Major cryptocurrencies experienced gains on Sunday evening following the announcement by the Securities and Exchange Commission (SEC) that the current Bitcoin ETF filings were deemed “inadequate.” Bitcoin, Ethereum, and Dogecoin all traded in the green, with Bitcoin recording a gain of 0.47% and a price of $30,779, Ethereum gaining 1.51% with a price of $1,950, and Dogecoin increasing by 1.20% with a price of $0.068.
The SEC’s statement regarding the Bitcoin ETF filings had an immediate impact on the market, causing Bitcoin to plunge from the $31,000 level. The regulator specifically commented on the filings made by BlackRock and Fidelity. Edward Moya, a Senior Analyst at OANDA, noted that Bitcoin is currently trading around the $30,000 level and emphasized the need for a fresh catalyst to spark bullish momentum above the $34,000 level.
Crypto analyst Michael Van de Poppe highlighted that Bitcoin is currently undergoing a classic weekend liquidity sweep and emphasized the importance of maintaining its price above the range of $29,800-$29,900. He expressed his preference for Bitcoin to target $30,750 and rally to the range high to take liquidity above the highs.
On-chain analyst Willy Woo provided an optimistic outlook for Bitcoin, suggesting that its price could potentially surge by ten times its current value. He posed the question of what would happen if institutional investors were to allocate 5% of their assets under management (AUM) into BTC. Woo estimated that this could result in a price of around $310,000 per coin, depending on whether the deployment occurs during a bearish or bullish phase of the market.
Overall, the global crypto market capitalization stood at $1.12 trillion, representing a 0.79% increase over the last day. The positive performance of major cryptocurrencies on Sunday evening indicates the potential for further market growth in the coming days.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.
What is Willy Woo’s optimistic outlook for Bitcoin’s price and what factor does he believe could contribute to a potential surge in its value
Sunday evening brought gains for major cryptocurrencies after the Securities and Exchange Commission (SEC) deemed current Bitcoin ETF filings “inadequate”. Bitcoin, Ethereum, and Dogecoin all saw positive trading, with Bitcoin rising by 0.47% to reach $30,779, Ethereum gaining 1.51% to reach $1,950, and Dogecoin increasing by 1.20% to $0.068.
The SEC’s announcement had an immediate impact on the market, causing Bitcoin to drop from the $31,000 level. The regulator specifically referenced the filings made by BlackRock and Fidelity. Edward Moya, Senior Analyst at OANDA, highlighted that Bitcoin is currently trading near the $30,000 level and emphasized the need for a new catalyst to ignite bullish momentum above $34,000.
Crypto analyst Michael Van de Poppe discussed Bitcoin’s weekend liquidity sweep and stressed the significance of maintaining its price above the range of $29,800 to $29,900. He expressed a preference for Bitcoin to aim for $30,750 and rally to the range high to increase liquidity.
On-chain analyst Willy Woo provided an optimistic outlook for Bitcoin, suggesting that its price could potentially surge tenfold. He posed the question of what would happen if institutional investors allocated 5% of their assets under management (AUM) into BTC. Woo estimated that this could result in a price of approximately $310,000 per coin, depending on whether the deployment occurred during a bearish or bullish market phase.
The global crypto market capitalization stood at $1.12 trillion, representing a 0.79% increase over the past day. The positive performance of major cryptocurrencies on Sunday evening indicates potential for further market growth in the coming days.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.
The SEC’s determination of current Bitcoin ETF filings as ‘inadequate’ has sparked a much-needed rally in cryptocurrencies. It highlights the need for stronger and more comprehensive regulatory frameworks to ensure investor protection in this ever-evolving market.
This decision by the SEC marks a significant moment for the future of cryptocurrencies. With Bitcoin ETF filings deemed ‘inadequate’, it is clear that regulators are taking their time to evaluate the space. However, the resulting rally suggests that investors remain optimistic about the potential of this digital asset class.