Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
Crypto Market Spells Uncertainty as Analyst Believes SEC Will Approve BTC ETFs Soon
According to analysts from Santiment, there’s fear and uncertainty among crypto enthusiasts. They noted that investors are somewhat skeptical about buying BTC in its recent dip status.
Moreover, the analysis showed high FUD levels, and HODLers and Traders hold fearful positions. Contrary to the norm, none of the latter or former is quite active in the buying bitcoin front.
Why Not Buy the Dip?
Analysts from Santiment mentioned how faint-hearted the ‘buy the dip’ crowd is during the recent BTC price plunge. Earlier this week, bitcoin dropped by a whopping 7% to trade below $43K from the previous $49 mark last week.
Generally, it was a week to forget for investors globally as speculative assets faced a blood bath. Moreover, MicroStrategy and Coinbase both lost about 3% each from the crypto market price plunge. Crypto mining stocks like Riot Blockchain and Marathon Digital were suffering from the same fate, who both counted losses.
However, despite the fear, El Salvador added more BTC to their holdings, and now the government holds about 700 coins. So, judging from El Salvador’s buying, why are investors not following the country above’s decision to buy the dip?
The CEO of Valkyrie Investments told CNBC,
If ever bitcoin had the opportunity to establish itself as a safe haven or as digital gold, with U.S. companies also signaling their earnings calls are going to reveal poor results, now feels like the time.
According to the Valkyrie Investments CEO, investors now habit cashing in profits when the market goes sour. The CEO, Leah Wald, also said that others might be waiting for the markets to stop dipping. And, that’s when they might re-enter the ‘potential bull runs.
The SEC May Approve BTC Futures ETFs Soon, Analysts Speculate
According to a Bloomberg financial specialist, the SEC could give BTC Futures ETFs the green light by October. The Senior Commodity Strategist, Mike McGlone, believes the U.S. Securities and Exchanges Commission is warming up to crypto assets. Moreover, he assumes BTC will hit the $100K mark by the end of the year.
Based on how Canada has taken up bitcoin ETFs, the strategist predicts that the U.S. is not far from adopting the same. He continued to say that the SEC’s approval of crypto ETFs could further drive bitcoin’s price to values above $100K.
Several analysts now believe BTC has made its mark enough to surpass physical gold. Therefore, analysts like McGlone believe investors holding gold should take a little of their investments and dive into bitcoin. McGlone also shared his thoughts on BTC overtaking gold. He said “every day that the crypto doesn’t fall signifies its move into the gold space.”