Altcoin mania and Bitcoin ETF approval remain hot topics; here’s what to expect this week
There are no major crypto or macroeconomic events scheduled for this week, so we are going to focus on three aspects.
- Bitcoin ETFs
- Bitcoin price action
- Altcoins
Bitcoin ETF disappoints again
The United States Securities and Exchange Commission’s (SEC) decision on the approval of a Bitcoin spot ETF is something to watch for.
Experts say that one of these two things will happen – the SEC says it needs more time to take a decision or the SEC directly rejects ETF applications. While the latter is not outside the realm of possibilities, investors are still expecting a delay.
Read more: Bitcoin Weekly Forecast: US SEC likely to reject BTC ETF, experts say
ARK Innovation’s Cathie Wood and BlackRock filings for a Bictoin ETF were two events that reignited the ETF flame. But the SEC has already delayed Wood’s Ark 21Shares Bitcoin ETF application by several weeks.
If traders were expecting an influx of volatility due to this event, they should not.
Bitcoin price might surprise bears and squeeze bulls
It looks like Bitcoin price is ready to move higher into the $30,000 region, but it has been that way for nearly two months now. Since it is the start of a new week, BTC might be primed to climb higher to $30,340.
A bit of consolidation around the $30,500 area would be a good place for short sellers to bet on their bearish thesis. If this outlook does come to pass, the conservative targets include $28,138, $27,330 and $26,767.
Crypto traders flock to altcoins like a moth to a flame
With Bitcoin price being a bore, investors have moved to altcoins to satiate their risk appetite. These investors are not just into pesky and boring Centralized Exchange (CEX) altcoins, they’re also trading in the on-chain altcoins ecosystem, where scammers run amok. Still, investors are hunting these tokens due to the enormous returns that these on-chain altcoins offer.
Read more:
On-chain degeneracy rages as Bitcoin fails to deliver: Part one
On-chain degeneracy rages as Bitcoin fails to deliver: Part two
Elsewhere, nearly $200 million worth of token unlocks are due this week for The Sandbox’s SAND, Apecoin’s APE and Injective Protocol’s INJ.
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Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
