Dear Readers,
Ever since the approval of Bitcoin ETFs by US SEC on 12 January 2024, there was a wider range of expectations among the crypto enthusiasts all over the world on the mainstreaming of cryptos through this channel and it would attract lots of investors from all sections that includes the institutional investors. It is also expected that many countries who have a negative bias on Cryptos would be reconsidered.
BTC was also expected a rally post the approval of the BTC ETF approval. But it failed. The BTC was pumped in anticipation of the BTC ETF Spot Approval from early this year, did not pump much as expected in the post BTC ETF approval. Infact, BTC touched 48000 USD resistance level and went down. Currently BTC is trading at 41651 USD.
There are various development happened post the BTC ETF approval. Few of them are listed below for our take:
- BTC becomes the second largest ETF commodity in the US, surpassing silver in the 1 week post the BTC ETF approval.
- Blackrock the largest AMC said to be the biggest holder of BTC.
- Post BTC ETF approval, expectations are high on ETH ETF approvals. The price of the ETH in anticipation of this approval didn't fall much.
- All the ALTCoins participated in the pump post approval news of the BTC ETF except BTC.
- The famous trading firm Robinhood added all the 11 approved BTC ETFs in its platform to trade with.
- On the other hand, Vanguard raised its voices against the BTC ETFs which faced stiff opposite reactions in the social media. Many of the users of Vanguard left vanguard and made the #boycotvanguard hastags viral.
- Post BTC ETF approval, the much expected option Trading in BTC ETF may begin by the end of February 2023.
- While the short-term fall in BTC witnessed so far, many crypto analysts and investors anticipate the upward trend in Bitcoin’s price in the future.
- BTC has witnessed the golden cross over witnessed last week. The price of the 50-week simple moving average (SMA) of BTC price has crossed above the 200-week SMA for the first time on record which gives a hope for all of us the long term positivity of BTC.
