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The SPX index is down 0.76%, this market activity occurred as the dollar and Treasury yields rose, with traders reducing their expectations for aggressive Federal Reserve interest rate cuts this year. The broader cryptocurrency market is down, with Bitcoin and Ether dropping 4.67% and 5.79% respectively in the past 24 hours.
Today’s outperformer is ENS, which jumped 72% following Vitalik Buterin's endorsement and proposal for decentralized ownership.
Ethereum Name Service (ENS), launched in May 2017,is a blockchain-based domain system on Ethereum, turning complex addresses into simple names, similar to DNS. It is secure, decentralized, and governed by its token holders. The ENS token's value surged 72% after Ethereum co-founder Vitalik Buterin praised the Ethereum Name Service (ENS) as "super important." Buterin emphasized the need for ENS to be accessible and affordable, especially on layer-2 networks like Optimism, Arbitrum, and Polygon. Following his remarks, the ENS token rose from a yearly low of $8.50 to $14.7, an eight-month high. Buterin also proposed a 3% "Harberger" tax on ENS domains in September 2022 to discourage hoarding and promote broader, decentralized ownership.
Matrixport analyst Markus Thielen predicts that the SEC will reject all bitcoin spot ETF proposals in January, citing the industry's failure to meet a key regulatory requirement. Despite recent efforts and discussions with the SEC, Thielen believes SEC Chair Gensler's stringent compliance stance and concerns about fraud and non-compliance in the crypto industry will lead to these rejections. This could result in significant liquidations and a sharp drop in bitcoin's price, potentially around 20%, back to the $36,000 to $38,000 range. Currently, bitcoin is trading at $44,562 and has shown growth this year. Despite short-term volatility, Thielen remains bullish for 2024, expecting bitcoin's value to exceed its starting point of $42,000 by year-end, influenced by U.S. election years and Bitcoin mining cycles.