Bitcoin stalls below $38K; SEC meets BlackRock
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs), continue to struggle over the last 24-hours, as shake-out in pre-positioning before ETF approval gets intensified, according to the analysts. Pre-positioning means traders create early positions in the market anticipating the possible up move in prices.
As per CNBC report, the U.S. markets regulator – Securities Exchange Commission (SEC) held a discussion with BlackRock, Grayscale, others concerning the structure of its spot ETF.
Apparently, the bears managed to push Bitcoin (BTC) below $38,000 level. The world’s largest cryptocurrency is currently trading at $37,686 down 0.2%.
Ether (ETH) managed to hold psychologically level of $2,000. It was currently offered at $2,051 up 1.4%.
Joining the ETF mania is Switzerland-based asset management company, Pando Asset by filing an application.
Interestingly, the BTC ETF approval prospect has led a huge fun inflow into the crypto pushing prices higher.
BTC gained 40% over the last three months and has achieved 130% gains year-to-date (YTD) amid increasing volatility. This helped lift market sentiment which has surpassed last month’s levels, remaining firmly in the “Greed” zone at 72, reflecting sustained strength.
Yet, the global crypto market cap decreased 0.3% to $1.42 tn, in the last 24-hours. Simultaneously, the total crypto market volume eased 11.9% to $42.45 bn. The total volume in DeFi is currently $5.14 bn and all stablecoins $36.6 bn, representing 12.1% and 86.2% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.8%, down 0.2% over the day.
IC15 index, the barometer of top fifteen tokens, eased 0.2% to 47,512.
Meanwhile, ProShares’ Bitcoin Strategy ETF (BITO) – a bitcoin futures fund offered in the U.S. – hit a high of $1.47 billion in assets under management (AUM) this week, surging past a record set in December 2021.
That’s perfect reflection of institutional demand for bitcoin from regulated and accredited investors.
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