Major cryptocurrencies surged on the growing optimism surrounding the anticipated regulatory approval of a spot Bitcoin exchange-traded fund (ETF) listing.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin BTC/USD | +1.39% | $34,483 |
| Ethereum ETH/USD | +1.25% | $1,794 |
| Dogecoin DOGE/USD | +1.65% | $0.069 |
What Happened: Bitcoin has, in recent years, exhibited a significant correlation with U.S. equity markets. However, it now appears to be decoupling from this trend. It is worth noting that the largest cryptocurrency has achieved a remarkable year-to-date gain of over 100%.
Last week, the ticker for BlackRock’s ETF, IBTC, which was poised to be a significant player in the market, was unexpectedly removed from the site of the Depository Trust & Clearing Corporation.
Bloomberg senior ETF analyst Eric Balchunas pointed out an interesting development in the world of ETFs.
According to Balchunas, the ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF to receive regulatory approval in the U.S. in 2021, had an impressive trading week, reaching a volume of $1.7 billion. Additionally, the Grayscale Bitcoin Trust (GBTC) recorded a volume of $800 million. These significant increases in trading volume for these existing instruments indicate that when spot Bitcoin ETFs are eventually introduced, we can expect them to attract substantial trading volumes.
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Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| GALA | +16.13% | $0.021 |
| Axie Infinity | +13.00% | $5.71 |
| Decentraland | +9.20% | $0.38 |
The global crypto market cap currently stands at $1.27 trillion, reflecting an increase of 1.64% in the past 24 hours.
Stock futures in the U.S. have opened slightly higher today, signaling a positive start to a busy week ahead. Investors are eagerly awaiting key events such as the Federal Reserve rate decision, the release of the jobs report, and Apple’s earnings report.
S&P 500 futures have increased by 0.3%, while Nasdaq-100 futures have gained 0.4%. Dow Jones Industrial Average futures are also up by 0.1%.
The Federal Reserve is set to make a decision on Wednesday, and it is widely anticipated that they will keep their benchmark interest rate unchanged. This decision is particularly important considering the recent stock market correction, which has been attributed in large part to rising interest rates.
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Analyst Notes
Crypto analyst Michael Van De Poppe said the current market capitalization of crypto is encountering some resistance. What’s interesting is that it has been consistently reaching higher highs and higher lows since its low point in November, which was at $750 billion. Van De Poppe believes that the next target for the market capitalization is $1.8 trillion.
Van de Poppe added, “I think we’ll see Bitcoin hit resistance at $38K, but most likely we’ll continue towards $45-50K pre-halving. After that, consolidation, sideways action for a long period before we’ll start making new ATH’s. In the meantime? Probably altcoins starting to show strength.”
Pseudonymous crypto analyst Pentoshi said it is crucial to monitor the closing price of Bitcoin, as a dip could signal a potential shift or invalidate the current trend. Looking ahead, Pentoshi suggests that there is a possibility of BTC reaching $40K-42k in the upcoming weeks.
Santiment, the on-chain analytics platform, has observed that as crypto prices soar, traders are becoming more inclined to take risks. This has led to a rapid increase in both future and open positions for Bitcoin, with open interest spiking by $922 million in just the past week.
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