This article was originally published in First Mover’s daily CoinDesk newsletter. It puts the latest crypto market moves into context.

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Altcoins have led the gains on Tuesday. NEAR Protocol NEAR has risen 15%, Avalanche AVAX, and Solana SOL added 8% in the last 24 hours. Bitcoin (BTC) is up around 5%. Matteo Bottacini is a trader with Crypto Finance AG and believes that a cryptocurrency break above $45,000 will only occur if unexpected news breaks or equities rallies. Bottacini said that a BTC breakout above $45k would be due to either unexpectedly positive news or a rally in equity. In the absence of bad news or a risk off sentiment on traditional markets, a dip under $41K presents a good buying opportunity.

Blackrock (BLK), in an effort to please regulators, filed a revised proposal for a spot bitcoin exchange-traded funds (ETF). The updated proposal will include cash creation and redemption mechanism, which is the model preferred by the Securities and Exchange Commission. Blackrock, the world’s largest asset management firm, is the latest to update its proposal in light of speculation that the SEC may approve spot bitcoin ETFs as early as January. Blackrock submitted its iShares Blockchain and Tech ETF application last month. It proposed an in-kind redemption method.

The bankruptcy of crypto lender Genesis has won the bid to prevent parent Digital Currency Group from selling or reducing their ownership in the company until Chapter 11 proceedings are concluded. A court order from Monday shows that Genesis wanted to protect certain tax benefits by preventing any change in ownership. However, the benefits only apply if Genesis is part of a tax-consolidated group, of which DCG shares the parent. Genesis could lose $700 million in “federal net-operating loss carryforwards” if DCG’s share drops below 80%. This is according to a November motion that requested the block.

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Sheldon Reback is the editor.