From Nasdaq MarketSite:

Cryptocurrencies experienced mixed trading on Monday following the approval of the first-ever spot Bitcoin ETFs in the U.S. Bitcoin and Ethereum saw minor gains while Dogecoin experienced a slight decrease in price. The global cryptocurrency market cap stands at $1.68 trillion, reflecting a 0.58% decrease within the past 24 hours.

Despite the approval of spot Bitcoin ETFs, major cryptocurrencies experienced a post-approval decline, reaching a low of $41,600 before rebounding. Analysts are skeptical of the potential inflow of capital into the new ETFs. Top gainers in the past 24 hours include Flare, Blur, and Sei, with the global cryptocurrency market cap showing a 0.58% decrease.

Stock futures decreased as investors awaited data on December retail sales and bank earnings. Futures for the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 all declined by varying percentages as concerns about a potential economic slowdown loom. Economists predict a modest 0.2% increase in retail sales for December.

Cryptocurrency analyst Michael Van de Poppe noted that the Bitcoin ETF has yielded a negative return since its inception but anticipates a positive impact in the coming years. Pseudonymous analyst DonAlt predicts a corrective movement for BTC before a subsequent surge that could potentially drive its value to $90,000.

Santiment, an on-chain analytical firm, observed larger Bitcoin wallets moving older coins ahead of the recent Bitcoin ETF approvals. This led to a decrease in the average age of coins held in these wallets and suggests that the current crypto bull cycle may be coming to an end. Whales moving a large number of coins could further impact BTC’s value.



Read more: Bitcoin, Ethereum, Dogecoin Trade Mixed After ‘Sell-The-News’ Response To Spot BTC ETFs: Analyst Sees King Crypto Touching $90K