The U.S. Securities and Exchange Commission (SEC) has given the green light to 11 spot bitcoin exchange-traded funds (ETFs) through an expedited process. This announcement was made in a document published on the SEC website. The proposed spot bitcoin ETFs are from Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity, and Franklin.
Following the approval, the prices of BTC remained relatively stable, while ETH prices went up by over 10%. Most altcoins showed slight declines on a daily scale but started to gain value on Friday (12/01).
Over the weekend, Bitcoin's value dropped below $42,000. This led to a market sell-off, causing stocks focused on cryptocurrency to plummet. The bitcoin ETF excitement on Thursday turned into a market rout.
In the latest market update, Bitcoin (BTC) experienced a decline, reaching the $42,000 level. Despite this drop, the market structure continues to exhibit a positive sign by respecting the bullish trendline at $42,000. Despite the bearish movement, this pullback presents a favorable opportunity for strategic investors, as BTC is currently positioned at a lower value, offering a chance to buy low at either $40,000 or $42,000.
Observing the market dynamics, it suggests a potential for favorable returns in the near future.
In Ethereum price action, notable decoupling from Bitcoin (BTC) occurred, leading to an increase in ETH's value to $2,500. This surge in price is accompanied by a slight uptick in ETH's market capitalization against BTC. The significant bullish movement in ETH is not only indicative of its independent strength but also has the potential to trigger price movements in other Altcoins.
This development underscores the dynamic nature of the cryptocurrency market, where individual asset performance can influence broader trends.
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