Altcoins Surge in Tandem with Bitcoin's Rise to $43K: First Mover Americas

• Crypto Market Trends: Altcoins Lead Gains
• Future Predictions for BTC
• Blackrock Files Revised Bitcoin ETF Proposal
• Genesis Wins Bid to Sustain Ownership Amid Bankruptcy

Crypto Market Trends: Altcoins Lead Gains

On Tuesday, leading altcoins recorded significant growth with NEAR Protocol$3.64 -5.31% (NEAR) showing a 15% rise and both Avalanche (AVAX) and Solana$104 5.03% (SOL) reporting an 8% increase over the past 24 hours. Concurrently, Bitcoin$42,260 -0.64% (BTC) has shown a growth of approximately 5%. Following Monday's daily low of $40,000, Bitcoin has seen a resurgence and is currently trading at around $43,000.

Future Predictions for BTC

Traders are keeping a keen eye on the upcoming shifts in the cryptocurrency landscape. Matteo Bottacini, a trader at Crypto Finance AG, foresees a breakthrough beyond $45,000 only occurring in the wake of surprising positive news or an equities rally. He also added, A dip below $41K, in the absence of negative news or a risk-off sentiment in traditional markets, presents a buying opportunity and is indicative of a potential short squeeze.

Blackrock Files Revised Bitcoin ETF Proposal

Respected asset management firm Blackrock (BLK) has filed a revised proposal for a spot bitcoin exchange-traded fund (ETF) on Monday, in hopes of gaining regulatory approval. The updated proposal involves cash creation and redemption mechanisms, a model favored by the Securities and Exchange Commission (SEC). This revised proposal comes amid speculation the SEC could approve a range of spot Bitcoin ETF applications as early as January. Blackrock had initially applied for its iShares Blockchain and Tech ETF last month, proposing an in-kind redemption model.

Genesis Wins Bid to Sustain Ownership Amid Bankruptcy

Bankrupt crypto lender Genesis has won a bid to prevent parent Digital Currency Group (DCG) from selling or diminishing its company ownership until Chapter 11 proceedings are finalized. By preventing changes to ownership, Genesis aims to secure certain tax benefits. If DCG's stake were to dip below 80%, Genesis could potentially lose benefits on around $700 million worth of "federal net operating loss carryforwards," according to a motion filed in November.

Edited by Jonathan Stoker