Hello HODLers!
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👑 Bitcoin
Last seven crackling days for Bitcoin which went from last Monday onwards from the $66,000 level to reaching $72,000. It is currently located in the $68,000 area, still within the wide range that has hosted it since the beginning of March. To underline the good shape of the crypto, it may be useful to look at the Bitcoin chart using the weekly time frame. After recording four out of five negative performances in April, the situation changed in May.
The $60,000 support was a launching pad that allowed BTC to restart upwards with the right push. Even the inflows on spot ETFs, which had stopped in April, started again and from May 10th onwards the capital flows were always positive. Will the approval of spot ETFs on Ethereum limit the performance of the same financial instruments on BTC or, on the contrary, speed up their adoption? Will Bitcoin take advantage of the recent positive backdrop for the sector to record a new all-time high this week?
🚀 Ethereum
Ethereum was the real protagonist last week, as the Securities and Exchange Commission (SEC) approved spot ETFs on the crypto. Nobody expected what happened in the last seven days, last Monday the chances of approval were less than 25%. But, according to various rumors, the Democrats have put pressure on the SEC to try to change the perception of enthusiasts in view of the November elections, given Trump's recent pro crypto statements.
Contrary to what happened after the approval of Bitcoin ETFs, it could take several weeks before these financial instruments are actually available. This is because everything happened very quickly and the funds did not have time to submit the S1 forms, necessary to activate trading on these instruments.
How did the price of Ether react? Initially he was affected by a slight descent, and then recovered from Friday onwards. ETH is currently in the $4,000 zone, and seems ready to reach the annual all-time high recorded in March, at $4,050. Will financial instruments on Ethereum have a similar impact to those on Bitcoin? The latter have poured around 13 billion dollars into the market, causing a price increase of more than +50%, will the same happen to ETH in the coming months?
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