Crypto Fluctuates in Mixed ETF News
The day has been going rough in the crypto ecosystem due to the recent sharp drop in the prices of all cryptocurrencies that was triggered by the news by Matrixport's expectation of another rejection for Bitcoin ETFs. Actually, the report by the institution dropped like a bomb in the pretty " sensitive " crypto market.
In addition to the negative forecast by Matrixport, the global tension was high enough to shake all markets. As an inevitable consequence of rising geopolitical risks and uncertainties regarding the scope of the war and the risks over the supply and distribution of Oil, both the price of Brent Oil and the strength of DXY ( The dollar index ) have risen.
In the middle of all this drama, crypto investors have lost around 10% within a couple of minutes in a massive dump. Just yesterday, we discussed the possibility of a rejection due to fundamental reasons on InLEO. While there are millions of dollars worth of open Long positions, the market makers do not carry the market to let everyone make gainz.
Positive News & Updates on Bitcoin ETFs
On the other side of the coin, the news that the SEC is holding a last meeting with exchanges over the launch of Bitcoin ETFs let the coins cover from their deep dives. NYSE, CBOE, and NASDAQ representers participated in the meeting of Bitcoin ETFs to exchange ideas over the applicability.
The Spot Bitcoin ETF opens up a new chapter in the book of crypto as the transactions of Exchanges, or the intermediaries can be tracked on blockchains. Besides the transparency of the new world's valuable asset, the market capitulation of Bitcoin also has the potential to grow a lot in a short time.
The crypto market reached its All time high valuation of around $3T in the last bull market. Considering the limited scope of our infant ecosystem, the arrival of giants and the potential investments of fund managers can change the destiny of crypto thoroughly.
According to Watcher Guru on X, Fidelity already filed registration of Bitcoin ETFs under the name of Fidelity Wise Origin Bitcoin Fund.
This is one of the most needed updates of the day to cover the deep losses. Actually, if we had not witnessed a %5 - %10 drop today, the arrival of the news might have pumped the market in similar percentages. The price range of $47K - $50K is expected by traders as a take profit line. Yet, unless the positive sentiment dominates the market, we may swing in the current price bands.
Here, we can see that the positive news starts to show up more often to change the negative atmosphere in crypto.
The market may start to recover and ** V shape** price formations may begin to form sooner. So far, the only ones who are likely to regret are the panic sellers. Standing against the hype, the expectation of Bitcoin ETFs, upcoming Bitcoin halving, and interest rate cuts by the central banks are too positive to change the paradigm in the market already.
Who knows, maybe it was the deepest correction before one more bull leg with Spot Bitcoin ETFs' approval. Once the initial shock of the crypto investor is over, the uptrend is likely to continue unless the strong support levels of Bitcoin are not broken down.
What do you see in the news of Spot Bitcoin ETFs?
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@curation-cartel(2/20) tipped @idiosyncratic1
Thank you for the heads up and a detailed analysis of what is happening. I was wondering why the market is bleeding all of a sudden, and now I have my answers.
Thanks for stopping by.
The expected shaking actions are taking place. An ordinary drop in crypto 😢
The panic has started just as I expected. News just keeps on shaking this traditionally small crypto market. Everyone is after short lived gains rather than a near stable crypto market. If ETF end up not been approved, what I see is an inevitable bear.