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“Most cryptocurrencies will not return to all-time highs”: Benjamin Cowen

For the communicator and analyst, averaging purchases in altcoins is not always a good idea.

Communicator and market analyst Benjamin Cowen made an evaluation of the prices of altcoins and bitcoin (BTC), stating that "most cryptocurrencies will not return to all-time highs."

Cowen warned through his YouTube channel that this is because most altcoins are in the midst of "serious" bearish trends, so averaging purchases in altcoins through the strategy known as DCA is not always an option. good idea.

During his broadcast, the analyst even went further. He said that some cryptocurrencies are going to disappear.

Something that this fall points out and that CriptoNoticias recently reported is that currently there is low liquidity in cryptocurrencies. This is because interaction with exchanges and capital flows are at cycle lows. Such a situation makes an altseason (altcoin season) distant. The positive thing is that long-term bitcoin investors remain firm. Their accumulated amount of BTC continues to rise to new all-time highs, which reduces selling pressure and helps keep the price from declining.

Cowen suggests that if anyone wants to invest in digital assets this year, leading up to the halving, “bitcoin can offer you a decent amount of upside exposure.” At the same time, bitcoin minimizes the downside risk in the altcoin market, the communicator notes. The halving, an event that will take place between April and May 2024, is usually a catalyst for the price of bitcoin.

Bitcoin ETF: Has the market already anticipated the SEC's decision?

IMPORTANT POINTS:

The SEC could make decisions on Bitcoin ETFs before the end of 2023.

Coinbase claims that they have already “partially factored” into their pricing the potential regulatory support for a Bitcoin ETF.

The GLD gold ETF is used as a historical benchmark to compare investment flows after its approval.

A recent analysis on Bitcoin (BTC) has created a stir in the crypto community. David Duong, head of institutional research at Coinbase, suggests that a potential regulatory support for a Bitcoin ETF in the US is already “partially factored” into the price of the leading crypto asset.

The divergence in performance between Bitcoin and the altcoin market indicates that participants are already anticipating the approval of one or more Bitcoin ETFs. On the other hand, Duong notes that Bitcoin may not soar as much as traders expect when a spot ETF is approved.

SEC Decision

The SEC delayed decisions on a number of Bitcoin ETF applications, including BlackRock's, to late September. However, the final deadline to review an application, the ARK 21 Shares Bitcoin ETF, is January 10.

Pessimism at Coinbase: "Bitcoin has discounted the approval of ETFs"

Cryptocurrencies are not going through a good time. Digital assets have fallen as a whole due to the poor inflation reading in the US, as well as the conflict between Israel and Palestine, the effect of which has ended up permeating this market. However, Bitcoin (BTC) is showing somewhat more resistance, both due to its well-known "digital gold" or safe haven status, as well as the belief that there is a bullish cycle simmering. Regarding the latter, Coinbase experts believe that the price of the reigning cryptocurrency already discounts these possible future increases.

Since BlackRock ) and other traditional finance heavyweights filed for approval of several BTC spot exchange-traded funds (ETFs) in mid-June, bitcoin has gained 8%. At the same time, Ethereum (ETH), the second largest cryptocurrency by market value and the leader of alternative cryptocurrencies, has lost 7.5%. This difference, they explain from Coinbase Institutional, is largely due to the belief that BTC spot exchange-traded funds will trigger prices... but this may not be the case.

"We believe the divergence in the performance of bitcoin and other tokens shows that the potential approval of one or more bitcoin spot ETFs has already been partially priced in. That makes it less clear how much more bitcoin could outperform if a decision occurs. favorable from the Securities and Exchange Commission (SEC),” said David Duong, head of institutional research at Coinbase Institutional, in the latest monthly report.

This expert points out that the SPDR Gold Shares ETF (GLD), "pioneer" in the US gold exchange traded products market when it was launched on November 18, 2004, may provide clues as to how a BTC spot ETF would perform.

#BinanceSquare #Bitcoin #coinbase #bitcoinETF

Terra today: what is the price of this cryptocurrency

By market capitalization, LUNA de terra is one of the most important altcoins, right now in position #149.

Terra's LUNA is a stablecoin-type cryptocurrency that seeks its support in an external value in order to reduce its volatility (Infobae).

Terra aims to eliminate scenarios where a cryptocurrency can rise and fall in the blink of an eye, as happens with bitcoin, to achieve mass adoption and so that this currency can be used in decentralized transactions and institutions.

In this scenario, terra seeks that LUNA users can make purchases with their electronic wallets and those who receive payments can have an automatic exchange to another currency, such as the dollar or the peso with fees of less than one percent.