Brothers of the Air Force, hurry up and take off! We've come this far, if we take off fiercely, spring will arrive soon! 。 。 。 。 。 。 。 Fly vigorously and fuel will exceed 100,000 No problem, right!
$BTC $ETH Currently on the official website of the American Depository Trust and Clearing Corporation (DTCC), you can already see the relevant information and stock codes of 8 Ethereum spot ETFs. These ETF products are planned to be listed on Nasdaq, New York Stock Exchange Arca and the Chicago Board Options Exchange BZX exchange.
Geoff Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, recently said in an interview with the foreign media "The Block" that Standard Chartered expects Bitcoin to hit a record high this weekend (25-26), breaking through the record high just on March 14 this year. Hitting an all-time high of 73,798, the bank also predicted that Bitcoin ($BTC ) will reach $150,000 by the end of the year, noting that Ethereum is likely to follow Bitcoin and reach a peak of $8,000 before the end of 2024.
Standard Chartered Bank makes a U-turn! The adoption rate of Ethereum spot ETF is high, and it is predicted to reach "this point" by the end of the year
There is still “one thing” to be completed before going public While news of the passage is exciting for the crypto community, it needs to be clear that major investment firms such as Grayscale, BlackRock, Fidelity, and VanEck must continue to submit and revise plans despite the SEC’s approval of Form 19b-4 (change of rules) , until the S-1 form is finally approved, all ETF products still cannot be officially listed for trading.
It is reported that the SEC has begun actively discussing the S-1 form with a number of ETF issuing companies, but the time has not yet been determined. Bloomberg ETF analyst James Seyffart pointed out that the SEC's approval of the S-1 document may take as short as 2 weeks or as long as 3 months. time, after which Ethereum spot ETF trading can begin.
$BTC $ETH In the last week of April, the Bitcoin market entered a consolidation period after experiencing the block reward halving event. After reaching a high of $73,000 in March, the price has fluctuated between $60,000 and $66,700. During this time, selling pressure in the market increased, mainly caused by short-term holders (STH) who purchased Bitcoin recently (within 1-6 months).
Although the market is facing selling pressure, the net unrealized profit and loss (NUPL) indicator shows that the market is still in the "excitement" stage of the bull market. However, the indicator also shows a gradual cooling of the market since the price correction began. In particular, the selling behavior of short-term holders who have suffered large losses has become an important signal that the market may bottom out.
Looking at the cost basis for short-term holders of Bitcoin purchased over the past week to month shows that this is a key indicator of market sentiment. Realized losses for this group typically peak near market bottoms, suggesting fatigue among these sellers may be a precursor to an imminent market rebound.
In April 2024, the behavior of investors in the digital asset market was mainly driven by two emotions: expectations for Bitcoin’s upcoming fourth halving and concerns about the weak price performance it may cause. Historical data shows that although halving is usually regarded as a long-term positive factor, in the short term, such events often cause panic selling in the market.
Past experience shows that Bitcoin halving events such as 2016 and 2020, although they may push up prices in the long term, often trigger short-term market adjustments in the early stages. This year, general economic uncertainty and geopolitical tensions have heightened the market’s reaction to this event, causing Bitcoin’s price to drop by 16.09% in the weeks following the halving.
Meanwhile, Ethereum has also seen significant price volatility, falling by 17.80%, driven in part by continued uncertainty in the U.S. market. In addition, expectations regarding the approval of the Ethereum ETF and community debate on staking policy changes also affected market sentiment.
These phenomena reflect the market's high sensitivity to major events, and investors tend to take profits before these events occur, leading to short-term selling pressure. In this edition of Financial Bridge, we also explore the ongoing impact on U.S. markets and how spot ETFs supported higher trading volumes in April despite the overall market correction. Additionally, we discuss some of the latest factors that may impact Ethereum’s monetary properties and its technological suitability for the DeFi industry.
$BTC $ETH With Bitcoin down around 6% from this week’s high, $72,000 has now become a strong resistance level and the market’s pullback will continue to clear out free-riding speculators.
At the bottom, the US$60,000 previously predicted by many analysts is still worthy of attention. In the next few weeks, it is not ruled out that Bitcoin will return to this point to seek support again. If Bitcoin is to form an upward trend, it must maintain high trading volume. The status exceeded $72,000.
But the analyst remains optimistic. This is because for those with spot exchange rate positioning, now may be the best time to enter the market at a favorable price and buy Bitcoin. For this reason, he predicts that Bitcoin has a high chance of soaring at the end of May. to above $80,000 and even tested highs of $95,000 in June.
Overall, analysts believe that after the adoption of the Ethereum spot ETF, the market has made waves. It is likely to be the calm before the storm, and there is likely to be a sharp retracement before the end of May, and then challenge new highs. For this reason, investors need to pay close attention Market dynamics change to formulate appropriate investment strategies.
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$BTC $ETH Ethereum surged 20% overnight! This morning, the cryptocurrency market rebounded. Bitcoin, the largest cryptocurrency by market value, surged from $66,800 at the opening of the day to $71,248. The price of Ethereum ($ETH ), the king of altcoins, also rose from $3,143 in just a few hours. Climbing up, reaching a maximum of $3,710, a one-day surge of over 20%.
Behind today's market rise is the hope that the Ethereum spot ETF will pass. According to foreign media "Coindesk" citing sources familiar with the matter, the U.S. Securities and Exchange Commission (SEC) has changed its attitude and is requiring exchanges to "accelerate" updates to its 19b-4 Documentation.
However, as of the time of writing, a spokesman for the SEC did not immediately respond to the news.
Bloomberg analysts raise odds The revelations from "Coindesk" were not the main factor causing the market rebound. Before the Bitcoin spot ETF was cleared in the past, there were also cases where the foreign media "Cointelegraph" released false information, or the SEC social account was "stolen", causing prices to rise and then fall quickly. Case.
The difference this time, however, is that many industry figures who had been skeptical about the U.S. Securities and Exchange Commission’s (SEC) approval of spot Ethereum ETFs, including Bloomberg analysts Eric Balchunas and James Seyffart, confirmed the news.
Bloomberg analyst Eric Balchunas said that in the past, almost everyone thought it would be rejected this time, but he heard some discussions this afternoon that the SEC's attitude may make a 180-degree change based on "political factors." To this end, James Seyffart And he has increased the probability of Ethereum spot ETF approval from 25% to 75%.
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