Bitcoin, Solana, and Avalanche Plummet

• Industry experts remain bullish about the imminent Bitcoin ETF launch at the outset of 2024.
• Bitcoin shows a minor dip in 24 hours while the market awaits Bitcoin ETF launch.
• Major altcoins like Solana and Avalanche also experienced substantial declines over the last 24 hours.

A recent Bloomberg report shared insights on the changing crypto environment in connection with the anticipations of an imminent Bitcoin ETF launch. While Bitcoin experienced a minor dip in the last 24 hours, altcoins like Solana and Avalanche, which showed impressive hikes in the previous days, exhibited a notable decline.

Though there is speculation about the Securities and Exchange Commission’s (SEC) approval of the ETF applications submitted by a dozen firms, including BlackRock, Grayscale, and Ark Invest, the regulator’s decision on the matter remains a question. However, a majority of industry experts remain bullish about the much-anticipated ETF approval.

Castle Island Management’s Founding Partner, Nic Carter, asserted that the market is “almost certain” about the regulator’s positive approach to the ETF launch before January 10, 2024. Another prominent figure who strictly holds positive beliefs about the ETF launch is Michael Sonnenshein, the CEO of Grayscale Investments. Commenting on his firm’s mission of securing ETF approval to convert Grayscale Bitcoin Trust (GBTC) into an ETF, Sonnenshein cited, 

This is a matter of when, not a matter of if.

Over the past few weeks, especially in anticipation of the upcoming ETF launch, Bitcoin has been riding on a positive track. However, in the last 24 hours, the largest cryptocurrency has seen a slight decline of 0.41%. Currently, Bitcoin is trading for $42,489.21, marking a marginal decrease of 0.87% in one week despite a remarkable 13.62% increase in one month.

Solana, another notable player in the market, is showing a negative inclination, currently trading at $112.40. Despite astounding hikes in the past week, Solana plummeted 1.81% over the last 24 hours. Similarly, Avalanche, currently trading at $43.78, declined 4.98% in one day.