- Crypto analyst Michaël van de Poppe predicts Bitcoin could plummet to $12,000.
- London-based firm Jacobi launches first spot Bitcoin ETF on Euronext Amsterdam.
- The U.S. SEC continues to delay approval of a Bitcoin ETF.
Crypto analyst Michaël van de Poppe has suggested a potentially drastic downturn for Bitcoin
The potential for such a downturn, albeit distant, could indicate a comprehensive bearish trend in the cryptocurrency market. Recently, the cryptocurrency market has been underperforming, with numerous leading digital currencies losing most of the profits they had amassed in the preceding months.
Significantly, Bitcoin has faced challenges in surpassing the $30K threshold. Despite briefly breaching this level earlier in the month, the digital currency has retreated to its former levels. Nevertheless, this week witnessed the digital asset depreciating to approximately $29.1K.
CoinMarketCap data reveals a 0.77% decrease in BTC value over the last 24 hours and a 2.34% decline over the past week. The digital currency is presently trading at a rate of $29,121.
In a significant development for the European crypto market, the first spot Bitcoin ETF was launched two years post its approval. Jacobi, a London-based asset management firm, listed the spot Bitcoin on the Euronext Amsterdam stock exchange.
The ETF, trading under the “BCOIN” ticker, represents a significant milestone in the cryptocurrency sector, offering investors a conventional avenue to gain exposure to BTC. Fidelity Digital Assets will be the custodian, while Flow Trader will be the market maker. The Guernsey Financial Services Commission will oversee regulatory compliance, further solidifying the ETF’s position in the traditional financial market.
In other developments, the U.S. Securities and Exchange Commission (SEC) continues to delay the approval of a Bitcoin Exchange-Traded Fund (ETF) in the United States. Despite numerous applications from various institutions for the ETF, the SEC has yet to approve any to list their spot ETF.
A recent statement from a previous commission official indicates that the likelihood of the SEC giving the green light to a spot Bitcoin ETF is minimal. Similarly, numerous claims have surfaced, implying that the regulatory body may have demonstrated bias and excessive rigor in its dealings with cryptocurrency organizations.
