Crypto Market Surges on Expectations of SEC Approvals
The crypto market experienced a strong positive bias in Tuesday’s trading session. Bitcoin saw a jump of over 7%, while other major tokens like Ethereum, Solana, BNB, XRP, Dogecoin, Cardano, Avalanche, Toncoin, and Tron surged up to 15%. This rally is attributed to the anticipation of imminent approvals by the US Securities and Exchange Commission (SEC) regarding spot bitcoin exchange-traded funds (ETFs).
According to Vikram Subburaj, CEO of Giottus Crypto Platform, the market reacted positively to the tweet by the US SEC Chairman about crypto investing. The surge in major cryptocurrencies resulted in a 6% overnight increase. Subburaj believes that if spot ETF approvals come in this week, Bitcoin could push towards $50,000.
Bitcoin’s Resistance and Market Volatility
Bitcoin briefly surpassed $47,000 for the first time since April 2022. Edul Patel, CEO of Mudrex, sees $48,000 as a major resistance level before reaching $50,000. BTC dominance has increased to 54.5%, indicating a strong performance for the top cryptocurrency. However, investors should remain cautious as an overly optimistic rally could lead to a correction.
The total market capitalization of the crypto market has crossed $1.8 trillion, with the fear and greed index remaining highly positive. Despite this positivity, volatility is expected to rise until at least Wednesday.
Hot Take: Crypto Market Rallies on SEC Approval Expectations
The crypto market experienced a significant surge as investors anticipated approvals from the US SEC for spot bitcoin ETFs. This positive sentiment led to substantial gains in major cryptocurrencies like Bitcoin and Ethereum. However, experts caution investors about potential market volatility and the need for caution. The total market capitalization of the crypto market has surpassed $1.8 trillion, indicating continued growth and interest in the industry.
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