Market picture
Volatility in the cryptocurrency market remains subdued, keeping the capitalisation near $1.56 trillion for the third day. Meanwhile, Bitcoin remains around $40K, and Ethereum looks pegged to $2200.
The drop in equity indices over the past 24 hours hasn't been too much of a concern for cryptocurrency investors so far, as it looks more like a series of individual corporate stories rather than a global shift in sentiment.
Bitcoin is benefiting from this consolidation as its share of all cryptocurrencies has once again surpassed 50%.
Meanwhile, Ethereum, the second most-capitalised coin, has returned to the lower end of the consolidation it spent most of December in, losing since the start of the day and threatening to fall a notch lower to the $2100 area, which was the upper end of the consolidation in November. A decline here would be as logical a move as a BTCUSD pullback to $37500, which remains the main scenario. At the same time, however, be prepared for a brief dip towards $2000 due to cryptocurrency volatility.
News background
The SEC postponed the decision on BlackRock's application to launch a spot Ethereum ETF until 10 March. Optimistic experts expect the Ethereum ETF to be approved in May with a 50-70% probability, while sceptics point to regulatory resistance.
The emergence of spot bitcoin ETFs in the US has opened the door for the cryptocurrency to reach a wider audience. Now, for the first time, cryptocurrency could become mainstream, said the head of institutional at exchange Coinbase. New cryptocurrencies will attract a lot of capital, but it won't happen overnight. It will take "months and even years".
The G20’s Financial Stability Board in 2024 plans to focus on global regulations for the digital asset industry and the regulation of artificial intelligence.
Reuters confirmed the existence of a thriving underground crypto market in China. Investor interest in digital assets is growing against the backdrop of a troubled economy and a lack of value preservation tools. With Hong Kong's approval of digital assets in 2023, Hong Kong has become one of the opportunities for Chinese investors to access cryptocurrencies.
Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
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.