The Stagnant Price of Bitcoin amidst Resubmitted ETF Applications in Asia
The price of Bitcoin has remained stagnant at around $30,000 amidst resubmitted applications for Bitcoin exchange-traded funds (ETFs) in the Asian market. Bitcoin opened the trading week in Asia at $30,654, according to CoinDesk data, while ETH was at $1,954.
Key Points:
- The U.S. SEC deemed current bitcoin ETF filings “inadequate,” resulting in price drops.
- Some issuers have re-filed, mentioning Coinbase as their market surveillance partner.
- Bitcoin could test a support zone of $27K to $29K, potentially leading to deeper declines in altcoins.
- Approval of the first Bitcoin ETF may not trigger a bullish trend automatically.
- Investors are considering spot Bitcoin ETFs as a potential solution for GBTC’s discount issue.
The Middle East and the Asia-Pacific region have vouched to join the BRICS Alliance with 20+ countries waitlisted. BlackRock and Fidelity have filed for Bitcoin leveraged Futures ETF. A Bitcoin spot price ETF filed by BlackRock could potentially lead to significant sell-pressure as Grayscale’s GBTC Trust converts to a Bitcoin ETF.
Hot Take:
The stagnant price of Bitcoin amidst resubmitted ETF applications in Asia shows the cautious sentiment in the market. While altcoins are experiencing rallies and ETH shows signs of testing $2K, Bitcoin’s support zone of $27K to $29K could lead to deeper declines in altcoins. The approval of a Bitcoin ETF may not automatically trigger a bullish trend, and investors are considering spot Bitcoin ETFs as a potential solution for GBTC’s discount issue. Overall, market participants should exercise caution and pay attention to sustained upside momentum.
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