Grayscale is optimistic about obtaining approval for spot Ether (ETH) ETFs in May, despite potential communication challenges with the SEC. Chief Legal Officer Craig Salm remains hopeful, citing previous experiences with Bitcoin ETFs as a reference point. While there are concerns about SEC engagement related to staking in Ether ETFs, recent approval for Ether Futures ETFs regulated as commodity futures offers a ray of hope. Industry experts are eagerly anticipating the SEC’s decision by May 23, which will have a significant impact on market sentiment for both Ether and Bitcoin.
The London Stock Exchange is preparing to launch a market for bitcoin and ether exchange-traded notes (ETNs) on May 28, with trading applications opening on April 8. Regulated by the Financial Conduct Authority (FCA), this move is aimed at professional investors and follows the FCA’s decision in March to allow such market segments. The introduction of bitcoin and ether ETNs aligns with the UK’s goal of fostering a crypto-friendly environment. This initiative could lead to increased institutional engagement with cryptocurrencies, potentially enhancing Bitcoin’s value by making it more accessible and reputable within traditional finance.
Bitcoin’s price surged past $70,000 on March 25, driven by a resurgence in BTC accumulation that resulted in the lowest supply on Coinbase in nine years. Coinbase’s BTC reserves dropped to 344,856 BTC by March 18, a level not seen since 2015. Accumulation addresses holding over 10 BTC without selling or exchanging saw their balances exceed 3.2 million BTC, approaching a historic high. Institutional investors appear to anticipate further gains, as demonstrated by a significant inflow of 25,300 BTC to these addresses on March 22. With Bitcoin exchange reserves hitting a three-year low of 1.92 million BTC on March 25, the stage is set for potential price increases driven by a tightening supply and growing institutional interest.
The current Bitcoin price prediction indicates a bullish trend, with a pivot point around $69,700 and critical resistance levels at $72,368, $73,887, and $75,692. Support levels are set at $68,183, $66,529, and $63,917 to stabilize any potential pullbacks. The Relative Strength Index (RSI) sits at 68, suggesting a move towards overbought territory while still indicating strength in the current trend. The 50-day EMA at $66,749 supports a solid uptrend, reinforced by Bitcoin’s breakout from a symmetrical triangle pattern. The technical setup suggests further upside potential above $69,750, with a bearish scenario in the event of a drop below this level.
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