Bitcoin (BTC) Price Stalled Due to ETF Standoff
Bitcoin (BTC) prices have stagnated around $37,000 for almost two weeks now due to the clash over the approval of an ETF. Since the surge on Nov 9, the value has kept ranging between $36,000 and $38,000, repeatedly trying to rise beyond the latter but been unable to.
The Bitcoin (BTC) Stalemate and ETF Updates
It may seem that the SEC approval of spot Bitcoin (BTC) ETFs is experiencing a deadlock. Nonetheless, regardless of this seemingly slow pace, the procedure is still in motion, including ARK’s Second amended application. As per SEC standards, it will take at least another 30 days for any evident results to manifest.
Bitfinex Predictions for Bitcoin
Bitfinex analysts suggest that Bitcoin (BTC) will continue to trade sideways as plenty of issues hinder its rise over the $38,000 wall. These factors include the Federal Reserve’s uncertainty surrounding future policies and the SEC’s indecisiveness on ETFs. In the absence of a specific driver, the price is expected to keep moving laterally for about 3 weeks.
Bitfinex Alpha Report
According to Bitfinex, BTC’s price is as of now reflecting early April halving pre-pricing due to the accumulation of the digital currency by long-term investors. Nonetheless, negative sentiments appear to be spreading, indicated by a fall in open interest and spot market volumes. In addition, futures contracts funding rates have recently turned positive.
Hot Take
Prices of Bitcoin (BTC) rise and fall as the cryptocurrency world continues to wait for the SEC’s decision on the approval of ETFs. This decision will significantly impact the future direction of Bitcoin (BTC) in the market. All you can do at this stage is to monitor the market and patiently wait for the SEC to cause a final verdict.
Leo Nomist emerges as a maestro harmonizing the roles of crypto analyst, tenacious researcher, and editorial virtuoso, creating an unparalleled symphony of insight. Amidst the intricate world of digital currencies, Leo’s perspectives resonate like finely tuned chords, capturing the attention of curious minds from diverse horizons. His talent for deciphering complex threads of crypto intricacies blends seamlessly with his editorial finesse, translating intricacy into a captivating composition of understanding.
