There are no major crypto or macroeconomic events scheduled for this week, so we are going to focus on three aspects.
- Bitcoin ETFs
- Bitcoin price action
- Altcoins
Bitcoin ETF disappoints again
The United States Securities and Exchange Commission’s (SEC) decision on the approval of a Bitcoin spot ETF is something to watch for.
Experts say that one of these two things will happen – the SEC says it needs more time to take a decision or the SEC directly rejects ETF applications. While the latter is not outside the realm of possibilities, investors are still expecting a delay.
Read more: Bitcoin Weekly Forecast: US SEC likely to reject BTC ETF, experts say
ARK Innovation’s Cathie Wood and BlackRock filings for a Bictoin ETF were two events that reignited the ETF flame. But the SEC has already delayed Wood’s Ark 21Shares Bitcoin ETF application by several weeks.
If traders were expecting an influx of volatility due to this event, they should not.
Bitcoin price might surprise bears and squeeze bulls
It looks like Bitcoin price is ready to move higher into the $30,000 region, but it has been that way for nearly two months now. Since it is the start of a new week, BTC might be primed to climb higher to $30,340.
A bit of consolidation around the $30,500 area would be a good place for short sellers to bet on their bearish thesis. If this outlook does come to pass, the conservative targets include $28,138, $27,330 and $26,767.
Crypto traders flock to altcoins like a moth to a flame
With Bitcoin price being a bore, investors have moved to altcoins to satiate their risk appetite. These investors are not just into pesky and boring Centralized Exchange (CEX) altcoins, they’re also trading in the on-chain altcoins ecosystem, where scammers run amok. Still, investors are hunting these tokens due to the enormous returns that these on-chain altcoins offer.
Read more:
On-chain degeneracy rages as Bitcoin fails to deliver: Part one
On-chain degeneracy rages as Bitcoin fails to deliver: Part two
Elsewhere, nearly $200 million worth of token unlocks are due this week for The Sandbox’s SAND, Apecoin’s APE and Injective Protocol’s INJ.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.