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Tag: Bitcoin ETF

  • Bitcoin ETF Volumes Top $4 Billion With 700,000 Trades on Day 1

    Bitcoin ETF Volumes Top $4 Billion With 700,000 Trades on Day 1

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    All told, there were 700,000 individual trades today in and out of the 11 recently approved spot Bitcoin ETFs, reported industry analyst Eric Balchunas on Jan. 12.

    This shows that there was substantial demand for the products on the first day, as total volumes were more than $4.3 billion, according to the figures. 

    He added that the non-spot ProShares Bitcoin Strategy ETF (BITO) and Grayscale (GBTC) were both in the top ten among overall ETFs in trading volume. 

    Bitcoin ETFs Take Off

    Grayscale’s Bitcoin Trust had just over $2 billion in volume on the first day of trading as a spot ETF after it was permitted to convert the fund. GBTC volume was almost equal to all of the other Bitcoin ETPs combined as it already had a big AUM (assets under management) head start.

    On Jan. 12, fellow ETF analyst James Seyffart posted a similar table of trading volumes for day one. 

    His calculated total trading volume for the 11 newly launched funds was $4.6 billion. BlackRock and Fidelity were second and third after Grayscale, with volumes of $1 billion and $700K, respectively. 

    He added that a lot of the volume may have been investors moving out of GBTC into the new ETFs due to more favorable fee structures or moving from futures-based funds (ProShares) to spot funds. 

    “Very easy argument to be made that a ton of this volume was selling of GBTC and buying of other ETFs for now!”

    Industry author Vijay Boyapati made a similar conclusion, stating that there are also massive outflows “as many investors rotate out of more costly ways of getting Bitcoin exposure that were available pre-ETF” before adding:  

    “Long term, the net flows will be very large and positive.”

    Crypto Market Reaction

    There has been no discernable reaction in spot Bitcoin markets, with the asset spiking to $49,000 on ETF launch day but retreating to around $46,000 at the time of writing. 

    Moreover, total market capitalization remains flat on the day at $1.85 trillion.

    Altcoins appear to be taking a breather after their big pumps this week, but analysts have cautioned over a post-ETF market correction as the hype fades for now.  

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    Martin Young

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  • ETF Aftermath? Over $300 Million in Liquidations as Bitcoin (BTC) Dumps by $3K in Minutes

    ETF Aftermath? Over $300 Million in Liquidations as Bitcoin (BTC) Dumps by $3K in Minutes

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    Bitcoin soared past $49,000 hours ago after the first ETFs reached the US market but plummeted by over three grand in the following minutes.

    This resulted in a lot of pain for over-leveraged traders, as the total value of liquidated positions has soared to well over $300 million on a daily scale.

    January 10, 2024, will go down in history as one of the most prominent dates for the cryptocurrency industry as the US SEC finally greenlighted spot exchange-traded funds tracking the performance of the largest digital asset.

    As the approvals didn’t go without hiccups, the asset faced enhanced volatility with several large price movements. All eyes were on the US today, as the ETFs were set to go live on a few stock exchanges.

    The first few hours were highly successful as these products attracted massive volumes of roughly $2 billion in hours. This impacted BTC’s price, which went on a roll and shot above $49,000 for the first time in almost two years.

    However, this is where the situation changed once again, and Bitcoin dumped by more than three grand within an hour or so. As a result, the cryptocurrency slumped to under $46,000, and most alternative coins joined the wild ride.

    Somewhat expected, today’s movements, combined with yesterday’s fiasco, have harmed over-leveraged traders. Data from CoinGlass shows that the 24-hour liquidation numbers are well above $340 million and over $50 million in the past hour alone.

    More than 100,000 traders have been liquidated, with the single-largest position taking place on Binance – worth $6.6 million.

    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView
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    Jordan Lyanchev

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  • Ark's Cathie Wood condemns SEC Chair, says Gensler 'denigrated' crypto

    Ark's Cathie Wood condemns SEC Chair, says Gensler 'denigrated' crypto

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    Ark Investment Management CEO Cathie Wood says Gary Gensler ‘denigrated the whole crypto space’ with his latest statement.

    Speaking in an interview with Bloomberg on Jan. 11, Ark Investment Management founder and CEO Cathie Wood criticized the head of the U.S. Securities and Exchange Commission (SEC), saying the latest statement about cryptocurrencies “denigrated” the whole industry.

    “He just denigrated the whole crypto space. I couldn’t believe it. This is par for the course in disruptive innovation.”

    Cathie Wood

    Wood’s comments were prompted by Gensler’s continued skepticism towards cryptocurrencies, even after granting approval for spot Bitcoin exchange-traded funds (ETFs). Gensler, who has been consistently critical of cryptocurrencies since taking charge at the helm of the U.S. financial regulator, reiterated in his latest statement that the SEC “did not approve or endorse Bitcoin.”

    “While we approved the listing and trading of certain spot Bitcoin ETP shares today, we did not approve or endorse Bitcoin. Investors should remain cautious about the myriad risks associated with Bitcoin and products whose value is tied to crypto.”

    Gary Gensler

    Despite Gensler’s negative stance, Cathie Wood believes that the approval of spot Bitcoin ETFs marks a significant development for the largest cryptocurrency by market capitalization. She emphasizes that institutions will now need to navigate and adapt to the new regulatory framework with increased diligence.

    As previously reported by crypto.news, the SEC gave the green light to multiple spot Bitcoin ETFs on Jan. 10, including the one jointly filed by Ark and 21Shares. The approval paves the way for ETFs to commence trading on the CBOE from 9 am on Jan. 11, coinciding with the opening of the U.S. stock market.


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    Denis Omelchenko

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  • Bitcoin ETF Approvals Do Not Undo Many Harms Created by SEC: Commissioner Peirce

    Bitcoin ETF Approvals Do Not Undo Many Harms Created by SEC: Commissioner Peirce

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    Hester Peirce, also known as ‘crypto mom,’ didn’t mince her words in a statement responding to the approval of spot Bitcoin exchange-traded products by her agency after a decade of rejecting them.

    “Today marks the end of an unnecessary, but consequential, saga,” she said on Jan. 10.

    The saga likely would have spanned well beyond a decade were it not for the Grayscale court victory against the SEC last year, she added. 

    “You need not be a seasoned securities lawyer to spot the difference in treatment of bitcoin-related ETP applications compared to the many other ETP applications that have been routinely filed and approved over the past decade.”

    Lambasting The SEC

    The pro-crypto politician also stated that the agency has “alienated a generation of product innovators within our space.”

    These comments and accusations of “regulatory prejudice against new products and services” were highlighted by Coinbase CEO Brian Armstrong. 

    However, Peirce did not stop there. The SEC subjected crypto ETPs to more scrutiny and higher standards than comparable commodity-based ETPs. This disparate treatment harmed the SEC’s reputation, she said.

    Moreover, resources were diverted from other work to analyze and reject Bitcoin ETPs repeatedly over the years. The drawn-out process also created an “artificial frenzy,” she added.

    “Today’s order does not undo the many harms created by the disparate treatment of spot Bitcoin products.”

    Peirce concluded that she would not celebrate the approvals but the “right of American investors to express their thoughts on Bitcoin by buying and selling spot Bitcoin ETPs.”

    Moreover, the approval of spot Bitcoin ETFs sets a positive precedent for potential future approvals of other crypto ETPs, she said. 

    Commissioner Crenshaw Disagrees 

    However, her SEC colleague Commissioner Caroline Crenshaw was of the opposite opinion. Echoing sentiments from other anti-crypto politicians and bankers, she said she was “deeply concerned about today’s actions.” 

    “I am concerned that these products will flood the markets and land squarely in the retirement accounts of U.S. households who can least afford to lose their savings to the fraud and manipulation that appears prevalent in the spot Bitcoin markets and will impact the ETPs.”

    Crenshaw, a former securities lawyer who joined the SEC in 2013, also expressed concern over the lack of regulatory oversight for crypto markets, product confusion, and lack of investor protection. 

    Nevertheless, the SEC failed to protect investors when its social media account was hacked the day before the official announcement.

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    Martin Young

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  • JPMorgan CEO criticizes BTC despite backing BlackRock Bitcoin ETF

    JPMorgan CEO criticizes BTC despite backing BlackRock Bitcoin ETF

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    JPMorgan Chase CEO Jamie Dimon reiterated his longstanding skepticism about BTC despite his company’s role in the BlackRock Bitcoin ETF. 

    Despite the cryptocurrency’s status as the most valuable in terms of market capitalization, Dimon remained unswayed, questioning its intrinsic worth. Under Dimon’s leadership, JPMorgan Chase has been identified as an authorized participant for BlackRock’s newly approved spot Bitcoin ETF, the iShares Bitcoin Trust. 

    “The actual use cases are sex trafficking, tax avoidance, anti-money laundering, terrorism financing; it’s not just people buying and selling bitcoin. There’s no value if you’re buying and selling Bitcoin.”

    – Jamie Dimon, CEO of JPMorgan Chase

    This involvement is a notable contrast to Dimon’s personal views on cryptocurrency. His critical perspective on digital currencies is well-documented; he has previously expressed to lawmakers that, were he in a governmental position, he would seek to curtail the growth of cryptocurrencies. BlackRock’s recent amendment to its SEC filing for its spot bitcoin ETF proposal further cements this dichotomy.

    The filing includes both Jane Street Capital and JPMorgan Securities LLC as authorized participants, emphasizing JPMorgan’s emerging role in the developing cryptocurrency ETF sector. The SEC’s approval of several ETF applications today highlights the growing integration of cryptocurrencies into traditional financial systems, a move JPMorgan appears poised to capitalize on despite Dimon’s personal reservations.

    Dimon presents a complex scenario for JPMorgan’s approach to future Bitcoin and cryptocurrency developments. While the firm is strategically positioned to facilitate and benefit from the growth of Bitcoin ETFs, its CEO’s skepticism adds a sense of uncertainty about its long-term engagement in the crypto market.


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    Mohammad Shahidullah

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  • BREAKING: SEC Approves All 11 Spot Bitcoin ETFs, BTC Price Holds Steady At $46,000

    BREAKING: SEC Approves All 11 Spot Bitcoin ETFs, BTC Price Holds Steady At $46,000

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    In a groundbreaking development for the cryptocurrency and Bitcoin market, the United States Securities and Exchange Commission (SEC) has approved all 11 spot Bitcoin ETFs submitted by the world’s largest asset managers. 

    Bitcoin ETFs Align With Exchange Act Standards

    In its official filing, the SEC stated that each proposal sought to list and trade shares of a trust that would hold spot Bitcoin, either wholly or partially. 

    Importantly, the commission found that the proposals were consistent with the provisions of the Exchange Act and the applicable rules and regulations governing national securities exchanges. 

    Specifically, the SEC determined that the proposals adhere to the requirements outlined in Section 6(b)(5) of the Exchange Act, which includes preventing fraudulent and manipulative acts and practices to protect investors and the public interest.

    SEC’s approval announcement on January 10. Source: SEC’s official filing

    The approval of these Bitcoin ETFs marks an important milestone in the maturation of the cryptocurrency market. 

    However, despite the significant news, the Bitcoin price has remained stable at the $46,200 level, defying some expectations of immediate price surges following the SEC’s decision. 

    Nevertheless, it is important to note that the true impact of these index funds is anticipated to unfold over the coming years, once institutions and retail investors fully enter the market.

    New Era For Bitcoin

    According to the official filing, trading for the approved Bitcoin ETFs is scheduled to commence tomorrow, enabling market participants to gain exposure to Bitcoin through regulated and traditional investment vehicles. 

    The introduction of these Bitcoin ETFs is expected to attract a broader range of investors, including institutional players, and contribute to increased liquidity and market efficiency.

    Ultimately, as institutional and retail investor participation grows, the Bitcoin market is poised for significant developments and further mainstream adoption. 

    The approval of these ETFs represents a pivotal moment in the ongoing integration of cryptocurrencies into the traditional financial system. It sets the stage for future growth, innovation, and the potential for broader acceptance of digital assets in the investment landscape.

    Bitcoin ETFs
    The daily chart shows BTC’s price has remained stable despite the SEC’s ETF approvals. Source: BTCUSDT on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • These Firms Cut Proposed Spot Bitcoin ETF Fees Amid Industry Competition

    These Firms Cut Proposed Spot Bitcoin ETF Fees Amid Industry Competition

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    Several firms have recently reduced their proposed fees, as revealed in the latest versions of their S-1 forms submitted to the U.S. Securities and Exchange Commission.

    This is in response to the ongoing industry competition, amplified by the anticipation surrounding the U.S. Securities and Exchange Commission’s (SEC) decision on spot Bitcoin ETFs.

    Spot Bitcoin ETF Fee Wars Escalate

    As the SEC deadline approaches, various applicants, including Valkyrie, WisdomTree, BlackRock, VanEck, Invesco, Galaxy, Grayscale, and ARK Invest, have revised their fees to gain a competitive edge.

    Fidelity has lowered its fees from 0.39% to 0.25% bps and is offering a fee waiver of 0% through July 31, 2024. Bitwise is charging a fee of 0% for the first six months and the first $1 billion in assets, followed by a 0.20% fee.

    ARK Invest and 21Shares have also slashed their fees from 0.25% to 0.21%. The company is upholding its zero fees policy for six months or until the total assets reach $1 billion.

    BlackRock has adjusted its sponsor fee for its potential spot Bitcoin ETF to 0.25%, a reduction from the previous 0.3%. Additionally, the investment giant has lowered its temporary discount for the first $5 billion of assets in the initial 12 months from launch to 0.12%, down from 0.2%, as stated in the S-1 form filed today.

    WisdomTree reduced its fee from 0.5% to 0.30%, with Galaxy Invesco lowering its fee from 0.59% to 0.39%.

    Valkyrie introduced a three-month fee waiver, reducing its fee from 0.80% to 0.49%. Meanwhile, Hashdex maintained its sponsor fee at 0.90%, and Grayscale lowered its fee from 2% on January 8 to 1.5%, making it the pricier option among the group.

    As the fee wars intensify, James Seyffart cautions that these fees still need to be finalized, leaving room for further adjustments.

    Industry Sentiment

    Amidst the ongoing adjustments, Bloomberg senior ETF analyst Eric Balchunas described the current situation as similar to compressing two years’ worth of fee wars into just a couple of days, emphasizing that while such battles can be challenging for issuers, they create a favorable environment for investors.

    The fee wars have also sparked various theories about the motivations behind the fee cuts. Nic Carter sees the trend of bargain-basement fees as a sign of “massive expectations” from issuers regarding the volume of inflows they anticipate.

    Peter Atwater offers a contrasting perspective. He suggests that issuers engaging in an aggressive fee war are conducting an extensive asset grab, even if it means sacrificing profitability.

    Atwater also posted on X that organizations typically wait to assess their sales potential before resorting to price slashes.

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    Wayne Jones

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  • Bitcoin ETF Drama Reveals Post-Approval Price Trend: Experts

    Bitcoin ETF Drama Reveals Post-Approval Price Trend: Experts

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    The Bitcoin market was swept into a frenzy following an alleged hack of the US Securities and Exchange Commission’s (SEC) X account, falsely claiming the approval of 11 spot ETFs. This misinformation led to a rollercoaster in Bitcoin’s price, which initially soared from $46,800 to $48,000, only to crash to $45,000 within a span of 20 minutes.

    This incident has become a pivotal moment for market analysts, providing insights into how the market might react to today’s potential Bitcoin spot ETF approvals in the short term. So here’s what experts from K33 Research, QCP Capital, and Daan Crypto Trades have to say.

    #1 K33 Research: Approval Will Be ‘Sell-The-News” Event

    Vetle Lunde, a senior analyst at K33 Research, provided an in-depth analysis of the market’s reaction to the erroneous announcement. He observed that the market’s immediate response was indicative of a tendency towards a ‘sell-the-news’ reaction. The initial surge in Bitcoin’s price was quickly met with a flood of long positions, causing a significant price fluctuation.

    “The market showed its hands yesterday; the ETF approval rehearsal favors a sell-the-news reaction. Immediately after the announcement, longs quickly crowded the market, enforcing a whipsaw in the following minutes,” Lunde stated.

    Lunde also pointed out that until the SEC’s clarification, the market largely accepted the announcement at face value, triggering an organic reaction. He outlined the sequence of events, noting a 2.4% increase in Bitcoin’s price within four minutes post-announcement, followed by a 1.4% decrease in 14 minutes until Bloomberg debunked the approval news.

    Timeline of the Bitcoin ETF drama | Source: X @VetleLunde

    The market eventually stabilized when Gensler confirmed the hack, highlighting the market’s sensitivity to regulatory news and rumors.

    #2 QCP Capital: Warning Sign For Bitcoin Traders

    QCP Capital, in their “QCP Market Update – 10 Jan 24,” reflected on the bizarre nature of the event with a mix of humor and analysis. “We are on the cusp of a BTC Spot ETF approval, and what transpired in the last 24 hours is something you can’t make up,” their update began.

    They pointed out the lukewarm initial reaction to the ‘approval,’ suggesting that the market might have already priced in the possibility of an actual ETF approval.

    “The initial reaction to the ‘approval’ was muted with BTC being unable to trade out of the resistance area. We take this as a warning sign that an approval is mostly priced in and there may not be a huge rally post the approval,” QCP warned.

    QCP Capital also focused on the implications of this event for future market trends. “The restrained response to the faux approval signals a warning – the actual approval of a Bitcoin ETF might not trigger the expected rally,” they observed, also pointing to the current market dynamics, such as the elevated options volatility and spot-futures basis spread. Notably, the firm sees Bitcoin’s next support at $40,000 to $42,000, and resistance around 48.500.

    Daan Crypto Trades: ETH/BTC Could See A Spike

    Daan Crypto Trades provided a concise but insightful analysis. “The false ETF approval news was a litmus test for the market’s post-approval direction,” he commented. The analysis highlights the pattern of Bitcoin’s price spiking and then fully retracing following the fake announcement.

    “This pattern could well repeat upon actual ETF approval, but with more pronounced selling pressure,” he suggested. Daan Crypto Trades also touched on the broader market implications, especially for the ETH/BTC ratio, which started rallying immediately after the fake announcement.

    He further remarked:

    ETH/BTC started rallying straight away which is also what we’ve been looking for. I think today we might get one more small spike down on ETH/BTC as BTC spikes up but after that I don’t see much holding back the ETH/BTC ratio anymore. Especially if BTC cools off post ETF.

    At press time, BTC traded at $45,346.

    Bitcoin price
    BTC price continues uptrend, 1-day chart | Source: BTCUSD on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Jake Simmons

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  • Privacy Token Liquidity Hits Record Low of $5 Million Amid Market Volatility, Report

    Privacy Token Liquidity Hits Record Low of $5 Million Amid Market Volatility, Report

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    A new report by Kaiko reveals that the liquidity for privacy tokens has plummeted to an all-time low of just $5 million.

    This drop follows the delisting of several trading pairs by OKX for not meeting certain criteria.

    Regulatory Challenges Behind Delisting

    Regulatory pressures have particularly impacted tokens like Monero (XMR) and Zcash (ZEC), pushing them to the brink of being delisted from platforms like Binance due to low liquidity.

    Despite the market turmoil, the end of 2023 witnessed several notable developments. During last week’s sell-off, the trade volume on Korean exchanges reached a multi-year high. Bitcoin’s share rose to 32%, a level not seen since 2020, amid a general drop in altcoin trading volumes.

    This shift in trading dynamics came despite increasing regulatory efforts in South Korea, including proposed rules for crypto exchanges and a ban on crypto purchases with credit cards.

    The market for SOL (Solana) also saw positive trends. At times, SOL’s trading volume surpassed the combined volume of Bitcoin and Ether on several exchanges, a rare event in the crypto world. This surge in SOL’s market share, particularly against Ether, signals a shifting landscape in the altcoin domain.

    Meanwhile, PYUSD has had a slow start in the crypto trading sphere. Despite being listed on several centralized exchanges, its trading volume remains significantly low compared to established stablecoins like Tether (USDT).

    Bitcoin Braces for Volatility as SEC Decides on Spot ETFs

    January 10 marks a pivotal moment in the cryptocurrency world, with the SEC set to decide on Ark’s spot Bitcoin ETF. Irrespective of the outcome, the market is bracing for more volatility.

    This comes after Bitcoin ended the week on a positive note, following a price crash that led to hundreds of millions in liquidations. Initially attributed to an analyst’s speculation about the spot Bitcoin ETF decision, further reports indicate deeper underlying issues.

    Before the crash, market indicators such as price slippage signaled trouble. Slippage rates on major exchanges like Binance, Coinbase, and Kraken rose above 0.02% on January 2, indicating deteriorating liquidity even as Bitcoin prices hovered around $45,000.

    Futures markets also painted a picture of an overheated market. Bitcoin perpetual futures open interest in USD hit a peak of $10 billion in early December, the highest since November 2021.

    This spike in open interest pointed to increased leverage in the market. Additionally, high volumes in options markets, particularly Bitcoin options on Deribit, indicated traders’ anticipation of volatility in light of the spot ETF decision.

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    Wayne Jones

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  • 90% of Bitcoin Addresses Are in Profit After Swift Recovery Past $46,000: ITB

    90% of Bitcoin Addresses Are in Profit After Swift Recovery Past $46,000: ITB

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    90% of Bitcoin addresses are in profit even as the crypto asset is over 31% down from its all-time high.

    IntoTheBlock’s analysis reveals a significant milestone for Bitcoin as it surged past the $46,000 mark, pushing more than 90% of all BTC addresses into a profitable zone.

    90% of Bitcoin Addresses in Profit

    According to the on-chain intelligence platform, historically, such levels of profit are not an isolated event but rather a recurring pattern in Bitcoin’s bull cycles. The notable increase in profitable Bitcoin addresses might act as an incentive for holders to consider the possibility of selling their assets.

    ITB’s tweet regarding the same read,

    “With Bitcoin’s swift move past $46k, over 90% of all BTC addresses are now in profit. Historically, Bitcoin holders reached this level of profit several times in every bull cycle, including in the early stages of each cycle.”

    With the majority of addresses experiencing profits, there’s a possibility that some BTC holders might be influenced to capitalize on these gains through the sale of their assets.

    Bitcoin is nearing the coveted $50k owing to the excitement over the first spot Bitcoin ETF in the United States.

    Bitcoin’s Golden Cross

    Another bullish thesis came from a popular crypto commentator, Moustache, who observed that Bitcoin is on the verge of a significant technical event as it prepares to form a golden cross between the 21-day Exponential Moving Average (EMA) and the 50-day Simple Moving Average (SMA).

    The last golden cross dates back nearly eight years to 2016, highlighting the rarity and potential significance of this impending crossover. The convergence of these moving averages is often interpreted as a bullish signal, suggesting a potential shift in market sentiment toward positive momentum.

    The formation of a golden cross in the 21EMA/50SMA for Bitcoin could mark a crucial point in its price trajectory, potentially shaping the direction of the cryptocurrency in the near term.

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    Chayanika Deka

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  • Fear & Greed Index reaches highest level since November 2021

    Fear & Greed Index reaches highest level since November 2021

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    The crypto market’s index of fear and greed has reached its highest level since the end of 2021, indicating greed.

    According to the latest data from the Alternative.me platform, the Fear and Greed Index in the crypto market has reached its highest level since November 2021. Back then, the price of Bitcoin hit at $69,000. Currently, the figure is 76 points — indicating a bullish greed sentiment not seen since then.

    Source: Alternative.me

    The index numerically shows the emotions and sentiments of crypto market participants. Now, the needle is in the “extreme greed” zone. Throughout the last month, the indicator fluctuated from 71 to 74. Only on Dec. 5, when the price of Bitcoin (BTC) jumped to $44,000, the needle briefly moved to the 75-point mark.

    Previously, the crypto market moved into the “extreme greed” zone on Nov. 11, 2021. Then, the indicator was 77, and the cost of the first cryptocurrency reached a historical maximum.

    On Jan. 8, the price of Bitcoin hit another annual high at $47,000. Now, the first cryptocurrency is trading at $46,707. Over the past 24 hours, the asset’s cost has collectively strengthened by 4%.

    Fear & Greed Index reaches highest level since November 2021 - 2
    Source: CoinMarketCap

    The greed sentiment comes amid news that issuers of BTC spot ETFs have filed final applications with the U.S. Securities and Exchange Commission (SEC). The regulator, analysts expect, will likely make a decision by Jan. 10.


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    Anna Kharton

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  • Spot Bitcoin ETFs Could Trade 8% Above Fair Value: Expert

    Spot Bitcoin ETFs Could Trade 8% Above Fair Value: Expert

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    In a recent interview with Bloomberg, Reggie Browne, Co-Global Head of ETF Trading and Sales at GTS, shared insightful predictions regarding the potential trading dynamics of spot Bitcoin exchange-traded funds (ETFs). Browne foresees these ETFs trading at a significant premium, estimating as high as 8% above their net asset value (NAV).

    Why Spot Bitcoin ETFs Could Trade At A 8% Premium To NAV

    “I think the spreads will be very competitive and tight. The market maker community is resilient and prepared to offer a lot of liquidity,” Browne stated. However, he highlighted a critical concern, saying, “I think it’s going to be the premium to NAV… US broker dealers can’t trade Bitcoin cash inside their broker dealers. So you’re going to have to trade hedges over futures and trade it on a premium, and then take that off, and I think there is a lot of complexity there.”

    This complexity, according to Browne, arises from the cash creation model forced by the SEC and regulatory constraints that limit direct Bitcoin trading within US broker dealers, compelling them to rely on futures for hedging. He expressed, “What I think, potentially, you could see 8% of premium above fair value. It’s a big number, but let’s see how it plays out.”

    Additionally, Browne touched upon the subject of in-kind creations and redemptions, aspects that were points of contention during negotiations with the Securities and Exchange Commission (SEC). Despite the challenges, he remains optimistic about their future implementation. “Absolutely, I think this was really just to get the ball moving… the in-kind will come after we climb a couple of mountains,” Browne remarked.

    Echoing Browne’s sentiments, Eric Balchunas, a Bloomberg ETF expert, commented on the potential premium, expressing surprise at the anticipated high rate. He drew a comparison with Canada’s spot ETFs, which are also cash creations but have much smaller premiums, despite occasional spikes.

    [Browne] thinks bid-ask spreads on spot ETFs will be tight but (thx to cash only creations) premiums could be as high as 8%. That’s really high and I’m a bit shocked tbh. For context Canada spot ETFs are cash creations and their premiums are very small.. albeit the occasional 2% day.

    The crypto community is closely monitoring the SEC as it approaches a critical deadline to decide on the first batch of several spot Bitcoin ETF applications by tomorrow, January 10. Prominent asset managers such as BlackRock, Fidelity, Ark Invest, Bitwise, Franklin Templeton, Grayscale, WisdomTree, and Valkyrie are among those with pending applications.

    Browne believes that the approval of spot Bitcoin ETFs could attract substantial investor interest, projecting massive inflows over the first year. “I expect investors to add at least $2 billion to spot Bitcoin ETFs within the first 30 days they trade, if approved. For the full year, I see $10 billion-$20 billion in the funds,” he noted. This prediction underscores the significant interest and potential market impact of spot Bitcoin ETFs.

    At press time, BTC traded at $46,768.

    BTC price rallied to $47,000, 1-day chart | Source: BTCUSD on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Jake Simmons

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  • BlackRock Plans Global Layoffs Amid ESG Controversy and Spot Bitcoin ETF Approval: Report

    BlackRock Plans Global Layoffs Amid ESG Controversy and Spot Bitcoin ETF Approval: Report

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    BlackRock is reportedly expected to make a significant announcement regarding a substantial downsizing of its workforce.

    The impending layoffs, which account for about 3% of its global workforce, will result in approximately 600 employees leaving the company.

    BlackRock to Implement Routine Layoffs

    The layoffs are being internally described as routine, aligning with BlackRock’s previous practices. In 2023, the company underwent a similar trimming of its workforce based on employee performance metrics.

    This decision comes after a period of substantial market recovery for BlackRock. The firm’s shares saw a notable increase of 6% in 2023, a significant rebound following a 21% decline in 2022.

    BlackRock is also scheduled to announce its fourth-quarter earnings on Friday, with analysts projecting a 2.46% decline in earnings per share year-over-year.

    The firm ended the third quarter of 2023 with $9 trillion in assets under management (AUM), a decrease from its peak of over $10 trillion in 2022.

    BlackRock is set to receive approval from the Securities and Exchange Commission (SEC) for its new spot Bitcoin ETF.

    This approval, expected on Wednesday, marks a notable venture into the crypto space, allowing investors to track the daily price of Bitcoin on public stock markets.

    This move positions BlackRock at the forefront of digital asset investment alongside other asset managers awaiting similar ETF approvals.

    BlackRock Realigns Strategy Amid ESG Controversies

    Analysts speculate that these layoffs may be part of BlackRock’s transition into a more mature phase of its business.

    The company’s decrease in AUM aligns with broader market instabilities and its embroiled status in political debates over its Environmental Social Governance (ESG) investing strategies.

    Due to the controversy surrounding its ESG approach in the U.S., BlackRock has been scaling back its emphasis on such business stateside. U.S. portfolio managers no longer consider ESG metrics in non-ESG funds.

    This shift comes as many green investment funds struggle with declining assets and underperformance, particularly in sustainable energy investments.

    Larry Fink, the founder and CEO of BlackRock, expressed to Fox Business his decision to refrain from using the term “E-S-G” due to the political controversies it has sparked.

    Despite the scaled-back focus in the U.S., ESG remains a significant aspect of BlackRock’s international business.

    Mark Wiedman, head of BlackRock’s client business, highlighted the sustained demand for ESG investments from foreign clients, including large sovereign wealth funds in Europe and the Middle East.

    Meanwhile, BlackRock plans to reallocate resources saved from the job cuts towards expanding in growth sectors like technology investing and alternative products beyond traditional stocks and bonds.

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  • This is the Most Interested US State in Spot Bitcoin ETF

    This is the Most Interested US State in Spot Bitcoin ETF

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    Nevada has emerged as the leader in the United States for interest in spot Bitcoin ETFs (Exchange-Traded Funds), surpassing traditional financial hubs like New York and California.

    This insight comes from a recent study by CoinGecko, which used Google Trends data to analyze global and domestic interest in cryptocurrency investment vehicles from January 2019 to January 2024.

    Nevada Emerges as the Top US State

    The study points out that the United States, ranking within the top 15 countries, shares a score of 45 with Portugal and Australia. This suggests a relatively lower level of interest compared to European counterparts.

    In the U.S., Nevada has emerged as the state with the highest interest in spot Bitcoin ETFs, scoring a perfect 100. This is particularly notable given that Nevada is home to Las Vegas, a city synonymous with gambling and high-stakes financial ventures.

    Washington, DC, follows close behind with a score of 93. New Jersey and New Hampshire closely trail in their enthusiasm for spot Bitcoin ETFs, with scores of 88 and 87, respectively.

    Surprisingly, traditional financial and tech hubs like New York and California rank 7th and 8th, respectively, indicating a more evenly distributed interest across various states. Mississippi and North Dakota registered the least interest, both scoring 19.

    The study also highlights that despite the variance in interest levels, the distribution of spot Bitcoin ETF curiosity in the U.S. is relatively even, with state shares ranging from 0.7% to 3.8%.

    This indicates a nationwide anticipation for the introduction of the country’s first spot Bitcoin ETF.

    Global Interest Peaks with Luxembourg in the Lead

    Globally, Luxembourg leads the pack with a search interest score of 100, followed by St. Helena, Singapore, and Switzerland, all scoring in the 90th percentile.

    The findings also highlight a notable trend in established spot Bitcoin ETF markets. Countries where spot Bitcoin ETFs are already incorporated, such as Switzerland, Germany, Canada, and Australia, are among the top 15 in interest.

    This correlation suggests a growing mainstream acceptance and adoption of cryptocurrency in these regions.

    Brazil, despite having two spot Bitcoin ETFs incorporated, did not make it into the top 15 rankings.

    This might point to a disparity between the availability of spot Bitcoin ETFs and the actual interest or awareness among the general public.

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  • Akash (AKT) spiked 41% this week, 1,400% over the past year

    Akash (AKT) spiked 41% this week, 1,400% over the past year

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    Amid cryptocurrency ups and downs, Akash Network’s native token, AKT, has experienced a noteworthy surge of over 40% in the past week. 

    Akash Network (AKT) is trading at $3.20 representing almost 15% increase in the last 24 hours and an impressive leap of 41% over the past week, with a market cap of over $718 million, per data from CoinGecko. 

    In the space of one year, AKT displayed a phenomenal gain of more than 1,400%, demonstrating strength. As soon as AKT surged, its social dominance has also seen a significant level of growth since August 2023. 

    Akash Network is an open-source and decentralized cloud computing platform that runs on the Cosmos blockchain, which provides a distinctive solution to cloud services. This innovative network enables deployment of any cloud-native application thus increasing price–performance and scalability for decentralized applications and organizations. 

    Akash’s disruptive impact on the cloud computing market is palpable. By distributing underutilized cloud capacity, Akash provides more efficient and cost-effective cloud computing services than centralized alternatives. This commitment to open-source technology positions Akash as a more economical option compared to existing centralized cloud computing providers.

    The AKT token is a vital tool for governing and securing the Akash Network. It is the primary means for storing and exchanging value across the network and rewarding community users. This token represents not just a financial asset but a cornerstone of the Akash Network’s functionality.

    Crypto ETFs triggering mixed reactions

    The surge in AKT comes as there seems to be a clash of opinions regarding the approval of spot Bitcoin ETFs. Better Markets CEO, Dennis M. Kelleher, recently urged the U.S. SEC to reject all ETF applications.

    Kelleher’s primary concern revolves around potential fraud and manipulation, emphasizing that the SEC is responsible for preventing massive investor harm.

    Kelleher’s stance comes amid a report by blockchain security firm Scam Sniffer, revealing that over 324,000 crypto users fell victim to fraud in 2023, resulting in a substantial loss of approximately $295 million.

    The reactions to Kelleher’s warnings have been mixed within the crypto community. Bloomberg ETF analyst James Seyffart contends that dismissing the spot Bitcoin ETF applications would be a “criminal move.” He highlights the time and effort invested by issuers and SEC staff, emphasizing the potential influence of Kelleher’s close relationship with SEC Chairman Gary Gensler on the decision-making process.

    Crypto analyst Matt Ahlborg counters Kelleher’s claims, asserting that crypto does serve a social purpose despite Better Markets’ position. Ahlborg also expresses concerns about potential challenges facing the Bitcoin ETF proposal following Better Markets’ intervention and underscores the organization’s ties with influential figures.


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  • Bitcoin Spot ETF: VanEck’s Head Of Research Says BlackRock Has $2 Billion In Investments Lined Up

    Bitcoin Spot ETF: VanEck’s Head Of Research Says BlackRock Has $2 Billion In Investments Lined Up

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    VanEck’s Head of Research, Matthew Sigel, recently hinted that the Spot Bitcoin ETF of the world’s asset manager, BlackRock, could see a record-breaking amount of inflows upon launch. This comes as an approval order by the Securities and Exchange Commission (SEC) looks imminent. 

    BlackRock’s Bitcoin ETF Could See Inflows Of Over $2 Billion

    Sigel mentioned on an X (formerly Twitter) space hosted by the media platform, The Block, that he heard from a reliable source that BlackRock has “more than $2 billion lined up in week one.”

    This investment capital is said to be coming from existing Bitcoin holders who are looking to increase their exposure to the flagship cryptocurrency. 

    He quickly added that he couldn’t be 100% certain of this information. However, it is a possibility, considering that issuers would be looking to get investors that can inject huge sums into their respective ETFs. 

    Sigel went on to highlight how significant it could be if BlacRock’s ETF indeed saw $2 billion of inflows in the first week of trading, saying that it would “blow away” their initial projections. They estimate that the Spot Bitcoin ETFs could see $2.5 billion of inflows in the first quarter of trading. Meanwhile, they believe the market could grow to $40 billion in the next two years. 

    BTC price struggles to reclaim $44,000 | Source: BTCUSD on Tradingview.com

    Not Out Of Place For BlackRock

    Commenting on the possibility of BlackRock seeing this significant amount of inflows, Bloomberg analyst Eric Balchunas noted that such an occurrence isn’t unusual for the world’s largest asset manager. According to him, BlackRock is known for lining up and injecting big cash into new ETFs on the first day of trading. That way, it registers as volume for them. 

    Balchunas further noted that BlackRock’s Bitcoin ETF, seeing $2 billion of inflows, would shatter all records relating to first-day and week volume for an ETF. Interestingly, BlackRock already holds the record for the most successful ETF launch going by the amount of inflows recorded on day one. 

    BlackRock spot bitcoin ETF

    The world’s asset manager further dominates the top 10 list of most successful ETF launches. Balchunas, however, clarified that those inflows were mainly lined up cash and not organic, as they were readily available before the ETF launched. He also mentioned that he got a second source to confirm Sigel’s claims that BlackRock has a big day one lined up. 

    Meanwhile, the Bloomberg analyst provided an update on when the approval order from the SEC was likely to come. Citing multiple sources, he stated that the SEC is lining up all issuers for a potential launch on January 11. 

    Featured image from Decrypt, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • A Look at The Best Bitcoin ETF Ads so Far

    A Look at The Best Bitcoin ETF Ads so Far

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    With Bitcoin (BTC) spot ETF approvals seemingly just days away, applicants are racing to seize investor attention – and cash – ahead of their competitors upon launch.

    From VanEck to HashDex to Bitwise, here are the commercials being pushed by billion-dollar asset managers to encourage hungry customers to buy Bitcoin.

    The Bitcoin Ad Campaign

    One of the first, most notable commercials came from Bitwise last month when it hired Jonathan Goldsmith to spice up its campaign.

    Goldsmith starred in a renowned advertising campaign for Dos Equis beer starting in 2006 and is most famously known as “the most interesting man in the world.”

    “You know what’s interesting these days? Bitcoin,” he told viewers of Bitwise’s commercial. “Look for Bitwise, my friends.”

    In a later commercial, Goldsmith tells viewers that “Satoshi sends his regards,” referring to Bitcoin’s anonymous creator who disappeared from internet discussions over a decade ago.

    Bitwise has since pumped out a long list of “most interesting man memes” related to Bitcoin, miners, and private keys.

    HashDex has run several commercials appealing to crypto’s appeal as next-generation technology.

    Their ads feature decades-old interview footage of people discussing their criticisms of computer and payment tech, which seem ridiculous by today’s standards.

    One includes a news broadcast covering Burger King’s first offering for customers to buy meals with a credit card.

    A woman interviewed at the time said it was “ridiculous” if people had to use a credit card when they go to a fast food restaurant.

    “Understanding disruptive innovation takes time. Bitcoin’s time has arrived,” wrote HashDex.

    Competing on Fees

    On Wednesday, Galaxy Digital CEO Mike Novogratz shared a one-minute video monologue on Bitcoin’s history in celebration of its 15th birthday since the genesis block.

    Galaxy is currently partnered with trillion-dollar asset manager Invesco on an ETF application, which will feature 0% fees for its earliest customers.

    “[Bitcoin’s] fixed and predictable supply makes it a potentially robust store of value,” Novogratz explained. “We are committed to helping you understand and explore the transformative potential of Bitcoin.”

    While Galaxy competes on fees, VanEck is appealing to Bitcoin diehards: on Friday, the asset manager promised to donate 5% of profits from its ETF to funding-starved Bitcoin Core developers.

    “Your tireless dedication to decentralization and innovation is the cornerstone of the Bitcoin ecosystem, and we’re here to support it,” the company wrote.

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  • BTC predictions roundup: How much can BTC surge post Bitcoin ETF approval? 

    BTC predictions roundup: How much can BTC surge post Bitcoin ETF approval? 

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    As the crypto industry braces for the potential approval of Bitcoin ETFs, the financial community is abuzz with predictions and analyses.

    The impending decision by the SEC has ignited discussions, drawing a line between Bitcoin as a speculative investment and a legitimate payment method. The outcomes of this decision could be a defining moment for Bitcoin’s future.

    A short stretch beyond $50k

    Some analysts predict that Bitcoin’s bull run post-ETF approval will be significant, but it might not be as extravagant as new all-time highs, as predicted by others. Mister Crypto, a notable analyst on X, sees a 5% to 10% surge in Bitcoin’s value following the Spot Bitcoin ETF’s approval. This uptick could propel Bitcoin beyond the $48,000 threshold and slowly build up towards its previous all-time high. Yet, this short-term forecast is tethered to various contingencies, including the ETF’s implementation pace and the actual market demand for the ETF. Potential sell-offs in Grayscale Bitcoin Trust (GBTC) could also significantly influence this rally.

    In a recent interview with CNBC, Ledger CEO Pascal Gauthier expressed a hopeful sentiment for 2024 and 2025, viewing them as the runway for a forthcoming bull run. This optimism is echoed by industry insiders and commentators, who predict a wide range of Bitcoin values for 2024, stretching from $60,000 to an ambitious $500,000. These forecasts are buoyed by two significant factors: the anticipated “halving” of Bitcoin and the potential ETF approval in the U.S.

    A potential leap beyond the much anticipated $100k? 

    James Mullarney, a popular crypto analyst YouTuber with over 450K subscribers, provided a more mathematical prediction of Bitcoin. Mullarney combined the 13 different Bitcoin prediction models from industry experts and financial firms in his recent analysis. His analysis predicted that BTC could be $150,000 by the end of 2024. 

    Cumberland DRW, the crypto division of trading giant DRW, is already gearing up for Bitcoin ETFs. They are onboarding issuers and sourcing Bitcoin, ensuring readiness for the influx of orders. Rob Strebel, head of relationship management at Cumberland DRW, emphasizes the market’s efficiency in absorbing substantial trading volumes, reflecting confidence in the market’s liquidity. Although Strebel did not provide any specific prediction to CNBC, he emphasized that ETF approval would trigger a massive inflow of institutional funds in the leading crypto. 

    Differing outlooks on a Bitcoin rally

    As we approach the SEC’s deadline for a verdict on Bitcoin ETFs, there’s palpable tension. The approval of these ETFs could fuel speculation, given the fresh avenues they open for investment. According to a report by Yahoo Finance, as many as 14 money managers are poised to launch their own spot Bitcoin ETFs. These developments could lead to Bitcoin’s assimilation into conventional investment portfolios like 401(k)s, IRAs, and pension plans, signaling a mainstream acceptance of the world’s preeminent cryptocurrency.

    Despite such optimism, many are unconvinced that a BTC price rally is imminent after ETF approvals. Crypto financial services platform Matrixport, which previously provided extremely bullish predictions on Bitcoin, turned bearish earlier this week and reported speculations on the SEC rejecting all current applications. This triggered a major liquidation in the market, wiping off $540 million in four hours. However, Bitcoin and the overall crypto market recovered shortly after. 

    Former BitMEX CEO Arthur Hayes also offers a contrasting perspective. In his essay “Signposts,” Hayes anticipates a significant correction in Bitcoin’s price, projecting a drop between 20% and 40%, especially if U.S.-listed spot Bitcoin ETFs start trading. This prediction casts a shadow on the optimistic outlooks, suggesting volatility in Bitcoin’s path ahead.

    Overall, the potential approval of Bitcoin ETFs stands as a pivotal event, poised to reshape the landscape of cryptocurrency investment. While some analysts predict a substantial surge, others caution about possible corrections. As the industry awaits the SEC’s decision, it remains clear that ETF approval will impact Bitcoin’s adoption and price significantly in the long-term. But how far the price ticker will fall continues to be speculated. 


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    Mohammad Shahidullah

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  • BlackRock $10 Million Bitcoin Purchase Will Happen Today, Expert Says SEC Is Backed Into A Corner

    BlackRock $10 Million Bitcoin Purchase Will Happen Today, Expert Says SEC Is Backed Into A Corner

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    The world’s largest asset manager, BlackRock, is set to make a significant Bitcoin purchase on January 5. This comes as Bloomberg analyst James Seyffart hinted that the Securities and Exchange Commission (SEC) has no choice but to approve the pending Spot Bitcoin ETFs finally. 

    BlackRock To Purchase $10 Million Worth Of Bitcoin

    As part of efforts to seed its Spot Bitcoin ETF, BlackRock will purchase $10 million worth of BTC on January 5. The asset manager had earlier scheduled this Bitcoin purchase for January 3. However, it was eventually postponed to this later date, possibly in a bid to ensure they gain all regulatory approvals and be fully compliant. 

    BlackRock had revealed how the sum of $10 million had come about in the latest amendment to its S-1 filing. The world’s largest asset manager had noted that the said sum was proceeds from the sale of its “Seed Creation Baskets.” The firm initially seeded its ETF back in October, with the fund’s Seed Capital Investor purchasing $100,000 in shares. 

    Bloomberg analyst James Seyffart had previously warned that Blackrock’s plans to seed their ETF with this amount doesn’t mean they are launching just yet. However, he remarked that there was a possibility that the asset manager was doing so in anticipation of an imminent launch.

    Meanwhile, it is also worth mentioning that BlackRock’s initial seed fund could eventually be outranked. Fellow issuer Bitwise revealed in their latest amendment to their Spot Bitcoin ETF that they could potentially seed their fund with up to $200 million if they eventually get approval from the SEC. 

    BTC bulls fail to hold $44,000 | Source: BTCUSD on Tradingview.com

    The SEC Is Backed Into A Corner

    Bloomberg analyst James Seyffart recently shared his thoughts on whether or not an approval order was going to come from the SEC soon enough. According to Cointelegraph, Seyffart stated that there was no way the Commission could get issuers to withdraw their application as they are already backed into a corner. 

    The analyst made this comment following his assertion that the regulator has run out of reasons to deny these Spot Bitcoin ETFs. He alluded to the Grayscale case, where the court ruled that the SEC’s reasons for denying the asset manager’s application were insufficient. With this in mind, Seyffart said that the SEC is likely to approve these funds soon enough. 

    These approvals could come as soon as next week, going by the analyst’s projection. Seyffart stated that he expects an official approval order to come between January 8 and 10. This is despite the recent rumors that the SEC could approve these funds before this week runs out. 

    Featured image from Finextra Research, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Bitcoin Price Analysis: Ascending Parallel Channel Pattern Points To $57,000 Target

    Bitcoin Price Analysis: Ascending Parallel Channel Pattern Points To $57,000 Target

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    As anticipation builds around the potential approval or rejection of spot Bitcoin (BTC) exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) on January 5, the Bitcoin price has witnessed a notable 2.7% recovery in the past 24 hours. 

    This development comes amidst growing speculation about the patterns that could drive the Bitcoin price to reclaim the highs lost during the bear market in 2022. 

    Notably, crypto analyst Ali Martinez has identified an ascending parallel channel as the governing pattern behind the Bitcoin price action since September 2023.

    Bitcoin Price Faces Crucial Test At $48,000

    According to Ali Martinez’s analysis, Bitcoin prices have exhibited a consistent pattern known as an ascending parallel channel. 

    This technical formation suggests that the BTC’s price has been trading within the confines of a channel characterized by an upper and lower boundary, as seen in the chart below.

    BTC’s ascending parallel channel pattern targets. Source: Ali Martinez on X

    BTC could experience further price movement within the defined boundaries if the ascending parallel channel pattern holds. 

    The price is expected to advance toward the upper boundary, which currently resides around $48,000. However, the Bitcoin price is anticipated to face resistance at this level and retrace towards the lower boundary at approximately $34,000. 

    Following the retracement, a rebound toward the upper boundary, potentially reaching around $57,000, could be expected.

    The upcoming decision by the SEC regarding spot Bitcoin ETF applications adds a layer of significance to Bitcoin’s price movement. The approval of Bitcoin ETFs has been a subject of great interest within the cryptocurrency community, as it can enhance liquidity and provide greater legitimacy to the cryptocurrency market. 

    While the outcome of the SEC decision remains uncertain, the ascending parallel channel pattern reveals a compelling technical perspective that could impact Bitcoin’s price trajectory.

    Critical Moment For BTC? 

    Supporting the upside potential of the Bitcoin price in Martinez’s analysis, crypto analyst Rekt Capital highlights the importance of BTC’s ability to establish a strong support level at $43,900.

    According to Rekt Capital’s analysis, Bitcoin is exhibiting promising signs as it strives to reclaim the top of the pattern at $43,900 as a support level. 

    Bitcoin
    Bitcoin’s price currently surpassing its nearest $43,900 resistance. Source: Rekt Capital on X

    This level holds importance in determining the cryptocurrency’s ability to sustain upward momentum. Rekt Capital suggests that a daily candle close above this resistance is essential for Bitcoin to make another attempt at moving higher.

    The successful establishment of $43,900 as a support level and a daily candle close above this resistance would signify a positive development for Bitcoin’s upside potential. 

    It would indicate a renewed bullish sentiment and potentially pave the way for further price appreciation. However, failure to overcome this resistance level and ending up as an upside wick could hinder Bitcoin’s ability to sustain upward momentum in the short term.

    Bitcoin price
    The daily chart shows BTC’s price recovery. Source: BTCUSDT on TradingView.com

    On Wednesday, Bitcoin trades at $44,000, followed by a news-driven dip toward the $40,800 level.

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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