Hyundai Motor Shares Slide After Trump Signals Higher U.S. Tariffs on South Korean Goods 
Gold Prices Rebound in Europe as Geopolitical Tensions and Fed Outlook Support Bullion 
SEC Drops Gemini Enforcement Case After Full Repayment to Earn Investors 
NTSB Opens Investigation Into Waymo Robotaxis After School Bus Safety Violations in Texas 
Airbus CEO Warns Staff to Prepare for Rising Geopolitical Risks Amid Trade Tensions 
Tesla Loses Ground in Europe as BYD Accelerates EV Market Share in 2025 
U.S. Dollar Slides Toward Biggest Annual Loss Since 2017 as 2026 Risks Loom 
Shell Plc Downgraded by RBC as Market Headwinds Pressure Valuation 
South Korea Factory Activity Returns to Growth in December on Export Rebound 
Japanese Business Leaders Urge Government Action as Weak Yen Strains Economy 
U.S. Stocks Slip as Gold Rebounds Ahead of Year-End, Markets Eye 2026 Outlook 
Delta Air Lines Operates Reduced Flight Schedule as Winter Storm Disrupts U.S. Travel 
Baker Hughes Reports 11% Rise in Q4 Adjusted Profit Driven by LNG Demand 
Following a 10.7% weekly drop, Bitcoin nudges up 0.3%, steadying over $26,000. The wane in Bitcoin ETF anticipation and global economic factors contribute to price stability. Meanwhile, Ether's ETF prospects gain momentum.
The retreat in Bitcoin's value could be attributed to a cooling off of the hype surrounding Bitcoin exchange-traded funds (ETFs) in the US.
James Butterfill, the Head of Research at CoinShares, an alternative asset management firm in Europe, believes that the surge in prices during June, prompted by BlackRock's application for SEC approval of a Bitcoin ETF, caused a noticeable spike. However, Butterfill notes that the market now realizes that an immediate SEC approval for a Bitcoin ETF is unlikely.
As a result, Bitcoin's current prices have stabilized, reaching levels observed before the ETF application announcement.
The recent sharp decline in Bitcoin's value is said to be influenced by several factors. The CoinShares report shows that low trading volume, volatility in Bitcoin, concerns over China's ailing economy, and a rise in US treasury yields have contributed to the decline.
Butterfill suggests that the forthcoming months will present a blend of opportunities and challenges for the market. The expectation is that the US Federal Reserve will avoid further rate hikes in September, potentially providing a boost to Bitcoin's prospects. However, investors eagerly await the SEC's decision on the Grayscale ETF and BlackRock applications in September, with potential postponements leading to possible investor disappointment.
In addition to Bitcoin, Ether, the second-largest cryptocurrency, has experienced a modest increase of 0.8% to reach a value of US$1,683. Nonetheless, Ether remains 8.5% lower over the past week. Bloomberg reports that the US SEC could approve several ETFs based on Ethereum futures by October 2023, citing unnamed sources. Investment firms such as Volatility Shares, Bitwise, Roundhill, and ProShares have all applied for Ethereum ETF licenses.
Among the top 10 cryptocurrencies (excluding stablecoins), prices have been mixed over the past 24 hours, but all have recorded weekly losses. In the last 24 hours alone, the cryptocurrency market has seen a total liquidation of US$24.91 million, representing a significant decrease compared to the daily losses observed during the previous week's market downturn.
Photo: Kanchanara/Unsplash
