Thursday saw Bitcoin trading at a steady $27,280, holding on tightly despite a marginal decrease of less than 1%. The markets were stirred by Grayscale Investments’ recent triumph against the US Securities and Exchange Commission (SEC) regarding their Bitcoin ETF, leading to slight retracement of Wednesday’s gains. This victory has set tongues wagging, prompting Bloomberg analysts to turn up the dial on likelihoods for approved Bitcoin Exchange-Traded Funds (ETFs).
The green light from the US District Circuit Court on Grayscale’s appeal to convert their Bitcoin Trust into a spot Bitcoin ETF on August 29 stirred the pot, instigating Bloomberg Intelligence analysts to increase the likelihood of an approved spot Bitcoin ETF by 2023 to 75%, from a previous estimate of 65%. This optimistic revision emerged following Grayscale’s successful tussle against federal securities regulators, implicitly highlighting the firm resolve of the United States Court of Appeals Circuit.
Bloomberg pros reckon the SEC’s futile attempts to resist and impending deadlines could force the agency to relent. Bloomberg’s James Seyffart even foreshadows that by Q4 2024, spot Bitcoin ETF approvals might turn into a “sure thing”, with approval odds reaching 95%. As seven Bitcoin spot ETF applications linger for initial SEC decisions in the next five days, there’s a chance that approval might come out of left field, skipping lengthy delays. Despite this cheerful forecast, Thursday saw Bitcoin’s price experiencing a slight drop.
Meanwhile, Robinhood’s extension of Bitcoin integration into its wallet appears to be softening the blow for the BTC/USD pair. Allowing users to engage in BTC and DOGE transactions marks a significant shift from the company’s earlier exposure to Ethereum-based assets alone. This six-month-old wallet, embraced by countless users spread across 140 countries, has responded to the users’ demand for wider asset diversity across chains by introducing this expansion.
Adding Bitcoin to the Robinhood wallet has seemingly acted as an anchor in a storm for the BTC/USD market, potentially driving further accessibility and resilience. Though Bitcoin’s pricing remains relatively steady above the $27,000 mark, in the event of it dipping below the 38.2% Fibonacci retracement level, the leading cryptocurrency could be exposed to the 50% or 61.8% retracement levels around $26,600 or $26,300, respectively.
Conversely, closing above the 38.2% Fibonacci level of $27,000 might initiate a buying trend shooting towards $28,000 or possibly even soaring to $28,900. Regardless, it’s vital to keep the other top 15 currencies on your radar for potential trends, given the rapidly shifting landscape of digital assets.
Cryptonews and Industry Talk keep their finger on the pulse, providing a meticulously-curated list of the top 15 cryptocurrencies to keep watch on in 2023. Stay connected to navigate the ever-evolving digital currency frontier!
Take heed, though: endorsement of cryptocurrency projects in this article should not be mistaken for financial advice. Crypto investments hold considerable risk due to their volatile nature – conduct your due diligence.
Source: Cryptonews
