TL;DR

Bitcoin has surged to over $45K for the first time in nearly two years, while ETH and Solana show mixed trends. India has issued compliance against nine offshore crypto exchanges.

Key Takeaways

• Bitcoin surpassed $45K as of January 1, 2024, marking a significant recovery.
• ETH experienced a brief dip of around 1.5% after a positive weekend.
• Solana's price increased to $109.82 after a dip over the New Year week.
• India has taken action against nine offshore crypto exchanges under the new PMLA regulations.
• Analysts predict a decision on Bitcoin ETF approvals by January 10, 2024.

Bitcoin Surpassed $45K (First Time in 2 Years)

The 2024 New Year celebration has brought joy to crypto enthusiasts as Bitcoin has surpassed $45K for the first time since April 2022. This surge marks a significant recovery for Bitcoin, which faced challenges in the previous years. In December 2023 alone, Bitcoin jumped nearly 20%. A contributing factor to this trend is the anticipated SEC decision regarding Bitcoin ETF approvals, expected in the second week of January.

ETH & Solana Showed Positive Trends Over the Weekend

Other major cryptocurrencies have also shown positive trends. ETH experienced growth over the New Year weekend but saw a slight decline of about 1.5% by January 2. In contrast, Solana's price increased to $109.82 after a dip earlier in the week.

India Says ‘No’ to 9 Leading Offshore Crypto Exchanges

On December 29, 2023, the Indian Financial Intelligence Unit announced compliance measures against nine offshore crypto exchanges, including Bitcoin, KuCoin, and Huobi. This action follows the implementation of the Prevention of Money Laundering Act (PMLA), requiring crypto businesses to register with the FUI to operate in India.

Not Expecting Full-Out Denial on Bitcoin ETF Approval

The crypto community is eagerly awaiting the SEC's decision on Bitcoin ETF approvals. Analysts, including Eric Balchunas, suggest that while a rejection is possible, it may be due to the SEC needing more time rather than a definitive denial. The expected decision date is January 10, 2024.

Stay Tuned!

We hope you enjoyed this New Year Special from Coin Informer. Stay tuned for more updates and insights in the crypto world!