blockresearch.ai Crypto Newsflash (daily) - Jan/29th - Bitcoin ETF, Bitcoin future, Solana & Jupiter

Approval of spot Bitcoin ETFs in the U.S. shaping the global market, countries like Australia and Hong Kong showing interest | Markus Thielen predicts a bullish future for Bitcoin, potential to surpass $50,000 | Solana-based trading aggregator Jupiter achieves remarkable trading volumes, over $500 million in just 24 hours | Crypto News | The latest updates of the world of cryptocurrencies | Fundamental Trading Analysis | Bitcoin & Ethereum - Stay up to date | News Alert | Where does Crypto go? | ? Crypto Forecast |

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Narrator 1: Hello and welcome to the Block Research Crypto Newsflash. Its the 29th of January 2024.
Narrator 2: In today’s segment, well dive into the latest developments shaping the cryptocurrency landscape. Here are today’s top news. First, the approval of spot Bitcoin ETFs in the United States is shaping the global market, with countries like Australia and Hong Kong showing keen interest. Second, analyst Markus Thielen predicts a bullish future for Bitcoin, with the potential to surpass $50,000. Lastly, Solana-based trading aggregator Jupiter has achieved remarkable trading volumes, settling over $500 million in just 24 hours.
Narrator 1: The approval of spot Bitcoin ETFs in the United States is expected to influence similar approvals in Asia. Analysts believe that countries like Australia could be next in line to approve spot Bitcoin ETF products, with Hong Kong showing significant interest. While the U.S. has already approved several products, other regions like the UK, Singapore, and Japan may introduce policies to retain financial institutions and boost liquidity.
Narrator 2: However, the UAE is less likely to approve Bitcoin ETFs due to connectivity challenges with traditional finance players. The approval of spot Bitcoin ETFs is set to reshape the cryptocurrency landscape, with different regions navigating their unique paths in this evolving market.
Narrator 2: In market news, analyst Markus Thielen, who accurately predicted Bitcoins recent drop, now suggests that its a good time for bullish bets on Bitcoin. Thielens analysis, based on the Elliot Wave theory, points to a potential rise above $50,000, with Bitcoin currently trading at $42,160.
Narrator 1: Factors driving this bullish outlook include reduced selling pressure from Grayscale Bitcoin Trust, stock market highs, and Google allowing Bitcoin and Crypto ETF ads. Investors are keeping a close eye on Bitcoin as it may be on the path to breaking new records in the near future.
Narrator 1: Solana-based trading aggregator Jupiter is making waves. Theyve settled over $500 million in trades in just 24 hours, becoming the largest on-chain trading platform, surpassing Uniswap v3. With 550 tokens and 5,550 trading pairs, their USD Coin (USDC) and Solana (SOL) pair saw the most activity, totaling $166 million in volume. Jupiters wen (WEN) memecoin also raked in $150 million across two trading pairs.
Narrator 2: Jupiters JUP tokens are set to be issued soon, and nearly 1 million Solana wallets qualify for a portion of the 40% total supply airdrop. Traders are hopeful that the JUP tokens will boost Solanas activity, similar to a previous airdrop that led to a meme-coin frenzy and doubled SOL prices. All eyes are on Jupiter to see how its tokens will impact the Solana ecosystem.