Bitcoin, Ethereum, and Dogecoin showed mixed trading on Sunday evening as traders monitored the inflows into the recently launched Bitcoin exchange-traded funds and anticipated the Bitcoin halving in April. The crypto market also reacted to the news that Google will allow the advertising of certain cryptocurrency products on the major search engine starting from Monday.
Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
Bitcoin (CRYPTO: BTC) +0.66% $42,201
Ethereum (CRYPTO: ETH) -0.75% $2,265
Dogecoin (CRYPTO: DOGE) -1.99% $0.078
What Happened: Bitcoin has shown a steady upward trend over the weekend, suggesting sustained interest from bullish investors. On Monday, Google is reportedly poised to implement updated policies that will permit the advertising of certain cryptocurrency products on the major search engine. The revision is expected to open the doors for the promotion of Bitcoin and exchange-traded funds.
Google will revise its advertising policy to accommodate ads from “advertisers offering Cryptocurrency Coin Trust targeting the United States.” Reports are circulating that Google will be changing their policy and allowing Bitcoin ETF ads starting on Jan 29th. Google processes 100K searches/sec.
The change in Google’s policy comes amid the launch of several Bitcoin ETFs in the U.S., such as the ProShares Bitcoin Strategy ETF (NYSE: BITO) and the Valkyrie Bitcoin Strategy ETF (NASDAQ: BTF). These ETFs track the performance of Bitcoin futures contracts, rather than the spot price of Bitcoin. They offer investors a convenient and regulated way to gain exposure to the cryptocurrency market, without having to buy or store Bitcoin directly.
However, some analysts and investors are still waiting for the approval of a spot Bitcoin ETF, which would track the actual price of Bitcoin and hold the physical asset in custody. A spot Bitcoin ETF is widely seen as a more efficient and accurate way to reflect the value of Bitcoin, as well as a more secure and transparent way to protect investors from fraud and manipulation.
According to Bloomberg Intelligence analyst Mike McGlone, a spot Bitcoin ETF could propel the price of Bitcoin to $500,000. McGlone said that the “real impact” of Bitcoin ETFs will come from the spot market, not the futures market. He also predicted that the first spot Bitcoin ETF could be approved by the U.S. Securities and Exchange Commission (SEC) in 2024.
Meanwhile, Ethereum and Dogecoin traded lower on Sunday, as the altcoin market faced some selling pressure and profit-taking. Ethereum, the second-largest cryptocurrency by market cap, has been struggling to break above the $2,300 resistance level, despite the positive sentiment around the upcoming Ethereum 2.0 upgrade, which will transition the network from a proof-of-work to a proof-of-stake consensus mechanism.
Dogecoin, the meme-inspired cryptocurrency, has also been losing momentum, as the hype around the coin has faded and the competition from other meme coins has increased. Dogecoin, which was once touted by Tesla CEO Elon Musk as his favorite cryptocurrency, has fallen by more than 70% from its all-time high of $0.27 in May 2022.
