Optimism has grown in the market following regulatory approval of Valkyrie to purchase ETH futures for its ETH futures ETF.
The market remains dynamic and subject to rapid changes in response to various news and events.
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The cryptocurrency market has seen a rally in recent hours, with Bitcoin (BTC) rising more than 2% and approaching 27,200 Dollarswhile Ethereum (ETH) rises almost 4% and flirts with US$1,700.
This rally occurs after several days of downward trend and has been driven by several factors. First of all, slight declines in 10-year Treasury bond yields and the correction in oil and gas prices American dollar have eased investor concerns in the cryptocurrency market, who were uneasy about the prospect of a more aggressive-than-expected Federal Reserve (Fed).
On the other hand, optimism has grown in the market after the regulatory approval of Valkyrie to buy ETH futures for your token futures ETF. The Securities and Exchange Commission (SEC) is expected to authorize several companies to launch ETFs with these characteristics in the coming days, according to Bloomberg Intelligence analysts.
The sudden rebound of Ethereum surprised bearish traders, with liquidations of more than $11 million in ether futures trading on crypto exchanges. Additionally, options worth $4.8 billion in BTC and ETH expire this Friday, adding uncertainty to the future direction of prices.
Bitcoin: projections for its price
A decrease in BTC supply has been observed on crypto exchanges, which is perceived as a bullish sign, especially as long-term BTC holders have reached an all-time high, accounting for 76.1% of the total BTC supply in circulation. .
In terms of technical analysis, experts suggest that it is crucial to Bitcoin overcome the barrier of US$31,000-32,000 in the next 6-8 weeks to avoid a possible price cap. The market has also received news related to Coinbase and the SEC, which has generated additional interest in the cryptocurrency space.
Overall, in addition to Bitcoin and Ethereum, other major tokens have also seen notable increases in the past few hours, iincluding XRP, ADA, SOL and TRX. The market remains dynamic and subject to rapid changes in response to various news and events.
Source: Ambito
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