Bitcoin’s Crypto Market Dominance Rises to 50% and It Could Go Higher, Say Analysts
Hopes for a spot bitcoin ETF and the latest regulatory actions could prove a further catalyst.
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BTC price
Hopes for a spot bitcoin ETF and the latest regulatory actions could prove a further catalyst.
BTC price fell to $26,700 from $27,200 during Monday.
The world’s largest crypto has bounced from a 3-month low below $25,000 hit on Monday.
Crypto markets slumped Monday, possibly in part due to fears of FTX unloading its $3.4 billion crypto assets.
There’s a high probability of approval on or before the SEC’s final deadline in mid-October for a decision on the first ether futures ETF in the U.S.
The accumulation by BTC whales suggests optimism among large investors, IntoTheBlock’s head of research noted.
Some signs suggest potential market weakness despite Tuesday’s rally, market observers noted.
The Kansas City Federal Reserve’s annual Jackson Hole Symposium is underway, and Powell will deliver his keynote address Friday morning.
Despite today’s market-wide advance, the outlook for risk assets is pointing to softer prices for the next few weeks, one observer noted.