Bitcoin, the leading cryptocurrency, has been subjected to profit sales for four days after a long rise. Bitcoin, which pulled its value from $ 38,000 to $ 35,000, gained strength from this region and experienced a sharp rise of over 6 percent yesterday. Bitcoin traded around $ 37,500 in the morning hours, while Ethereum rose above $ 2,000 again and found buyers at $ 2,055.
On Tuesday, as US inflation data came in better than expected, long positions in the market were liquidated and Bitcoin fell as low as $34,800. However, yesterday evening, the US Securities and Exchange Commission (SEC) once again delayed an application for a spot Bitcoin ETF, creating uncertainty in the market.
Eyes on ETF Applications
In the SEC’s statement, it was stated that the decision on Hashdex’s application to convert its existing Bitcoin futures ETF into a spot Bitcoin ETF has been postponed until next year. In addition, Grayscale’s Ethereum futures ETF application was also postponed until next year. These decisions did not have a negative impact on the market, but in general, attention has turned to the spot Bitcoin ETF applications of organizations such as BlackRock, which is among the giant investment companies.
Recently, there seems to be a general consensus that the SEC will approve such applications. Bloomberg analysts are also optimistic that such an approval will take place in the first quarter of 2024.
Today, Fed member Barr’s speech and data such as US unemployment benefit claims are important. Although no significant impact on the market is expected, high jobless claims data may stand out as a confirmation that the Fed has completed the rate hike process.
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