BTC Rally Provoked by US ETF Launch is ‘Nearly Out of Room to Run’
According to some strategists, even if the US approves spot Bitcoin exchange-traded funds (ETFs), it could be a “sell” event for BTC. This is because the price has already increased significantly, and investors who bought at low prices may decide to take profits. Julio Moreno, head of research at CryptoQuant, suggested that bitcoin could fall to $32,000 following the ETF launch. However, approval from the Securities and Exchange Commission (SEC) is not guaranteed. If approved, a fee war is expected among asset managers in the crowded market.
India’s Crypto Companies Are Moving to Dubai
Due to strict tax rules in India, many crypto companies are relocating to Dubai’s crypto ecosystem. India was the top country in terms of crypto adoption in 2023, but the local industry has been affected by government regulations. Dubai offers clarity and certainty around regulations, as well as greater community support, making it an attractive destination for crypto businesses. The decline in volume in India has been significant, leading many founders and investors to seek a jurisdiction without last-minute surprises.
SocialFi Debate-to-Earn Platform Reveals Its Pioneer Pen
Socrates, the SocialFi Debate-to-Earn platform, has launched an upgrade called the Pioneer Pen. This non-fungible token (NFT) based on the ERC-721 standard marks a new chapter in online intellectual engagement and blockchain integration. The upgrade allows users to trade their Pens on the OpenSea marketplace and represents their identities within the platform. Users can enhance their Pens using SOC, Socrates’ governance token.
Hot Take: BTC Rally Faces Potential Correction After ETF Launch
The upcoming approval of spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) may not lead to further price increases for BTC. Some experts believe that the rally is “nearly out of room to run” due to the rapid price surge in recent months. Investors who bought at low prices may choose to take profits, causing a potential correction in the market. Additionally, if multiple issuers receive approval on the same day, a fee war among asset managers could lead to a short-term loss for some players. Overall, while the ETF launch is highly anticipated, its impact on BTC’s price remains uncertain.
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