GM Defiers!
All eyes are on the potential approval of the first-ever spot Bitcoin ETF. A fee war broke out among ETF applicants who pushed their fund costs near rock-bottom, while SEC chair Gary Gensler tweeted about how investors should be mindful of risks when buying crypto -- all of which served to further fuel speculation the ETF's approval is imminent. Analysts expect the U.S. securities regulator will issue a decision by tomorrow, Jan. 10.
Bitcoin is rallying ahead of the expected ETF approval, jumping past $47,000 for the first time since April 2022. With ETH underperforming BTC, the ETHBTC ratio is now at is lowest level in over two years.
✍️ In today’s newsletter:
- Spot Bitcoin ETF fee war breaks out
- ETHBTC ratio slumps to lowest since 2021
- BTC becomes unit of account in Honduran city
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