Six famous Wall Street institutions, including BlackRock, submitted spot ETF applications for bitcoin, which attracted attention. The SEC will officially open its review this week
Six famous Wall Street institutions, including BlackRock, submitted spot ETF applications for bitcoin, which attracted attention. The SEC will officially open its review this week. It is of great significance to the entire Cryptocurrency industry and investors. Bitcoin hovers at the $30000 threshold and remains to be changed!
The entry of traditional financial institutions into the field of Cryptocurrency has greatly stimulated the sentiment of the currency circle. Against the background of the end of the Federal Reserve's interest rate increase cycle and the gradual clarity of the regulatory trend, the market sentiment has risen sharply, and the price of Bitcoin has risen to $30000. Investors focus on the spot ETF listing of Bitcoin. If the bank is established, it is expected to further stimulate the rise of token prices.
The entry of traditional financial institutions into the Cryptocurrency market is a good prospect for the currency circle
The EDX Cryptocurrency exchange, which serves institutions, was launched in June with a high profile. Its supporters are well-known institutions from Wall Street, such as Fidelity Investments Investment and Schwab Financial. At that time, it was in the period when the SEC (U.S. Securities and Exchange Commission) sued Binance and Coinbase. The EDX launch was regarded as the formal entry of traditional financial forces of Wall Street into the field of Cryptocurrency.
Market sentiment quickly eased from concerns that the litigation case involving Coin An may endanger the entire industry. Optimism thrived, and against the backdrop of steadily cooling inflation in the United States, the end of the Federal Reserve's interest rate hike cycle, and the decline in the US dollar, Bitcoin prices broke the $30000 mark, and various token prices also rose to varying degrees.
The intervention of traditional financial forces has broken the drawbacks of financial opacity of the Cryptocurrency exchange, standardized or attracted more long-term funds to remain, rebuilt the order of the currency circle, and brought considerable development to the industry.
Bitcoin spot ETF listing attracts attention
After the launch of the exchange, the most closely watched action by Wall Street institutions is to launch Bitcoin spot ETFs. At present, six ETFs have been submitted to the SEC for review, including BlackRock's iShares Bitcoin Trust, Fidelity's WiseOrigin Bitcoin Trust, WisdomTreeBitcoin Trust, VanEckBitcoin Strategy ETF, Kingsoft's Galaxy Bitcoin ETF and ARK21Shares Bitcoin ETF. Among them, BlackRock applied for listing on NASDAQ, and the other five were listed on CBOE (Chicago Board Options Exchange). Most of these ETFs have signed supervision cooperation agreements with Coinbase to ease SEC's concerns about Market manipulation.
According to CoinDesk, the US Securities and Exchange Commission (SEC) will begin its review process this week. The initial deadline was set at 45 days, but it can be extended to 240 days. There is currently no guarantee that the SEC will approve any applications, and the list of applications has been increasing. Once an ETF is first reviewed and approved, it will establish a huge market advantage.
ETF will bring huge liquidity to the market. Retail investors will more easily and quickly acquire and sell Cryptocurrency assets. The breadth and depth of Cryptocurrency market will increase, and the industry will develop rapidly. The listing of ETFs has attracted market attention, and the prices of tokens led by Bitcoin are expected to fluctuate.
Bitcoin (BTC): Organize around the 30000 level
After the price of Bitcoin broke through $30000, it traded sideways in the range of 30000 to 32000, waiting for the price to break through the range.
Overall, the $30000 Bitcoin platform has established a trend bottom, and against the backdrop of a weaker US dollar, the price center is expected to continue to shift upwards. The big goal is to look at 35000 and 40000. In the short term, the price range is between 30000 and 32000. Once it breaks the range, it is expected to develop a rapid trend. If it breaks above 32000, it will look towards 35000, and if it falls below 30000, it will explore 27500 to 28000 again. If it does not fall below 25000, the upward trend remains unchanged.
Strategically, it still tends to hold after buying on dips.
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