexpected news or a stock rally. “A BTC break above $45,000 should be due to either unexpected positive news or a stock rally,” Bottacini said. “Conversely, a decline below $41,000 in the absence of negative news or risk-off sentiment in traditional markets represents a buying opportunity and is indicative of a possible short squeeze.”
On Monday, BlackRock (BLK) filed a revised proposal for a spot Bitcoin exchange-traded fund (ETF) in an attempt to appease regulators, likely boosting its chances of a first-of-its-kind approval in the United States. As part of the updated proposal, BlackRock's ETF will have cash creation and redemption mechanisms, the model preferred by the Securities and Exchange Commission (SEC). The world's largest asset manager is the latest of several companies to update its proposal amid speculation that the SEC could approve a series of spot Bitcoin ETF applications as early as January. BlackRock first applied for its iShares Blockchain and Tech ETF last month, proposing an in-kind redemption model.
Bankrupt crypto lender Genesis won a bid to stop parent company Digital Currency Group (DCG) from selling or reducing its stake in the company until Chapter 11 proceedings are completed. By prohibiting any change in ownership, Genesis wanted to secure certain tax advantages, according to a court order issued on Monday. The benefits only apply if Genesis remains part of the tax consolidated group whose common parent company is DCG. If the DCG share falls below 80%, Genesis faces losing benefits from “federal net operating loss carryforwards” worth about $700 million, according to a November filing seeking the freeze.
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