Bitcoin moved within a day in the range from 69162 to 71472.
Market capitalization 2.53 trillion, dominance index 54.39%, fear index 76
At the time of writing the Review, the price of Bitcoin was 69768
Stock markets showed slight growth yesterday. The S&P 500 closed at 5321 (up 0.25%).
Now the yield on 10-year bonds is almost unchanged, and so is the dollar index. Asian indices are growing weakly, S&P 500 futures are in place.
Markets are waiting for Nvidia's report, which will be released today. On the one hand, the better-than-expected report will push the indices to new highs. On the other hand, expectations are very high, so the slightest negative in the report can disappoint the markets. And the reason for negativity could be a ban on the export of chips to China, for example.
Also today, the minutes of the Fed meetings will be released (21-00 Moscow time). But there is unlikely to be anything unexpected there. The Nvidia report will affect the markets much more strongly, since not only the shares of the company itself will react to it, but also all the tech giants, and they have the main influence on the indices.
The report will be released at 23-20 Moscow time, that is, we will see its impact on the stock market tomorrow. But on the crypto market it’s already at night, right away.
Bitcoin fell below 69500 yesterday, but only briefly and with a quick return to the range. In fact, the forecast from yesterday's Review has been fulfilled.
What's next?
The main topic for the crypto market now is ETH-ETF. Just last week, no one was expecting approval, and Ether was hovering around 3K. News of the imminent approval of the application led Ethereum to 3800 and an increase in market capitalization by more than 200 billion.
But don’t forget - there has not been a single official announcement yet. However, until the issue is resolved on its merits, it will not happen.
Here are the decision dates for various issuers' applications in May:
VanEck - May 23
Ark Invest/21Shares - May 24
Hashdex - May 30
But according to the main issuer, BlackRock, a decision on the application should be made in August (7th or 9th).
I don’t think BlackRock will allow a situation where they are not the first. For BlackRock and someone else to be accepted at once - this is possible. For others to start first, and BlackRock to wait until August, is unlikely.
Therefore, I think that either now (in May) both the issuers listed above and BlackRock will approve, which will be the maximum positive for the market.
Or now they will postpone current applications, and until August or in August they will accept everything.
For me, the second option is a priority. But I will be happy with the first one).
But in any case, there will be a lot of stuffing and manipulation. Maximum volatility, blood, tears and meat, as one good trainer said).
Everything we love.
The priority option for today is Bitcoin in a range with a lower limit at 69000-68500 and an upper limit at 71300-71500
Alternative - consolidation above 71500.
