Tanya Abrosimova
Independent Analyst
- Bitcoin has gained 1% since this time yesterday.
- Coinbase is said to discuss crypto ETF with BlackRock.
Bitcoin has recovered from Thursday's low at $6,272 to trade at $6,5000 by press time. The digital coin No.1 gained about 1% in recent 24 hours, though the bullish momentum is too weak so far.
The largest US cryptocurrency exchange Coinbase is looking into cryptocurrency ETF launch and discussing the matters with BlackRock, Business Insider reports. By creating a crypto ETF, Coinbase will join the ranks of other companies seeking to launch their own ETFs, including Gemini, Bitwise Asset Management, and VanEck.
Coinbase aims to create a cryptocurrency product that will suit retail investors, allowing them to tap the volatile digital assets market. The company held conversations with BlackRock's blockchain experts to get their advice on launching exchange-traded products.
Meanwhile, BlackRock is not interested in creating a crypto related fund, due to low customer interest. Moreover, earlier the company's CEO Larry Fink referred to bitcoin as an index for money laundering.
Bitcoin's technical picture
From the short-term perspective, Bitcoin needs a clear break above $6,500 for the upside to gain traction. The next resistance comes at $6,717 (SMA50, 1-hour), followed by $6,800 (38.2% Fibo retracement level). On the downside, the first support is produced by $6,400-$6,370 handle area. If it is cleared, the sell-off may be extended towards Thursday's low at $6,272.
BTC/USD, 1-hour chart
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin, Ethereum and XRP gain on Friday, meme coin NEIRO erases recent gains
Bitcoin steadies above $60,000 on Friday, gains over 1% on the day. Ethereum trades above $2,400, while BlackRock Spot Ethereum ETF sees a $17.8 million inflow on Thursday. XRP is back above $0.5300 as Ripple files cross-appeal in SEC lawsuit.
Cardano celebrates milestone: Hosts Argentina’s first legally enforceable smart contract
Cardano ambassador Mauro Andreoli recently announced Cardano’s milestone of Argentina’s first legally and judicially enforceable contract. The first loan agreement in Cardano under Argentine law involves a loan of 10,000 ADA tokens, currently valued at $3,380.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC finds support around $60,000
Bitcoin is finding support around the key level, and a close below this level could signal a decline. Ethereum is approaching a critical resistance barrier; rejection from this level suggests a decline ahead. Meanwhile, Ripple is stuck in a range, reflecting a period of indecision among traders.
SEC sues Cumberland DRW for acting as an unregistered securities broker, Solana ETFs at risk
SEC sued crypto trading company Cumberland DRW for allegedly acting as an unregistered broker. Solana was among five cryptocurrencies the SEC alleged to be securities sold via the platform.
Bitcoin Weekly Forecast: Will BTC decline further?
Bitcoin’s (BTC) price fell over 6% at some point this week until Thursday, extending losses for a second consecutive week, as it faced rejection from a key resistance barrier.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.