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
Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews
Bitcoin trades around $68,000 early on Monday, less than 10% away from its all-time high of $73,777 on Binance. Ethereum ETF anticipation brews among traders and Ether investment products see inflow of over $45 million in the past week.
Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60
Ripple (XRP) trades around a key psychological level of $0.60, early on Monday. The altcoin recently made headlines for its highest weekly gain of 2024, over 40%. XRP sustained nearly 21% of the gains from the last seven days.
Solana could cross $200 if these three conditions are met
Solana’s total value locked climbs 18% in July to $5.38 billion, as seen on DeFiLlama. Solana sustains over 20% gains in the past seven days, corrects nearly 3% on Monday. Active addresses and new address count in the Solana network have increased throughout July.
ALT, WLD, ENA, ID set for $200 million token unlocks next week
The crypto market is set to experience another wave of token unlocks next week, with Altlayer (ALT), Worldcoin (WLD), Ethena (ENA), and Space ID (ID) set for a combined token unlock worth about $200 million.
Bitcoin: Will BTC continue its bullish momentum?
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.