Serrari Group

Bitcoin faced a modest retreat as traders evaluated potential reactions in the cryptocurrency markets following expectations of regulatory approval for the first US exchange-traded funds (ETFs) directly investing in the token.

As of Wednesday in Singapore, the leading digital asset experienced a 2.4% decline over the past 24 hours, settling at $42,400. Despite this, Bitcoin has seen an impressive 156% surge this year, largely propelled by speculations that ETFs will stimulate renewed demand in the market.

One significant consideration among investors is the possibility of profit-taking once the green light is given, adhering to the principle of “buy the rumor and sell the news.” The uncertainty surrounding the interest in spot Bitcoin ETFs, planned by major players like BlackRock Inc. and Fidelity Investments, adds to the complex dynamics.

According to Nic Carter, the founding partner at Castle Island Management LLC, the market is “almost certain” that the US Securities & Exchange Commission (SEC) will grant permission for spot Bitcoin ETFs before January 10. Carter emphasized that while the funds could attract a broader base of crypto investors in the medium term, there is also the potential for a “news selling event” in the immediate aftermath.

In the past 24 hours, smaller tokens such as Avalanche and Solana experienced more substantial losses compared to Bitcoin, while meme-crowd favorites like Dogwifhat also saw a decline. Notably, BNB, the coin associated with the Binance exchange, defied the selloff with a notable 10% climb.

Bitcoin’s upward trajectory in 2023 has also been influenced by expectations of declining interest rates in the United States. This rally has played a role in mending the damage caused by the precipitous crash in 2022, which had significant repercussions across the entire cryptocurrency industry. However, it is worth noting that Bitcoin is still below its 2021 pandemic-era record of almost $69,000.
By: Montel Kamau
Serrari Financial Analyst
27th December, 2023

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