Bitcoin’s Recent Performance and Factors Affecting It
– Bitcoin’s price has seen a marginal dip of less than 0.10%.
– Former SEC Chairman John Reed Stark believes the SEC is likely to reject Bitcoin ETF’s spot approval.
– TeraWulf has reported an increase in self-mined BTC for Q2.
– Hut 8 is considering a merger with USBTC.
– The potential decision on Grayscale’s Bitcoin ETF is eagerly awaited by industry insiders.
Bitcoin ETF Approval Denial Predicted by SEC Expert
– Former SEC attorney John Reed Stark suggests that the SEC’s current administration is hesitant to approve Bitcoin spot ETFs.
– Concerns about market manipulation and dependency on a small group for network maintenance are the main reasons behind this hesitation.
– Stark speculates that a crypto-friendly stance from a GOP-led administration after the 2024 presidential election could ease ETF approval.
Bitcoin Mining Update: TeraWulf and Hut 8’s Merger Consideration
– TeraWulf, a US-based mining firm, has seen an increase in self-mined BTC during Q2 2023 due to expanded mining capacity and higher hash rate.
– Hut 8’s mid-year performance showed a decline in hash rate and self-mined Bitcoin due to mining difficulty, operational issues, and electrical problems.
– Hut 8 expects a boost in hash rate capacity through its anticipated merger with US Bitcoin.
Grayscale Bitcoin ETF Decision Expected This Week
– Traders are anticipating the approval of Grayscale Bitcoin ETF.
– Historical court timelines suggest a decision is likely to be announced around August.
– Industry figures like Cathie Wood and Nate Geraci have expressed support for Grayscale against the SEC.
Bitcoin Price Prediction
– Bitcoin’s price has been relatively stagnant between $29,600 and $29,250.
– A breach of this range is expected to determine Bitcoin’s price trajectory.
– If Bitcoin dips below $29,250, it could find support at around $29,000 and $28,750.
– A surge past $29,600 could push Bitcoin towards $29,800 and potentially $30,000.
– The resistance level at $30,200 is expected to limit significant bullish momentum.
Hot Take
The future of Bitcoin’s price and regulatory approvals remains uncertain. The SEC’s hesitation towards approving Bitcoin ETFs and the potential impact of political changes after the 2024 presidential election could shape the cryptocurrency’s path. Mining updates and the outcome of Grayscale’s Bitcoin ETF decision also add to the overall market sentiment. Traders should closely monitor key price levels and developments to make informed decisions.
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