Bitcoin Steady at $43K as Tumbling U.S. Regional Bank Stocks Reignite Worries
Bitcoin so far remained muted compared to its vehement rally during the March banking crisis, but one analyst said he’s “cautiously long” amid the turmoil.
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Bitcoin so far remained muted compared to its vehement rally during the March banking crisis, but one analyst said he’s “cautiously long” amid the turmoil.
Bitcoin dipped to $42,300, while crypto majors ETH, ADA, DOT fell 3%-4% with Solana’s SOL tumbling over 6%.
Skybridge Capital founder and managing partner Anthony Scaramucci sees bitcoin {{BTC}} soaring to at least $170,000 after the halving in April, when the number of new bitcoin entering circulation shrinks again.
The cryptocurrency has dipped following the most bullish recent event in crypto history, the launch of spot bitcoin ETFs, apparently causing a crisis in faith.
Bitcoin [BTC] dropped to near $43,000 Friday, a fall of 6% in day-over-day trading, while some bitcoin mining stocks tumbled over 10% extending yesterday’s decline after Thursday’s highly-anticipated spot bitcoin ETF debut.
Bitcoin hit its highest price in more than two years Thursday before it fell back to $46,000 as the highly anticipated spot bitcoin ETF debut unleashed volatility.
In a milestone for crypto adoption, the SEC today approved the trading of Bitcoin exchange-traded funds (ETFs). CoinDesk rounded up reaction from across the crypto industry to the news.
The immediate price reaction showed that bitcoin’s price might be capped if a real approval arrives, one analyst noted.
Bitcoin could rally 10%-15% more in case the SEC approves spot bitcoin ETFs, LMAX strategist Joel Kruger noted.
Depletion of the Fed’s reverse repo program and expiry of a crucial funding facility for troubled banks may trigger a market crash in March and force the Fed to cut interest rates, Maelstrom CIO Arthur Hayes said.