Bitcoin Holds Lower Value Amid Uncertainty Over First Full US Bitcoin ETF Launch
Summary:
On January 4, Bitcoin (BTC) maintained a lowered value following a 9% dip, stirring uncertainties over the expected timing and outcome of the U.S.' first full Bitcoin exchange-traded fund (ETF). Additionally, filings by possible ETF vendors, including Fidelity Investments, intensified market intrigues. Renowned traders, Daan Crypto Trades and Jelle, gave contrasting views on BTC's potential projections.
On January 4, Bitcoin (BTC) saw a persistence in lower value following a dip in the BTC price by 9%. Metrics from Cointelegraph Markets Pro and TradingView displayed BTC/USD revolving around the $43,000 before the commencement of trade on Wall Street.
Although it had lost $3,000 from its top value of the week, the most significant cryptocurrency maintained a steady course amid ongoing uncertainty over the expected timing and outcome of the United States' first full Bitcoin exchange-traded fund (ETF).
This slump followed an assertion from the industry that U.S. regulators would reject the current set of full ETF applications, which extends the duration of efforts to put them into action. Nevertheless, there wasn't any concrete evidence provided to back up this claim, and the perception that the decision was already made public was quickly dismissed.
Meanwhile, intrigue was stirred by filings of potential ETF vendors including a securities registration by Fidelity Investments. There were immediate speculations about an approval following this. At the same time, James Seyffart, an analyst at Bloomberg Intelligence departed from jumping to this conclusion and implied that there was more to expect on the ETF decision next week.
Bitcoin market trends haven't yet shown any significant upward or downward impacts. A famous crypto trader, Daan Crypto Trades expected a revival to a usual BTC price range from last month, with advice to followers to not anticipate quick results.
However, fellow trader Jelle exuded optimism by pointing out crucial levels that should be relevant soon. Jelle also touched upon the current prices being the 'best buying opportunity in a long time' for Bitcoin and alternative virtual currencies.
This news piece does not seek to provide investment advice or suggestions. Each investment or trading move carries inherent risk, and the readers should carry out their individual research while making choices.
Published At
1/4/2024 12:44:08 PM
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