Weekly Crypto Recap with NewsCrypto
Welcome back, NewsCrypto enthusiasts! It's time for another edition of the NewsCrypto newsletter.
Navigating the Bitcoin waters requires a keen eye, a steady hand, and sometimes, a crystal ball. While we can't offer the latter, we do bring you a comprehensive analysis of Bitcoin‘s recent movements.
From its dance around $26k to the subtle signals from the RSI, we'll break down what these indicators might mean for the world's premier cryptocurrency.
We will also briefly discuss the SEC and what’s going on with ETH ETFs.
What's on the menu today?
1. Breaking Crypto News
2. BTC TA Analysis
3. TradFi is Eyeing The Spot Ethereum ETF
4. Funniest Meme of the Week
News Recap
· Suspicious outflows happened from the betting site Stake, $41M across ETH, MATIC and BNB chain
· VISA started supporting USDC settlements on Solana.
· Block production on Base was halted but resumed after 45 minutes when developers implemented a fix.
· Ark Invest applied for a spot Ethereum ETF!
· JPMorgan is developing a cryptocurrency to accelerate settlements and international payments.
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Bitcoin TA Analysis
· Crypto Fear and Greed Index Update
· Bitcoin Daily Time Frame
Pretty much nothing had happened for the whole week. The only exciting move that was worth trading was a brief pump over $26k but it quickly turned out the move was weak. We will talk more about that in a bit.
RSI was in an uptrend for the whole time since we crashed to ≈$25k. This could change very soon. If you really zoom in on the RSI…
... you can see that the purple line is crossing below the yellow one. This is a bearish sign. If the breakdown doesn’t happen exaggerated bullish divergence - stable price with a rising RSI - will be confirmed leading to a bullish price action (PA).
Does this mean we will go to $30k? Absolutely not but it could happen.
· Bitcoin Intraday Time Frame
In order to reach higher prices $BTC has to come above the $26k-$26.2k zone and confirm it as support. On the chart above, we can clearly see that on the last pump above this range, Bitcoin didn’t show strength (long wicks) and the bears took control.
On the other hand, if we get a sweep of the highs into the range (which is POI) and bearish PA it will be a sign to short. TP can be set on the bottom of the monthly range (≈$25.4k) and if we break it you can add to the short and set TP at the support at $24.7k which hasn’t been tested yet on the spot market.
TradFi is Eyeing The Spot Ethereum ETF
As the Securities and Exchange Commission (SEC) meticulously evaluates a series of spot Bitcoin ETFs and Ether futures funds, Ark Invest and 21Shares have strategically positioned themselves in this competitive space.
Their recent filing for the Ark 21Shares Ethereum ETF marks a pivotal moment, signaling a potential shift in the U.S. market's approach to Ether-based financial products.
Contrary to the trend of ether futures ETFs, Ark Invest and 21Shares have charted a different course, proposing an offering that would directly hold Ether, spot ETH ETF. This direct approach underscores their confidence in Ether's long-term viability and its growing importance in the crypto ecosystem.
For context, Ethereum's market capitalization stands at an impressive $195 billion, second only to Bitcoin's dominant $500 billion. If approved, the proposed fund is set to trade on the Cboe BZX Exchange. However, the filing remains tight-lipped about specific details such as the ticker or the associated fee structure for the ETF.
The Strategic Timing
The question on many minds is: Why this particular juncture?
Sources intimate with the filing suggest that the current climate is ripe for introducing and discussing Ether-centric products. The SEC, historically cautious about greenlighting Bitcoin ETFs, appears to be reassessing its stance, especially in light of its recent legal setback with Grayscale Investments.
This recalibration in the SEC's approach has led analysts to be more bullish about the prospects of a U.S. spot Bitcoin ETF seeing approval in the near future.
Furthermore, international precedents, such as Canada's endorsement of a spot Ether ETF in April 2021, have paved the way for similar endeavors.
Following Canada's lead, firms like VanEck have ventured forth with analogous proposals, indicating a growing global interest in Ether-based financial instruments.
In Retrospect
Ark Invest and 21Shares are no newcomers to the crypto world. Their collaborative efforts date back to their initial endeavor to launch a spot Bitcoin ETF in 2021. Despite facing regulatory hurdles, their persistence and renewed focus on Ether underscore their commitment to pioneering in the crypto space.
In conclusion, it's evident that Ether is carving out a significant niche for itself, especially in the realm of ETFs. Keep reading our newsletter to stay informed about everything that will happen next.
Funniest Meme of the Week
