This Week in Crypto: January 26, 2024
Welcome to This Week in Crypto, where we dive into some of the most important and interesting topics within the crypto market that made waves. This week, we are taking a look into the following topics:
- BTC selling pressure likely over
- Bitwise reveals BTC Spot ETF wallet address
- SEC delays ETH Spot ETF decision
- Ontario Update completes
BTC Selling Pressure Likely Over?
The past week, Bitcoin (BTC) has been underperforming with the price going around $38,000 at one point. While many have found it an opportunity to accumulate, some have shown concerns over the unlikely decrease in the price of BTC following the bullish news on the approval of the BTC Spot ETF. However, now it appears that the selling pressure is over.
The analysts at J.P Morgan have commented that to balance the portfolio, some BTC within the spot ETF fund had to be sold to make a profit. According to the analysts, the profit-taking has been nearly completed and thus should result in reduced selling pressure on BTC.
Bitwise Reveals BTC Spot ETF Wallet Address
Bitwise Investments, one of the key players in the BTC Spot ETF, revealed its BTC Spot ETF wallet address in an attempt to bring further transparency to its holdings. The wallet that holds over 11,850 BTC is now known to analysts, traders, and the retail public. While some have praised the effort from Bitwise to bring cryptocurrency-level transparency into the less transparent ETF market, others have shown concern over security as the wallet could be targeted by hackers.
SEC Delays ETH Spot ETF Decision
Upon the good news of the SEC’s approval of the BTC Spot ETF, traders are now looking for the next bit of news on the table: the potential approval of the ETH Spot ETF. In comparison to BTC, ETH is more embedded into the altcoin market and various DeFi and LSDFi protocols, which calls for even more attention from the entire cryptocurrency market as the approval of the ETH Spot ETF could result in the next revolution of the entire altcoin market as well.
However, the SEC has announced that it has decided to delay the decision on the potential approval of the ETH Spot ETF to March 2024. While more research from the SEC is needed, the previous approval of the BTC Spot ETF is expected to provide further guidelines.
Ontario Update Brings Ultra Low MXC Gas Fee
It is time for the MXC community to rejoice. The much-anticipated Ontario Update that commenced earlier this month has now been completed and successfully merged to the MXC zkEVM Mainnet. As a result, all users of the MXC zkEVM can now benefit from the ultra-low gas fee. For example, the transaction of claiming mined tokens from either M2 Pro or NEO has witnessed dramatically reduced gas fees, from an average of 1500 MXC to 50 MXC.
Of course, the low gas fee is not fixed. Depending on the usage of the MXC blockchain, Arbitrum blockchain, and Ethereum blockchain, the gas fee can increase from time to time when there are sudden spikes in usage such as the Altlayer token offering a few days ago. In such a case, the spike from other third parties, Layer 1 and Layer 2 blockchains would increase the MXC gas fee temporarily. However, once the spike has been resolved, the gas fee should result back in the ultra-low level.
Next, the MXC team is working hard to even further increase the speed of the network. On top, the ETH Cancun update should help the MXC zkEVM blockchain faster, and even cheaper.
