Bitcoin and Ethereum Prices Fall Amid Growing Uncertainty
Bitcoin and Ethereum prices have tumbled as traders become uncertain about the market. Over $1 billion in longs have been liquidated, putting further pressure on the broader crypto market. The US Securities and Exchange Commission (SEC) is also hesitant to approve a spot Bitcoin ETF, which adds to the uncertainty.
Key Points:
- Grayscale has a 70% chance of winning the lawsuit against the US SEC, according to Bloomberg analysts.
- A positive outcome for Grayscale could trigger the approval of a spot Bitcoin ETF.
- The SEC has been reluctant to approve any spot Bitcoin ETF this year.
- Traders are eagerly awaiting a decision in the Grayscale vs SEC lawsuit.
- Despite the fall in BTC price, GBTC remains strong.
Bitcoin and Ethereum Prices Reversal
Bitcoin analyst Rekt Capital believes that Bitcoin is at the base of a Double Top at $26,000. It is crucial for Bitcoin to hold the support level, otherwise, the price could fall to $24,800.
Key Points:
- Crypto analyst CrediBULL is bearish on ETH/BTC in the short term but bullish on ETH/USD.
- ETH price is predicted to reverse within the $1560-$1440 range.
- The reversal will depend on Bitcoin holding above $25,000.
- BTC price has increased by 0.5% in the past 24 hours, currently trading at $26,035.
- ETH price is down nearly 0.5% in the past 24 hours, currently trading at $1660.
Hot Take:
The crypto market is facing uncertainty, with Bitcoin and Ethereum prices falling. Traders are eagerly awaiting the outcome of the Grayscale vs SEC lawsuit, which could potentially lead to the approval of a spot Bitcoin ETF. It is crucial for Bitcoin to hold its support level to avoid further price drops. Overall, the market remains volatile and dependent on various factors.
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