BlackRock has held meetings with the Securities and Exchange Commission (SEC) to adjust its exchange-traded fund proposal, facilitating access to large banking entities and considering including BTC as a redemption option, which boosts the value of the largest cryptocurrency by capitalization. of market.
The current market for cryptocurrencies experience a brief rest. He Bitcoin(BTC) recovers US$43,000, after a notable decline, while Ethereum (ETH) seeks to consolidate around US$2,200.
Analysts attribute the slight drop suffered by cryptocurrencies to a correction. The predominant sentiment, according to the Crypto Fear & Greed Index, continues to lean towards “greed”, reaching levels similar to BTC’s all-time highs. This suggests that the digital asset could be overbought and facing a correction, or the market anticipates a continuation of its rise.
For experts, high volatility is common after periods of marked bullish and bearish trends, triggering liquidations to reduce leverage and contribute to a more stable environment in prices and the market in general. This is because traders often adjust their strategies to attract liquidity and rebalance their positions during times of high volatility.
Bitcoin: enthusiasm for ETFs is intact
Most analysts point to a promising future for the leading cryptocurrency in 2024. Recent news on BTC exchange-traded funds (ETFs) counted generate confidence in the approval by US regulators in early January.
BlackRock has held meetings with the Securities and Exchange Commission (SEC) to adjust its exchange-traded fund proposal, facilitating access to large banking entities and considering including BTC as a redemption option. These changes could be crucial to overcoming the latest regulatory hurdles.
ETFs continue setting the course of the market in a period with few shocking news, but no less relevant. For example, crypto lender Genesis has managed to get the courts to prevent Digital Currency Group (DCG) from reducing its stake in the company until the bankruptcy process is complete. Decreasing DCG’s stake below 80% could result in significant losses for Genesis, as evidenced in a motion filed in November.
As for the rest of the market, altcoins have moderated their increases after an outstanding day. It is important to mention that solana (SOL) continues to show outstanding performance in recent days and is close to overtaking XRP as the fifth cryptocurrency with the largest market capitalization.
Source: Ambito
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