Category: Investment

Cryptocurrency Price Today: For A Little While, Bitcoin Drops Below $40,000; SUI Rises to the Top

Quick analysis of cryptocurrency prices on January 23: The value of the world market fell to $1.58 trillion.

The world’s oldest and most valuable cryptocurrency, Bitcoin (BTC), fell below $40,000 early on Tuesday and as low as $39,474.66 before rising. It is widely anticipated that the US central bank’s next policy meeting will shed some light on how the coin will behave going forward. Other popular coins that performed poorly overall included Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC). With a surge of more than 7% in just one day, the SUI token turned out to be the largest gainer of the group. With a drop of more than 10% in just one day, Astar (ASTR) emerged as the greatest loser.

At the time of writing, the value of the world’s cryptocurrency market was $1.58 trillion, a decrease of 2.42 percent in a day.

Bitcoin (BTC) Price Today

According to CoinMarketCap, the price of bitcoin was $40,108.25, down 2.13 percent in a day.

Ethereum (ETH) Price Today

At the time of writing, the price of ETH was $2,347.37, a decrease of 3.13 percent in just 24 hours.

Dogecoin (DOGE) Price Today

DOGE, which is presently trading at $0.08124, saw a 2.28 percent 24-hour loss, according to CoinMarketCap data.

Litecoin (LTC) Price Today

Litecoin saw a 5.30 percent 24-hour decline. As of writing, its trade price was $68.23.

Ripple (XRP) Price Today

The price of XRP was $0.531, down 1.74 percent in a day.

Solana (SOL) Price Today

The price of Solana was $85.67, a decrease of 3.65% over the previous 24 hours.

Everything You Should Know About The Expected US SEC Approval of Bitcoin Spot ETFs This Week

There are currently 13 proposed spot Bitcoin ETFs under review by the SEC.

There is a lot of excitement among market players because of the frantic attempts of large asset management companies to obtain regulatory clearance to introduce the first spot Bitcoin exchange-traded funds (ETFs) in the US. Prominent organizations like Ark Invest and 21shares, Blackrock, Vaneck, Valkyrie, Bitwise, Invesco, Fidelity, and Wisdomtree have all meticulously updated their files with the US Securities and Exchange Commission (SEC).

Last Friday saw the culmination of this group effort, which was a significant step toward the US Bitcoin ETFs’ first-place realization. The SEC may approve numerous spot Bitcoin ETFs by that crucial date, as there is a notable deadline approaching on January 10th for the proposed spot Bitcoin ETF by Ark Invest and 21shares.

Undisclosed individuals familiar with the filing process told Reuters last week that the SEC might notify issuers as early as Tuesday or Wednesday, indicating that they had permission to debut the following week.

Fee schedules for these potential spot Bitcoin ETFs are also beginning to take shape. Valkyrie has declared rather loudly that it will charge a 0.80% management fee, which is the same as what Ark Invest and 21shares have suggested. In contrast, Fidelity offers a surprisingly low 0.39 percent fee for its Wise Origin Bitcoin Fund in an attempt to beat rivals. In the meanwhile, Invesco offers a six-month waiver along with a 0.59 percent charge on the first $5 billion in assets.

Bitwise and Blackrock disclosed their intentions to seed their Bitcoin ETFs with $200 million and $10 million, respectively, on Friday in their filings. Remarkably, JPMorgan has been named the primary authorized participant for Blackrock’s ETF, even though Jamie Dimon, the CEO of JPMorgan, has consistently taken a negative position.

Concurrently, Coinbase claims to be well-prepared to serve as a custodian for Bitcoin held by possible spot Bitcoin ETF issuers, as the deadline for the SEC to make a decision regarding the approval of a spot Bitcoin ETF draws near.

Blackrock, Ark Invest, Bitwise, Wisdomtree, and Invesco are among the spot Bitcoin ETF applicants that have named the Nasdaq-listed cryptocurrency platform as its preferred Bitcoin custodian. A Coinbase representative told Bloomberg on Friday:

“We’ve worked hard to get approved as an ETF. Our technologies have been developed and put through testing to withstand increases in trade volume, liquidity, and overall system demand.”

The spokesman also verified that Rick Schonberg has taken over as Head of Custodial at Coinbase Global Inc., following Aaron Schnarch’s recent departure.

The SEC is now reviewing 13 proposed spot Bitcoin exchange-traded funds (ETFs). Cathie Wood’s ARK Invest and 21shares’ joint proposal has a January 10 deadline. In the financial community, the general consensus is that the SEC will likely approve several applications by the impending deadline. This is because the regulatory body had instructed spot Bitcoin ETF issuers to submit updated filings by the previous Friday in order to have them taken into account for the early January decisions.

Conclusion

NFTs and cryptocurrency products are unregulated and very dangerous. For any losses resulting from such transactions, there might be no regulatory redress. Cryptocurrency is vulnerable to market risks and is not a form of legal tender. Before making any form of investment, readers are urged to consult an expert and carefully study the offer document(s) and any relevant key literature on the subject. Predictions about the cryptocurrency market are speculative, and readers assume all risk and expense associated with any investments they make.

Bitcoin Weekly Forecast: BTC may fall to $30,000 due to a lack of ETF news

On a daily basis, the Bitcoin (BTC) price exhibits not one, but numerous sell signals. To make matters worse, on-chain data reveal widespread profit-taking. While the rise fueled by the probable ETF approval has boosted BTC so far, the lack of it could send the pioneer cryptocurrency lower.

Bitcoin ETF news is critical to the continued rally.

For some years, the approval of a Bitcoin spot Exchange-Traded Fund (ETF) has been a speculative event. However, ETF-related innovations have recently accelerated. After losing a run of crypto lawsuits, the US Securities and Exchange Commission (SEC), which approves or disapproves ETF products, has been on the defensive.

The initial run-up in Bitcoin prices began in mid-October, following the SEC’s dismissal of Grayscale’s lawsuit for transforming the GBTC product into a spot ETF offering, as well as other ETF-related news. However, because there have been no updates, BTC has been trading sideways.

Regardless, the speculative Bitcoin trading frenzy will reach new heights in January 2024, the next critical deadline for the ETF decision. This event will either make or break the cryptocurrency space. However, investors should be prepared for a regression before then, especially given that the Bitcoin price has been emitting multiple sell signals.

Bitcoin’s price may fall soon

Bitcoin’s (BTC) price increased by 30% between October 16 and 24, reaching a local high of $35,280. Because of the tremendous bullish momentum, this move was spectacular. However, since the formation of this swing high, BTC has been trading sideways. The daily candlestick closures have generated an upward slope since October 25, which may appear bullish to the naked eye. A closer examination of the Relative Strength Index (RSI) reveals that it is sliding downward. This deviation is known as bearish divergence, and it frequently results in a pullback or correction.

This is the first major sell signal that investors should be aware of.

In addition to the bearish divergence, the Momentum Reversal Indicator (MRI) has flashed two sell signals. The first sell signal was posted in the shape of a red down arrow following the daily candlestick closure on October 23. The MRI showed another red down arrow nine days later. This indicator predicts one to four down candlesticks.

As a result, investors may see the Bitcoin price fall. The Fair Value Gap (FVG) range, which stretches from $30,248 to $32,832, and its midpoint of $31,540, are important support levels to monitor.