Home Bitcoin News Investors warned about the consequences for bitcoin of a possible launch of a crypto-ETF in the United States

Investors warned about the consequences for bitcoin of a possible launch of a crypto-ETF in the United States

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Crypto News

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The opinions of the participants of the crypto community about the potential of the event were divided.

The most capitalized cryptocurrency – bitcoin – completes the working five-day period with growth. As of 09:07 (Moscow time), the digital asset is trading at $59,524. The minimum value of BTC in 24 hours, according to the CoinMarketCap resource, is fixed at $56,868, the maximum is at $59,924.

Investors warned about the consequences for bitcoin of a possibleBitcoin graph. Source: TradingView

The cryptocurrency went into growth against the background of news about the upcoming launch of an ETF based on cryptocurrencies in the United States and the loud statement of the first senator Cynthia Lammis, who openly announced his investments in bitcoin. She criticized the actions of the authorities of America and other countries that led to the depreciation of fiat currencies, drawing attention to the advantages of cryptocurrencies over traditional, government-controlled money.

“Thank the Lord that we have bitcoin and other non-fiat currencies,” said Cynthia Lammis.

An analyst leading a microblog under the nickname Inmortal drew attention to the fact that bitcoin can update the maximum against the background of the positive influence of the news background. He shared with his subscribers the expected trajectory of the BTC exchange rate.

The potential for further positive movement of bitcoin, among other things, is indicated by the update of the maximum number of investors from the Long term holder (LTH) category. It is customary to include members of the crypto community who prefer to hold cryptocurrency for a long period of time, despite any fluctuations in the news background. The larger the LTH– the more stable the movement of the digital asset rate. The fact is that the increase in the number of Long term holders reduces the likelihood of panic sales.

Many members of the crypto community believe that bitcoin will be able to continue moving along the trajectory of 2013. The similarity of the behavior of BTC with the designated time period is indicated by the technical analysis of the cryptocurrency chart.

However, not all participants of the crypto community found in the current news background prerequisites for the continued growth of bitcoin. For example, the main supporter of cryptocurrencies in Mexico, businessman Ricardo Salinas Pliego, sees prospects for a breakthrough in the BTC rate of $ 60 thousand against the background of a possible launch of an ETF based on bitcoin futures. At the same time, he believes that such a financial instrument is extremely susceptible to manipulation. Therefore, Salinas Pliego is confident that the appearance on the market of ETFs based on cryptocurrencies can negatively affect the position of cryptocurrencies.

An analyst leading a microblog under the nickname Mr. Whale, in turn, believes that against the background of the approval of crypto-ETFs in the US, the digital asset market will fall. To reinforce his point of view, he reminded readers of the industry’s reaction to the launch of bitcoin futures on the Chicago Mercantile Exchange (CME) at the end of 2017. The event was accompanied by the exit of BTC in the fall. Mr. Whale believes that the situation will repeat.

Meanwhile, the Bank of England predicted a repeat of the global financial crisis, which may be comparable in level with the indicators of 2008. Bankers called the growth of cryptocurrencies the reason for its probable development.




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