BTC lost momentum over the weekend as it failed to break the ATH and hopes got crushed for another record as we can see in our latest Bitcoin news and analysis today.
Bitcoin tried and failed at the attempt of breaking the $60K price level over the weekend while other assets followed similar trajectories. Another ETF received approval over the weekend which signaled that the SEC could be giving BTC a green light. Plenty of the Market Watches were expecting BTC to do something over the weekend and it did come close but then, BTC lost momentum over the weekend.
On Saturday, the price started climbing back towards $60K and the analysts were primed to proclaim a new record but as soon as it peaked above $58Kit crashed in an aggressive downturn which wiped about $2K off its price. The price of the asset improved at the time of writing as it was only down 0.6% for the day. The rest of the market followed a similar pattern as ETH took a tumble before climbing to $1,780 at the time of writing. The mid-caps projects valued between $10 to $40 billion suffered smaller losses with no currency escaping the downturn.
Theta Token also gained three places in the rankings because of a 13% gain over the weekend. While the week was quite choppy, the emerging sentiment was the long-awaited US BTC ETF. The ETF is a type of security that can track a sector or a commodity or pretty much other assets and can be bought and sold on stock exchanges. It’s seen as a gateway for institutional investors to get involved in crypto because it allows speculating without having to buy and hold crypto. So far, the SEC said that non-ETFs are not transparent but the pressure is building and some suggest that approval is imminent.
Brazil followed suit as the first Latin American Bitcoin ETF was approved by the regulators. While being impressive, the market watchers await for an ETF to pop up in the US. There are five applications that are awaiting approval by the SEC. A decision is due on many of these within the next month and could start the way for a BTC surge upwards. Another possible spike for a surge is the cash waiting on the markets’ sidelines.