Bitcoin
Bitcoin Price Prediction as BTC Falls After ETH ETF Approval – Here’s the Next Level to Watch
Last updated: May 25, 2024 06:13 EDT | 4 minutes of reading
Bitcoin Price Prediction
As Bitcoin falls following SEC approval of ether ETFs, market analysts are closely monitoring the next key levels. The Bitcoin price prediction indicates a potential uptrend, with BTC/USD currently trading at $69,042.
This update explores key support and resistance levels, providing insights into Bitcoin’s future movements amid the changing regulatory landscape.
SEC approves rule change for Ether ETFs
The SEC approved a rule change to allow the creation of exchange-traded funds (ETFs) that invest in ether, one of the largest cryptocurrencies. This decision follows the recent success of bitcoin ETFs, which have seen net inflows exceeding $12 billion. The approval comes at the right time, aligning with the SEC’s deadline for the VanEck Ethereum ETF decision.
The SEC on Thursday approved a rule change that would clear the way for buy-and-hold ETFs #ether.$ETH https://t.co/qgBajWyMLb pic.twitter.com/IE0PGKNceA
-Neil Sethi (@neilksethi) May 23, 2024
Companies that sponsor bitcoin ETFs, such as BlackRock, Bitwise, and Galaxy Digital, are also beginning the process of launching ether ETFs. However, the SEC’s rule change does not guarantee immediate launches, as it only approves exchanges’ requests to list eight different Ether funds. Actual release dates remain unclear.
Key points:
- Ether prices rose 2% following the SEC decision, following a 20% increase earlier in the week.
- The SEC order approves the listing of eight Ether funds, but does not set launch dates.
- Initial ether ETFs are expected to be smaller than bitcoin ETFs, with the Grayscale Ethereum Trust holding around $11 billion in assets.
The approval suggests a potential easing of the SEC’s stance on cryptocurrencies, especially following the agency’s loss in a lawsuit against Grayscale in 2023. This legal outcome paved the way for the approval of bitcoin ETFs and now ether ETFs . Despite this progress, the SEC’s regulatory approach toward cryptocurrencies remains under political scrutiny.
Ether, the second-largest cryptocurrency, underpins the Ethereum network, which facilitates decentralized finance (DeFi) projects, non-fungible tokens (NFTs), and asset tokenization. However, new ether ETFs in the US may exclude staking, as the SEC views staking-as-a-service offerings as unregistered securities. This exclusion could reduce the attractiveness of ether ETFs compared to bitcoin ETFs.
Richard Kerr of K&L Gates highlighted that the approval does not apply to other crypto projects on the Ethereum network. Steven Lubka of Swan Bitcoin pointed out that ether ETFs may experience lower demand due to structural differences such as a lack of staking options.
The approval of ether ETFs marks a notable development in the regulatory landscape for cryptocurrencies, signifying the increasing integration of digital assets into mainstream financial products.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is trading at $69,042, showing a modest increase of 0.45% signaling a rally Bitcoin Price Prediction. The pivot point, marked by the green line, is at $68,514, serving as a crucial level for the direction of the trend. Immediate resistance levels are seen at $70,029, followed by $71,458 and $73,299.
On the downside, support levels are at $66,394, $64,947, and $63,490. The Relative Strength Index (RSI) is at 48.93, indicating neutral momentum, while the 50-day Exponential Moving Average (EMA) is at $67,860, providing significant support.
Bitcoin Price Prediction
The price is reinforced by an ascending trendline near the $69,000 level. The formation of a series of doji candles above this level suggests possible buying trends above $68,500.
Both the RSI and EMA support the likelihood of a continued uptrend. Traders should watch for a break above immediate resistance at $70,029 to confirm further upward movement.
Exciting New AI Meme Coin Wiener AI – Can It Outperform?
The fun new sausage dog-themed meme coin, Wiener AI (WAI), is more than just a novelty. Offers advanced features AI-Based Trading Toolsadding substantial utility beyond its playful exterior.
With investors already investing $2,880,453 in the WAI pre-sale, this early demand signals strong interest in the new meme coin.
In today’s market, AI is a hot topic, especially after Nvidia’s impressive earnings. This trend is expected to further increase the demand for WAI.
WAI not only comes with AI utility but also offers a great opportunity to earn passive income. Twenty percent of the total supply is allocated to staking rewards, offering investors a remarkable 396% APY, according to the project’s official website.
At this rate, investors can potentially double their initial presale investment in just a few months.
🌭SPOT ETH ETF APPROVED!🌭
All Wieners rejoice!! 😀
This is GREAT NEWS for $WAI pic.twitter.com/F7ezY6xQNC
-WienerAI (@WienerDogAI) May 23, 2024
Crypto experts are eagerly buying this exciting AI cryptocurrency. Michael Wrubel, a widely followed crypto analyst with over 312,000 YouTube subscribers, rates WAI as one of the top cryptocurrencies for 2024.
Interested investors need to act quickly as WAI’s price will increase when the pre-sale reaches $3 million. The current price is $0.00071, giving WAI a market cap of less than $50 million. If WAI achieves market leadership, early investors could realize significant gains, with the potential for returns of 100x or more.
Disclaimer: the text above is an advertising article that is not part of the Cryptonews. with editorial content.
Bitcoin
Bitcoin (BTC), Stocks Bleed as China’s Surprise Rate Cut Signals Panic, Treasury Yield Curve Steepens
Risk assets fell on Thursday as China’s second rate cut in a week raised concerns of instability in the world’s second-largest economy.
Bitcoin (BTC)the leading cryptocurrency by market cap, is down nearly 2% since midnight UTC to around $64,000 and ether (ETH) fell more than 5%, dragging the broader altcoin market lower. The CoinDesk 20 Index (CD20), a measure of the broader cryptocurrency market, lost 4.6% in 24 hours.
In equity markets, Germany’s DAX, France’s CAC and the euro zone’s Euro Stoxx 50 all fell more than 1.5%, and futures linked to the tech-heavy Nasdaq 100 were down slightly after the index’s 3% drop on Wednesday, according to the data source. Investing.com.
On Thursday morning, the People’s Bank of China (PBoC) announced a surprise, cut outside the schedule in its one-year medium-term lending rate to 2.3% from 2.5%, injecting 200 billion yuan ($27.5 billion) of liquidity into the market. That is the biggest reduction since 2020.
The movement, together with similar reductions in other lending rates earlier this week shows the urgency among policymakers to sustain growth after their recent third plenary offered little hope of a boost. Data released earlier this month showed China’s economy expanded 4.7% in the second quarter at an annualized pace, much weaker than the 5.1% estimated and slower than the 5.3% in the first quarter.
“Equity futures are flat after yesterday’s bloody session that shook sentiment across asset classes,” Ilan Solot, senior global strategist at Marex Solutions, said in a note shared with CoinDesk. “The PBoC’s decision to cut rates in a surprise move has only added to the sense of panic.” Marex Solutions, a division of global financial platform Marex, specializes in creating and distributing custom derivatives products and issuing structured products tied to cryptocurrencies.
Solot noted the continued “steepening of the US Treasury yield curve” as a threat to risk assets including cryptocurrencies, echoing CoinDesk Reports since the beginning of this month.
The yield curve steepens when the difference between longer-duration and shorter-duration bond yields widens. This month, the spread between 10-year and two-year Treasury yields widened by 20 basis points to -0.12 basis points (bps), mainly due to stickier 10-year yields.
“For me, the biggest concern is the shape of the US yield curve, which continues to steepen. The 2- and 10-year curve is not only -12 bps inverted, compared to -50 bps last month. The recent moves have been led by the rise in back-end [10y] yields and lower-than-expected decline in yields,” Solot said.
That’s a sign that markets expect the Fed to cut rates but see tighter inflation and expansionary fiscal policy as growing risks, Solot said.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
July 24, 2024, 5:30 p.m.
Updated July 24, 2024, 5:35 p.m.
(Benjamin Cheng/Unsplash)
Fuente
Bitcoin
India to Release Crypto Policy Position by September After Consultations with Stakeholders: Report
“The policy position is how one consults with relevant stakeholders, so it’s to go out in public and say here’s a discussion paper, these are the issues and then stakeholders will give their views,” said Seth, who is the Secretary for Economic Affairs. “A cross-ministerial group is currently looking at a broader policy on cryptocurrencies. We hope to release the discussion paper before September.”
Ether, the second-largest token, fueled a slide in digital assets after a stock rout spread unease across global markets.
Ether fell about 6%, the most in three weeks, and was trading at $3,188 as of 6:45 a.m. Thursday in London. Market leader Bitcoin fell about 3% to $64,260.
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