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After running its course, the recent recovery rally in the cryptographic market has come to an end and the major cryptic currencies have erased all gains made by the start of the week, while some have even returned to their monthly lows. The lack of fundamental support remains one of the main factors that has influenced and continues to influence the price of the main cryptographic currencies in recent months. While the news enthusiasm helps Altcoins from time to time, any such manifestation has so far proved a rebound from the dead cat. While the crypto market has seen all the major Altcoin and Bitcoin lose almost 10% since yesterday with a market loss of over $ 100 billion, the news from Bitwise that reach the SEC for the approval of the Bitcoin ETF to be traded in the NYSE Arca provided a cushioning effect.
News of the approval of Bitwise's ETF in favor of the SEC reduces the action on downward prices
Second last tweet in the official Bitwise Twitter account, the cryptocurrency asset management company submitted an initial registration statement to the US Securities and Exchange Commission (SEC) for ETFs to be traded in the NYSE Arca and it is hoped that the application will be approved as they believe that unlike other ETFs that are entered in front of SEC, they are special thanks to the regulated third party custodians who will keep their physical Bitcoin. It remains to be seen whether this change will have any impact on SEC's approval of Bitcoin ETFs and while it is highly unlikely that approval has helped major Crypto find some support for their action on prices at downward.
Since the tweet market struck yesterday, Bitcoin has been trading in a fashion related to the range. A look at the hourly chart shows that Bitcoin remained stable near the value of $ 3600 and recorded a relatively neutral trend in Asian and European market hours. Unless the key support of $ 3500 is exceeded, Bitcoin will continue to move in the fashion range range but a break below this level will leave the BTC / USD pair vulnerable to a sharp fall of up to $ 2700 to $ 2400. Meanwhile, investor caution in view of next week's Ethereum updates also significantly limits the volume of trade in the cryptographic market. Ethereum has passed another psychological support at $ 130 and is moving slowly downwards. Limited trading volume and continued earnings booking could lead the pair to test the $ 100 support level by the weekend if the ETH / USD pair continues to lose ground at the current rate. A lack of news to push the highest altin in a prevailing market scenario will likely lead to a further decline in bitcoin and other major cryptocurrencies over the weekend.
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