Crypto analyst Michaël van de Poppe says the world's largest cryptocurrency by value and market capitalization may be approaching its worst days. Amid the ongoing market slowdown, analysts say BTC could see a sharp drop to $12,000 after dropping $200 in the past few days.
Basically, since#Bitcoindropped $200, it's $12,000 next.
— Michaël van de Poppe (@CryptoMichNL) August 16, 2023
Such a downside event, no matter how small, could signal an overall bearish trend for the crypto market. Lately, the crypto market has been underperforming, with many major cryptocurrencies losing most of the gains they accumulated over the previous few months.
Notably, Bitcoin has struggled to break through the $30K mark. Although the cryptocurrency peaked above the $30k line earlier this month, it has since returned to previous levels. However, this week has seen the cryptocurrency dip lower to around $25K
Data from CoinMarketCap shows that BTC has fallen 15% in the last 24 hours. The cryptocurrency is currently trading at $26,000
In related news, Europe saw the launch of its first spot Bitcoin ETF two years after it was approved. London-based asset manager Jacobi lists spot Bitcoin on Amsterdam's Euronext stock exchange.
Spot ETFs, which give investors exposure to BTC through traditional means, are seen as an important development in the crypto space. The ETF will trade under the ticker “BCOIN”, with Fidelity Digital Assets as custodian, Flow Trader as market maker, and the Guernsey Financial Services Commission as the regulatory body.
Elsewhere, the SEC continues to extend spot Bitcoin ETF opportunities in the US. Although several institutions have filed for ETFs, none have received the green light from the SEC to list their spot ETFs.
Recently, a former commission official said that the chances of the SEC approving a spot Bitcoin ETF are slim. Likewise, many allegations have emerged suggesting that the regulator may be partisan and too strict in its cases against crypto entities.