- Crypto market rises due to halving event, Bitcoin ETF expectations.
- BlackRock updates S-1 for Bitcoin spot ETF with $10 million funding.
- Arthur Hayes warns of risks if Bitcoin spot ETF is approved.
The cryptocurrency market is rising because of the forthcoming halving event and the expected approval of a spot Bitcoin ETF. Notably, Bitcoin
The cryptocurrency market, including Bitcoin specifically, has experienced a renewed increase in attention due to an unexpected recovery. BlackRock, the largest asset manager globally, has significantly updated its S-1 submission to the SEC about the Bitcoin spot ETF.
The revised S-1 document indicates that BlackRock has allocated $10 million as initial funding for the spot Bitcoin ETF. However, this allocation does not guarantee an immediate launch of the ETF.
Arthur Hayes seriously cautioned those involved in the cryptocurrency sphere, indicating that the entirety of Bitcoin could face risks if the U.S. Securities and Exchange Commission greenlights a spot Bitcoin Exchange-Traded Fund. Hayes believes that the unique characteristic of Bitcoin lies in its nature as a liquid financial asset.
Coalescence Phase Formation
As of this writing, the current Bitcoin trading price stands at $43,652, reflecting a slight increase of 0.10% over the past 24 hours, according to CoinMarketCap’s data. Additionally, there has been a 33.27% decrease in trading volume. Recently, the price has been in a consolidation phase, poised for a potential breakout in one direction or the other.
Should the price surpass the $44,211 mark, it will probably continue to climb and approach the resistance level at $45,900. Conversely, should the price decline beneath the $43,380 threshold, it is expected to approach the support level at $42,750.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
