Spot Bitcoin ETF Amendments Filed by Prominent Asset Managers
Amendments under Rule 19b-4 have been filed for spot Bitcoin ETF applications from several prominent asset managers, including BlackRock, Valkyrie, Grayscale, Bitwise, Hashdex, ARK 21 Shares, Invesco Galaxy, Fidelity, Franklin Templeton, VanEck, and WisdomTree. These filings are considered one of the final stages in the SEC approval process.
The completion of S-1 documents is still necessary for U.S. exchanges to begin listing these investment securities.
Bitcoin and Ethereum Experience Minor Downtick
In the last 24 hours, Bitcoin and Ethereum have seen a decline of 0.23% and 1.06% respectively. Bitcoin is trading at $44,159 while Ethereum is trading at $2,246.
If the Spot Bitcoin ETF gets approved in the coming week, altcoins such as Arbrium (ARB), Osmosis (OSMO), and Ethereum (ETH) may witness a massive inflow.
Ethereum(ETH) Price Trapped in Uncertainty Awaits Breakout
Ethereum (ETH) has been exhibiting a sideways trading pattern between $2,140 and $2,400 for over a month. The recent reversal from the $2,400 resistance level suggests a high supply zone.
The coin has found support at the $2,140 level and the 38.2% Fibonacci retracement, indicating that buyers still have influence over the asset. A successful rebound from this support could lead to a 7% increase in price, with a potential breakout above $2,400.
Cup and Handle Pattern Sets Arbitrum(ARB) Price Leap
The ARB price experienced a breakout from the $1.82 neckline resistance of a rounding bottom pattern, but the current market downturn caused a drop below this level. The price may plunge another 16% to find support at $0.147 and the 50% Fibonacci retracement trade.
A reversal pattern formation at this support could indicate an early sign of an uptrend continuation. Under the influence of the rounding bottom pattern, the ARB price may aim for the $2.931 mark.
Internet Computer(ICP) Price Hints Minor Pullback
The recovery trend in Internet Computer coins experienced a correction after reaching a local top at $1.63. The altcoin’s value has dropped 28% in the last 3 days to trade at $12.06.
This pullback is a retest phase to the recently breached neckline resistance of the cup and handle pattern. If the price sustains above this support, it could indicate a trend reversal and lead to a potential surge to $20.
Hot Take: Altcoin Prices Await Spot Bitcoin ETF Approval
The crypto market awaits an official comment from the US SEC regarding the approval of the Spot Bitcoin ETF. Amendments have been filed by prominent asset managers, bringing the ETF closer to approval. While Bitcoin and Ethereum experience a minor downtick, altcoins like Arbrium, Osmosis, and Ethereum may witness significant inflows if the Spot Bitcoin ETF gets approved. Ethereum’s price is trapped in uncertainty but awaits a breakout, while Arbitrum shows a cup and handle pattern that could lead to a price leap. Internet Computer’s price hints at a minor pullback before potentially surging to $20.
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