Bitcoin ETF Approval
The recent surge in Bitcoin prices, reaching a 19-month high of $47,900 before briefly dipping to $45,100, was driven by false information spread through a hacked U.S. SEC Twitter account. The fake announcement claimed the approval of a Bitcoin ETF, causing volatility in the market.
Bloomberg ETF analyst Eric Balchunas expects the official SEC announcement for the Bitcoin spot ETF approval to be made between 16:00 and 17:00 ET on Wednesday, with the listing scheduled for Thursday. This incident emphasizes the impact of misinformation on cryptocurrency markets and the anticipation surrounding potential ETF approvals.
Analysts predict that this news could trigger a sell-the-news event, potentially leading to a pullback in Bitcoin’s price to around $40,000. However, crypto analyst Ali Martinez suggests that Bitcoin has established strong support at $42,000 based on on-chain data.
This data also suggests that if Bitcoin manages to break through the resistance level at $48,000, it could potentially rise to $55,000 as there are no significant supply zones nearby. These insights provide further understanding of the key levels and dynamics influencing Bitcoin’s current price movement.
90% of BTC Holders Are In Profit
A recent report from Glassnode reveals that over 90% of Bitcoin coin-holding addresses are currently in profit, with the cryptocurrency surpassing the $46,000 mark. This marks the first widespread profitability since November 2021. It remains to be seen whether these holders will continue to hold or book profits.
The report also highlights that approximately 78% of Ethereum holding addresses are currently in a profitable position. This data indicates positive market sentiment and financial gains for a significant majority of cryptocurrency investors.
Hot Take: Bitcoin ETF Approval Leads to Price Surge and Profitability
The recent surge in Bitcoin prices due to false information about a Bitcoin ETF approval highlights the impact of misinformation on cryptocurrency markets. While this event caused volatility, there is still anticipation surrounding potential ETF approvals.
Furthermore, data shows that a significant majority of BTC holders are currently in profit, reaching levels not seen since November 2021. This positive market sentiment extends to Ethereum holders as well. It remains to be seen how these profitable addresses will react moving forward.
By
By
By
By
By
By