Bitcoin's Potential Surge, SEC's Decision on Ether ETFs, and Latest Developments in Crypto Exchange
Summary:
Researcher Markus Thielen predicts a potential upswing for Bitcoin if it surpasses the crucial $67,500 mark. The fate of spot Ether ETFs is expected to be decided by a five-member panel, including SEC Chair Gary Gensler. Crypto exchange Kraken negates rumors of dropping Tether support in Europe. Over 80% of newly listed Binance tokens show a decline in value.
Markus Thielen, a prominent researcher, foresees a substantial upswing in Bitcoin's price. This ties into the looming decision of whether to allow or reject spot Ether ETFs, which will likely hinge on the verdict of a five-member panel, potentially with a tie-breaking vote from SEC Chair, Gary Gensler. In other cryptocurrency developments, digital exchange platform, Kraken, has dispelled rumors of discontinuing support for Tether in Europe.
According to Thielen, Head of Research at 10x Research, if Bitcoin can successfully exceed the critical $67,500 mark, it could set new record highs. This key level is functioning as a crucial resistance point for Bitcoin's future, influencing its price trajectory over the upcoming weeks. This insight follows Bitcoin's significant rebound past the $66,000 mark, representing an increase of over 7.3% over the previous week, based on TradingView data.
The destiny of spot Ether ETFs will likely be determined this week by a single, pivotal vote from Gary Gensler, Head of the U.S Securities and Exchange Commission, if past events provide any indication. Earlier this year, it was the same five-member panel that approved spot Bitcoin ETFs, swinging largely on Gensler's agreement.
Within this voting panel, cryptocurrency proponents, Hester Pierce and Mark Uyeda, sided in favor of ETFs. However, Commissioners Caroline Crenshaw and Jaime Lizárraga opposed them. This week, this same SEC ensemble will vote to either validate or reject VanEck’s spot Ether ETF, which includes SEC Chair Gary Gensler.
Meanwhile, despite speculative reports, Kraken, the cryptocurrency exchange, has confirmed they currently do not intend to drop Tether in Europe, maintaining their commitment to legal compliance. Mark Greenberg, Kraken’s Global Head of Asset Growth and Management, has insisted that the firm will abide by all legal necessities, even those it disputes.
Interestingly, recent data shows that over 80% of recent Binance tokens are showing a decline from their listing date. Of the 31 scrutinized tokens, only five coins have increased in value, among them the newly listed memecoin, the Ordi token, Solana's Jupiter, and Dogwifhat.
Published At
5/20/2024 3:29:26 PM
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