Bitcoin saw a slight increase of nearly 0.50% on Wednesday, reaching a trading value of $25,798.
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Outflows from digital asset investment products have slowed down, indicating a potential stabilization in investor sentiment.
Bitcoin’s price is showing a mild upward trajectory, with support at $25,400 and resistance at $25,900, while the SEC has delayed approval for seven spot Bitcoin ETFs, including the proposed iShares Bitcoin Trust by BlackRock, leading to speculation about BlackRock’s rumored Bitcoin buying activities, although there is no concrete evidence to support these rumors.
Bitcoin (BTC) has experienced a period of volatility, reaching a multi-week high above $28,000 before retracing its steps and stabilizing around the $26,000 mark. BTC’s dominance over alternative coins is at 48.4%, with most larger-cap altcoins seeing minor losses. Grayscale’s court victory over the SEC regarding its GBTC did not prevent BTC from losing all its gains. The Exchange Net Flow metric has reached a 1-month high, indicating growing selling pressure. The SEC’s decision to postpone ETF decisions and low Bitcoin velocity may have contributed to bearish sentiment among investors. Despite positive news, BTC’s price fell to a new multi-month low of around $25,350. Altcoins, except for TONCOIN, also fell, while the total crypto market cap decreased to $1.040 trillion.
Bitcoin’s price has fallen to $26,000 following a court ruling in favor of Grayscale Investments.
The Securities and Exchange Commission (SEC) is currently considering the approval of Bitcoin spot Exchange-Traded Funds (ETFs), with Bloomberg ETF analysts projecting a 75% likelihood of approval by the end of 2023. However, the SEC has only approved future-based Bitcoin ETFs so far, leading to speculation and interest within the industry. Grayscale recently won a lawsuit against the SEC, alleging discrimination in the approval process, which has raised doubts about the SEC’s decision-making. While the court ruling does not guarantee approval for Grayscale’s application, it has created optimism for the SEC to reconsider its stance. The SEC has several options moving forward, including rescinding prior approval of Bitcoin futures ETFs, appealing the court’s ruling, rejecting Grayscale’s application on other grounds, or allowing a spot ETF to be approved. The SEC has delayed its decision on approving Bitcoin spot ETF applications, seeking public comments and evaluating various proposals. BlackRock’s decision, expected by October 17, will likely impact the future of Bitcoin spot ETFs. The SEC’s current situation has created uncertainty and speculation, with stakeholders eagerly awaiting the upcoming decision that could shape cryptocurrency investments in the United States.
The price of Dogecoin (DOGE) has seen a 2% increase in the past 24 hours, following Robinhood’s recent addition of DOGE support to its cryptocurrency wallet.
Bitcoin whales and sharks have been accumulating substantial amounts of BTC, coinciding with Grayscale’s court victory against the SEC, leading to a recovery in the crypto market and a 6% price jump in Bitcoin.
Bitcoin Cash (BCH) has experienced a 5% decrease in price, along with a decline in market and media interest, leading to its removal from CNBC’s cryptocurrency market coverage.
Bitcoin’s trading volume has reached $5 billion, with a valuation of $26,011, amidst concerns over President Biden’s proposed cryptocurrency tax reporting standards, which have raised concerns among industry figures and could potentially deter crypto firms from operating in the US and hinder innovation in the sector, leading to a decline in the BTC/USD trading pair, while the Asian crypto market remains stable despite caution surrounding high inflation rates, and analysts at JPMorgan have noted a deceleration in the market’s downward price momentum, with Glassnode and Ark Invest introducing a new model for assessing Bitcoin’s value based on on-chain metrics, and Ether consolidating around $1,650, while Bitcoin remains at $26,000, and the Forkast 500 NFT Index surging following a spike in sales of Donald Trump’s NFT collection, and FTX founder Sam Bankman-Fried’s defense seeking temporary release ahead of his trial, and Bitcoin’s price currently hovering above the $25,900 support level, facing resistance at $26,200 and $26,500, with potential for an upswing to $27,800 if the latter resistance is surpassed, but a decline if $26,200 is not surpassed, potentially seeing support at $25,400 and a dip to $24,800, and the current bear market being compared to the 2015 period of sideways action by MN Trading CEO, with BTC prices falling 62% from the previous peak and the bear market lasting for 490 days, potentially due to the pandemic, high-profile crypto collapses, and surging interest rates, while BlackRock shows interest in Bitcoin and crypto, expecting approval for a spot ETF this year, and a pivot to crypto in Hong Kong and Asia, along with the approaching Bitcoin halving, contribute to the market fundamentals, and the Rollbit platform’s RLB token experiences a 0.10% gain in the RLB/USD trading pair on August 27th, ranking third among the top weekly gainers, with Rollbit offering various services and distributing RLB tokens through airdrops to Rollbit.com users, which serve as entry tickets for the Rollbit lottery and provide access to the lottery and a portion of the casino’s profits when staked, increasing the token’s scarcity and price, and Wall Street Memes (WSM) gains attention in the market, successfully completing a presale and raising over $25 million in investments, with WSM tokens currently available at a presale rate of $0.0337, providing a comprehensive overview of the current state of the cryptocurrency market and reflecting the impact of regulatory concerns on Bitcoin’s price and the growth of the Rollbit token.