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Bitcoin surges to $46,905 driven by market expectations of SEC approval for ETFs

Bitcoin is trading at $46,905 as of 2:47 p.m. this Monday, driven by market expectations regarding the possible approval of spot exchange-traded funds (ETFs) tracking the cryptocurrency by the U.S. Securities and Exchange Commission (SEC), according to CoinMarketCap data.

Many cryptocurrency enthusiasts assume that the SEC will give the green light on January 10 to several of the 14 Bitcoin ETFs (financial assets replicating the movements of an index in secondary markets) that have applied for approval. As a result, they have been acquiring satoshis, anticipating that the event will further boost the price.

The recent increase is largely attributed to this expectation-driven buying. However, a significant surge is expected upon the launch of indexed funds, as they would immediately bring a substantial amount of capital (demand) into the market.

Guillermo Contreras, CEO of Ditobanx, a Salvadoran fintech based on Bitcoin, explained to this outlet that increasing demand in this way causes the price of the cryptocurrency, which is a deflationary currency with a limited supply, to rise.

In practice, interested parties bring their capital in fiat currency to the companies that own the funds. These companies then purchase Bitcoin and issue a series of shares to investors that represent ownership of the cryptocurrency. The fund will track the path of Bitcoin, but individuals or companies will not have directly invested in the digital asset.

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International

Seven bodies found with signs of torture in Sinaloa

Mexican authorities discovered seven lifeless bodies on Wednesday, showing clear signs of torture, in the rural area of Culiacán, Sinaloa, just one day after the same number of bodies was found in several municipalities in the western state of Mexico.

Six of these seven victims were found along the side of the highway that connects Culiacán to Mazatlán, near Laguna de Canachi, according to local media reports, which also noted that messages addressed to a criminal group were found near the bodies.

This brings the total number of violent deaths in the region to seven within just 24 hours. On Tuesday, authorities reported more victims found in the municipalities of Culiacán, Elota, and Mazatlán.

Among the victims identified was a local cattle rancher named Ramón Velázquez Ontiveros, as well as a police officer from Mazatlán, who was killed by a motorcyclist outside his home in San Marcos.

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International

Málaga paralyzed by new storm as torrential rains hit Spain

Thousands of people were evacuated and trains were suspended as torrential rains once again struck Spain on Wednesday, following the devastating floods that killed at least 223 people two weeks ago, most of them in the Valencia region.

The national meteorological agency (Aemet) issued a maximum, red-level alert for the Andalusian province of Málaga in the south, and for Tarragona in the northeast, due to the new DANA (isolated depression at high levels), also known as a cold drop.

The city of Málaga appeared to be the hardest hit by the rains, with more than 3,000 people evacuated from 1,000 homes near rivers, flooded streets, and the suspension of urban transport and train services to Madrid.

“Today Málaga is paralyzed,” said Andalusia’s regional president, Juan Manuel Moreno, to reporters. “I know it is a problem for citizens not being able to take their children to school or go to work, but after what we saw in Valencia, we need to ‘prevent’ and minimize the impact in terms of loss of life,” he added.

The storm also led to the postponement of a match between Spain and Poland in the Billie Jean King Cup women’s tennis competition, which was scheduled for Wednesday afternoon in Málaga.

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Hezbollah launches explosive drone strike on Israel’s defense headquarters

The Lebanese Islamist movement Hezbollah claimed on Wednesday that it launched an attack with explosive drones against the Israeli army’s headquarters in Tel Aviv.

The Iran-backed organization reported in a statement that it had carried out “an aerial attack with a squadron of explosive drones” targeting the site that houses Israel’s main defense institutions.

Hezbollah later stated that it also fired a barrage of rockets at the Glilot military intelligence base in the suburbs of Tel Aviv.

The Israeli military indicated that “sirens sounded in several areas of northern and central Israel following the launch of projectiles from Lebanon.”

It later clarified that “five projectiles were identified over the territory, and some were intercepted.”

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