Both cryptocurrencies and stocks linked to the digital asset sector are trading up. Bitcoin is climbing near $44,000 after yesterday's sell-off, which resulted in nearly $150 million in liquidations of long positions in Ethereum and Bitcoin in a matter of minutes. The market is beginning to analyze whether concerns around the Fed decision are valid in light of the latest press releases. Also, the Matrixport report was questioned by many analysts, who accused it of relying solely on speculation. It is unclear what really led to yesterday's panic, but the market managed to recover quickly from it, and the chances of approving a spot ETF still exist (although not 100%).
- The CEO of the Grayscale fund, which is awaiting the green light from the SEC, told Politico that he does not expect a change when it comes to the SEC's position, suggesting that approval is a matter of time
- The market expects the SEC to make a decision by the end of this week and not to wait 'until the last minute' (time is until next Wednesday), Yesterday the SEC urgently convened a meeting with representatives of the BlackRock fund and the Nasdaq and NYSE exchanges regarding the Bitcoin ETF.
- Investors are reading such signals 'to their advantage,' suggesting that the agency would not be making such an effort at this stage if approval was not a reality
- It is worth noting that the widely reported Form 8-A filings by some funds such as Fidelity, registering ETFs on exchanges (including the CBOE), do not yet mean that the SEC will ultimately approve them.
Bitcoin is back above the $44,000 zone, which was violently pierced yesterday. On an intraday basis, the cryptocurrency is already gaining more than 3%, and the key now could be whether BTC manages to stay above the previously mentioned zone. Source: xStation
Ethereum is also regaining some ground after yesterday's dynamic sell-off. In terms of local market geometry, the 50-day EMA (blue curve) and the $2,400 zone, where the 38.2% Fibo retracement of the downward wave initiated in November 2021 runs, may now be important control levels. Source: xStation
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