The landscape of BTC pricing continues to display hints of volatility, currently hovering around the $30,558 mark and showing a nominal dip of approximately 0.50%. The unexpected denial of Bitcoin spot-price ETF submissions by the US SEC served as a bit of a blow for bullish enthusiasts who held hope for a $31,000 plus status quo.
Simultaneously, the industry watches with interest as Cboe and Coinbase partner to put forward fresh Spot Bitcoin ETFs, even though the SEC wall of caution remains formidable.
A key milestone in this saga, the inclusion of Coinbase’s capacity as a surveillance-sharing associate in Cboe’s paperwork is a noteworthy stride; more significant after the designation of Coinbase for the same role by heavy hitter BlackRock. However, despite Cboe and Coinbase’s confidence, Ark and BlackRock have refrained from revising their ETF applications.
While SEC seemed somewhat accommodating on futures ETFs, they continue their wary examination of spot Bitcoin ETF’s capacity to fend off manipulation and uphold the robust investor safeguarding norms. This regulatory hesitance could throw ripple effects across the market, with investor sentiment and Bitcoin prices potentially swaying as investors scramble to deduce the fate of a spot Bitcoin ETF in a controlled environment.
Steering positive vibes back into the sector, crypto giant FTX managed a triumphant resurgence of roughly $7 billion in liquid assets, while strenuously seeking for other funds. Nonetheless, the comprehensive entangling of assets presents recovery obstacles. The former FTX leaders allegedly abused customer funds intentionally, discounting unintentional asset blending.
FTX’s strong damage control measures seem to have worked in favour of Bitcoin’s weekend losses. Optimistically, the effective asset recovery strategy could inject fresh optimism into market players and, in effect, reflect in the BTC pricing trajectory.
Nevertheless, Bitcoin price forecasting remains tainted by uncertainty. Its fate teeters around the pivotal $31,000 hinge. A confident shove beyond this barrier could potentially set sight on $32,500 or even $34,000 targets. However, should Bitcoin falter in upholding the critical $30,000, resistance pressure may push it towards the 38.2% Fibonacci retracement stage at about $28,700, or even the 50% retracement mark at $28,000.
Keeping abreast of the fast-paced crypto sector, our assortment of top 15 digital assets to watch in 2023 offers a well-informed guide for market participants. The highly volatile and risk-prone nature of cryptocurrencies necessitates independent facilitation of research.
Source: Cryptonews
