News on the approval of Bitcoin spot exchange-traded funds (ETFs) is expected this Friday. The international context of risk aversion is pulling cryptocurrencies down.
Bitcoin (BTC) falls this Friday and is trading below US$27,000, a threshold that was breached on Thursday, after the announcement of the US inflation data. The cryptocurrency stands at US$26,741.3 and falls 7.4% in the last week although it recovered 0.22% of its value in 24 hours. Ethereum It loses 5.76% of its value in the last 7 days and is trading at $1,543, with a slight recovery in the last few hours.
So, Although cryptocurrencies have been declining in recent days, a slight recovery is noted in a context in which investors are analyzing the future of the international financial system and Wall Street is favored by the good performance of the main banks. in the third quarter of the year.
Fears of greater fear regarding the decision that will be made by the Federal Reserve (Fed) Therefore, a downward trend could be consolidated in the coming days in the crypto universe. Likewise, the war in Israel is promoting risk aversion and the refuge of international assets in safe investments, such as gold and US Treasury bonds.
A key date for Bitcoin
This Friday, on the other hand, could be a decisive day for the approval of Bitcoin spot exchange-traded funds (ETFs) (BTC) in the United States because it is the deadline for the US Securities and Exchange Commission (SEC) to appeal to the corresponding court, the judicial victory that Grayscale obtained on August 29.
Experts warn that a increased volatility in BTC going forward, as the time limit for a definition in that sense comes to an end. Both the appeal and the non-appeal by the SEC will likely cause strong movements in BTC, they anticipate.
On the other hand, a letter addressed to the United States Internal Revenue Service (IRS) on October 12 by Lawrence Zlatkin, vice president of tax at the cryptocurrency exchange Coinbase, maintains that the agency’s tax proposal to regulate the cryptocurrency industry could cause “serious damage” to the ecosystem.
In the letter, the Coinbase manager considers that the project could seriously damage the entire cryptocurrency industry causing many investors and companies to flee the country.
Source: Ambito
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