SEC Approves Bitcoin-ETP, Causing Volatility Spike
The US Securities Commission (SEC) has given its stamp of approval for the Bitcoin Exchange-Traded Product (ETP), according to a recent announcement. This news sparked a surge of volatility in the market, serving as a reminder of how susceptible short-term traders can be to sudden market fluctuations. The initial fake announcement heightened the uncertainty, leading to a spike in volatility. This serves as a stark reminder that traders should remain cautious and vigilant in response to news-driven price movements(source).
Bitcoin Surges to $48K, Altcoins Gain Momentum
Following the SEC’s approval of the Bitcoin-ETP, the price of Bitcoin soared to $48,000 before retracting slightly below $45,000. From a technical perspective, these recent moves align with the trajectory that was established in late October of last year. After a period of consolidation in December, momentum has returned to the market. As a result, it may be prudent to prepare for a scenario where altcoins, which currently appear undervalued in comparison to Bitcoin, begin to take center stage. However, it is important to note that this does not diminish the potential for BTCUSD to reach $50,000 to $51,000 before experiencing a significant correction(source).
Speculator Attention Shifts to Ethereum, Price Could Reach $3500
In recent days, Ethereum has attracted significant attention from speculators, leading to a price increase of over 13% in less than 36 hours. This surge in interest can be attributed to the anticipation surrounding the possible approval of an Ethereum-ETP. If this approval comes to fruition, the price of Ethereum could climb even higher in the next few months, potentially reaching the $3,500 mark. Such a milestone would mirror the peak achieved by Ethereum back in April 2022, highlighting the increasing popularity and potential of this leading altcoin(source).
Traders Lose $1 Billion Due to Fake Tweet About ETF Approval
Traders were left reeling after a fake tweet regarding the approval of an Exchange-Traded Fund (ETF) caused chaos in the market. According to CoinMarketCap, losses nearing $1 billion were incurred as a direct result of this misleading tweet. The situation was further exacerbated by the liquidation of positions in the futures market, marking the largest liquidation event since August 2023. This incident serves as a reminder of the susceptibility of the market to misinformation and the importance of conducting thorough research before making trading decisions(source).
Hong Kong Fund Companies Explore Bitcoin ETF Launch
Around a dozen fund companies in Hong Kong are currently exploring the possibility of launching spot Bitcoin ETFs. This development was reported by HashKey, a blockchain-focused fintech company. The potential issuers include firms with Chinese capital, as well as companies from other Asian and European countries. This move signifies the growing interest and acceptance of cryptocurrencies, particularly Bitcoin, in the financial market. If successfully launched, these spot Bitcoin ETFs could further solidify Bitcoin’s presence as a mainstream investment vehicle(source).
Robert Kiyosaki Predicts Bitcoin Price to Reach $150K After ETF Approval
Renowned author and financial educator, Robert Kiyosaki, made a bold prediction regarding the price of Bitcoin following the approval of the Bitcoin-ETP. Kiyosaki suggested that the price of the leading cryptocurrency could skyrocket to the $150,000 level, emphasizing his faith in Bitcoin’s potential to increase in value. In response to the anticipated surge, Kiyosaki stated that he would invest his funds in assets such as gold, silver, and Bitcoin, protecting his wealth against the devaluation of traditional currencies. Kiyosaki’s prediction underscores the growing optimism and excitement surrounding the future of Bitcoin and its potential to revolutionize the global financial landscape(source).
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References
[1] Source: FXStreet
Analyst comment
1. SEC Approves Bitcoin-ETP, Causing Volatility Spike: The market experienced a surge in volatility due to the SEC’s approval of the Bitcoin-ETP. Short-term traders should remain cautious and vigilant in response to news-driven price movements.
2. Bitcoin Surges to $48K, Altcoins Gain Momentum: Bitcoin’s price surged to $48,000 before experiencing a slight retraction. Altcoins may take center stage as momentum returns to the market.
3. Speculator Attention Shifts to Ethereum, Price Could Reach $3500: Ethereum has attracted significant attention from speculators, leading to a price increase of over 13%. The anticipation of an Ethereum-ETP approval could push the price even higher.
4. Traders Lose $1 Billion Due to Fake Tweet About ETF Approval: Traders suffered losses of nearly $1 billion due to a misleading tweet about the approval of an ETF. This incident highlights the market’s susceptibility to misinformation.
5. Hong Kong Fund Companies Explore Bitcoin ETF Launch: Multiple fund companies in Hong Kong are considering launching spot Bitcoin ETFs. This indicates growing interest and acceptance of cryptocurrencies in the financial market.
6. Robert Kiyosaki Predicts Bitcoin Price to Reach $150K After ETF Approval: Robert Kiyosaki predicts that the price of Bitcoin could reach $150,000 following the approval of the Bitcoin-ETP. This reflects growing optimism and excitement about Bitcoin’s future.
Overall, the market is experiencing volatility and uncertainty due to the approval of the Bitcoin-ETP and the influence of external factors such as fake news. However, there are positive signs of potential growth for Bitcoin, altcoins, and Ethereum, indicating opportunities for investors. Traders should remain cautious and conduct thorough research before making trading decisions.
