The SEC accepted a second Bitcoin Spot ETF for review, the Valkyrie Bitcoin Spot ETF, just days after the SEC published BlackRock’s Bitcoin Spot ETF proposal on July 13.
Bitcoin falls 0.4% to $29,875.32, while Ethereum holds at $1,897.47, this Tuesday, July 18. Among the altcoins, the one that rises the most is Ripple up to almost 5% still motivated by the court ruling that benefited the token in its battle against the SEC.
What happened in the cryptocurrency market?
The SEC accepted a second spot Bitcoin ETF for review, it is the Valkyrie spot Bitcoin ETF, just days after the SEC published BlackRock’s spot Bitcoin ETF proposal on July 13.
Meanwhile, Ark Invest CEO Cathie Wood said she is optimistic about the fate of Coinbase and other digital asset exchanges after Ripple’s recent ruling.
In turn, the creators of that token say that the recent court ruling could lead to greater adoption of their XRP.
What will happen to the price of Bitcoin?
BTC fell after a modest rally to $29,675, hitting its worst July level yet. Few signs of bullish momentum and a waning RSI offered little hope for those looking for a return to the range highs.
Some analysts set downward targets up to US$27,000. “After breaking through the $30,600 resistance, BTC was finally rejected to the point of missing the Higher Low,” trader and analyst Rekt Capital commented on the one-week chart.
Others were eager to look beyond the current pullback, looking at the potential for the 2023 uptrend to return.
Source: Ambito
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