HomeMarket AnalysisCelestia, Aptos, Stacks bounce as investors buy the dump

Celestia, Aptos, Stacks bounce as investors buy the dump


Celestia, Aptos, Stacks bounce as investors buy the dump 1700660174265 514fb96a d045 4542 b2fb 75862f570edb
  • Celestia (TIA) price rose 22%, Aptos (APT) and Stacks (STX) saw 14% and 11% in upside swings respectively.
  • Altcoins are flipping higher as Bitcoin looks to bounce amid spot Bitcoin ETF related news and speculation.

With Bitcoin price looking for swift recovery from the flash crash that decimated markets on Wednesday, several altcoins appear poised to take a greater lead. Celestia (TIA), Aptos (APT) and Stacks (STX) are all up double digits in the past 24 hours.

TIA, APT and STX among top gainers today

Celestia’s price was up 22%, Aptos 14% and Stacks 11% at the time of writing on Thursday morning. The altcoins were seeing double-digit gains as the anticipated approval of the first spot Bitcoin ETF by the US Securities and Exchange Commission (SEC) continued to drive the overall market sentiment.

Analysts have over the past several weeks predicted that a positive outcome from the SEC regarding spot Bitcoin ETFs could catalyse a notable upside in the crypto market. On January 4, the market was looking to bounce off speculation that the regulator was likely to reject proposals before it.

Fox Business reporter Eleanor Terret noted on Wednesday that the SEC had met with various stock exchanges as it looks to finalise comments on form 19b-4s that spot ETF issuers have submitted. 

Elsewhere, speculation is that the regulator could give a nod to applicants including BlackRock, Fidelity, Ark Invest/21 Shares and Grayscale as soon as Friday, January 5. As CoinJournal highlighted earlier today, investment banking giant Goldman Sachs is said to be in talks with BlackRock to become an authorised participant.

Bitcoin price has gained nearly 2% in the past 24 hours to trade above $43,400.

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