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Bitcoin, Ethereum Technical Analysis: BTC Prices Shaken as Fed Keeps Rates Unchanged

Bitcoin, Ethereum Technical Analysis: BTC Prices Shaken as Fed Keeps Rates UnchangedCryptocurrency markets were volatile on Thursday as traders appeared to react to the Federal Reserve’s decision to keep interest rates unchanged. Bitcoin and ethereum both saw price uncertainty, as markets now expect a March hike. Bitcoin After making a run towards the $40,000 resistance on Wednesday, trading above $38,000 in the process, BTC/USD fell to […]

SEC rejects application for Fidelity’s Wise Origin Bitcoin Trust spot ETF

SEC rejects application for Fidelity’s Wise Origin Bitcoin Trust spot ETF

The regulatory body said any rule change in favor of approving the ETF would not be aimed at preventing “fraudulent and manipulative acts and practices” nor would it necessarily “protect investors and the public interest.”

The United States Securities and Exchange Commission has disapproved asset manager Fidelity’s Wise Origin Bitcoin Trust spot exchange-traded fund application.

According to a Thursday filing, the SEC rejected a proposed rule change from the Cboe BZX Exchange to list and trade shares of Fidelity’s Wise Origin Bitcoin (BTC) Trust. The regulatory body said any rule change in favor of approving the ETF would not be aimed at preventing “fraudulent and manipulative acts and practices” nor would it necessarily “protect investors and the public interest.”

The SEC extended its deliberation window to approve or deny the offering in July and November following Fidelity’s original application in March 2021 — but published in the Federal Register on June 1. The SEC added that the BZX exchange “has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section.”

“It is essential for an exchange listing a derivative securities product to enter into a surveillance-sharing agreement with markets trading the underlying assets for the listing exchange to have the ability to obtain information necessary to detect, investigate, and deter fraud and market manipulation, as well as violations of exchange rules and applicable federal securities laws and rules,” stated the SEC ruling.

The decision followed separate filings from the SEC on Tuesday extending its window on a proposed rule change to allow shares from agricultural fund provider Teucrium tracking Bitcoin futures to be listed on NYSE Arca and ARK 21Shares Bitcoin ETF to be listed on the Cboe BZX Exchange. The final extension from the regulator will likely result in a decision by April 8 and April 3, respectively.

While the SEC has yet to approve ETFs with direct exposure to BTC, the regulator gave the green light to investment vehicles linked to BTC derivatives for the first time in October 2021. At the time of publication, shares of Bitcoin futures-linked funds from Valkyrie and ProShares are currently listed on Nasdaq, with VanEck’s Bitcoin Strategy ETF trading on the Chicago Board Options Exchange.

Related: Valkyrie aims for ETF linked to Bitcoin mining firms on Nasdaq

Many analysts do not expect SEC officials to approve Bitcoin-linked ETFs anytime soon. The regulatory body is expected to reach a decision on NYDIG’s spot Bitcoin ETF and ​​asset manager Stone Ridge Holdings Group’s BTC ETF on March 16.

Bitcoin, Ethereum Technical Analysis: BTC Prices Shaken as Fed Keeps Rates Unchanged

Closely Followed Trader Says Bitcoin (BTC) Relief Rally Likely, Highlights What’s Next for Curve (CRV)

One popular crypto analyst thinks Bitcoin (BTC) is on the verge of a rebound while plotting paths for two altcoins. The pseudonymous analyst known as Credible Crypto tells his 300,700 Twitter followers that BTC might hit one more local low before surging back to $40,000 “in the coming days.” “Then comes the big monthly close.” […]

The post Closely Followed Trader Says Bitcoin (BTC) Relief Rally Likely, Highlights What’s Next for Curve (CRV) appeared first on The Daily Hodl.

Bitcoin, Ethereum Technical Analysis: BTC Prices Shaken as Fed Keeps Rates Unchanged

No blow-off top? Bitcoin hodler metric points to ‘depressed’ BTC price

It's a slow grind for long-term holders with no significant macro top or bottom in sight, the Reserve Risk metric suggests.

Bitcoin (BTC) investors are famous for their ability to "hodl" through price dips, but new data sheds light on how long they may be prepared to continue.

In a tweet on Jan. 16, on-chain analytics firm Glassnode noted that holder behavior currently mimics how Bitcoin behaves during the least extreme part of its price cycles.

Reserve Risk: Bitcoin price ‘depressed,’ hodlers hodl on

Referring to its Reserve Risk ("R-Risk") metric, Glassnode argued that current buying and selling trends are not those of a macro top or bottom.

“Low values of R-Risk are characteristic of mid-bear to mid-bull cycles, where prices are depressed, but HODLing dominates onchain,” it explained.

R-Risk looks at the number of days holders choose not to sell versus current price action, resulting, among other things, in an indication of market mindset at a given price point.

Currently, R-Risk is trending downwards, and is flirting with its “depressed” zone.

Bitcoin reserve risk annotated chart. Source: Glassnode/ Twitter

In an explanatory article originally accompanying the metric, Glassnode additionally said that such moves take a longer rather than shorter time to resolve, again suggesting that an event such as this halving cycle's blow-off top may be a long way off.

“The Reserve Risk oscillator can be seen to oscillate in line with the macro bull/bear market cycles. It has well defined peaks in line with blow-off tops, and lengthy periods of relative undervaluation during bear market bottoms and into early bull markets,” it summarizes.

Miners cool “massive” accumulation trend

The data conforms to the overall impression of long-term BTC hodlers doubling down on their conviction in the face of an unexpected downtrend.

Related: Bitcoin dips 8% from highs as trader demands BTC bulls reclaim $37.5K

Depending on the source, this corrective period has in fact lasted throughout 2021, and as Cointelegraph reported, there is no sign of capitulation among old hands.

Data from fellow analytics firm CryptoQuant meanwhile shows that miners, who have also been “massively” accumulating in recent months, began keeping their reserves more constant in January. Bitcoin sitting at their production cost, reducing profitability, could be a likely cause.

Bitcoin miner reserve chart. Source: CryptoQuant

Bitcoin, Ethereum Technical Analysis: BTC Prices Shaken as Fed Keeps Rates Unchanged

Bitcoin dips 8% from highs as trader demands BTC bulls reclaim $37.5K

Bitcoin “isn’t shouting for bullishness” below $37,500, fresh analysis says, as the Fed’s latest comments deliver little direction.

Bitcoin (BTC) climbed down from multi-day highs on Jan. 27 as the aftermath of the latest United States Federal Reserve meeting saw bulls taper their enthusiasm.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin disappoints below $37,500

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD walking back some of its gains, which had topped out at $38,950 on Bitstamp.

The pair then refocused on $36,000, the level where it was trading at the time of writing.

As momentum gathered pace, market commentators began hoping for a stronger weekly close, possibly including a challenge of the $40,000 mark. Now, however, the mood was markedly less euphoric.

“Bitcoin rejected at $38K and hit the first important level of support at $36K here,” Cointelegraph contributor Michaël van de Poppe summarized to Twitter followers.

“Might have a short-term bounce, but anything sub $37.5K isn’t shouting for bullishness.”
BTC/USD annotated chart with support and resistance zones. Source: Michaël van de Poppe/Twitter

Van de Poppe joined others in voicing dissatisfaction with the outcome of the Fed’s meeting, in particular with a lack of new insight and policy information from Fed Chair Jerome Powell.

“With inflation well above 2 percent and a strong labor market, the Committee expects it will soon be appropriate to raise the target range for the federal funds rate,” a statement by the Federal Open Market Committee read.

“The Committee decided to continue to reduce the monthly pace of its net asset purchases, bringing them to an end in early March.”

With that, crypto markets had few macro cues to react to, a paradigm shift in price behavior yet to make an appearance.

Crypto liquidations pass $300 million

Altcoins followed Bitcoin in step to shed several percentage points on the day, once more adding to the week’s overall losses.

Related: Bitcoin pundits split over BTC floor as Bloomberg analyst eyes bounce

Ether (ETH) fell back below $2,500, still down 22% over the past seven days.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

Others fared somewhat better, with Dogecoin (DOGE) retaining most of its previous progress and Cardano (ADA) trading flat at $1.06.

Not everyone escaped unscathed post-Fed, however, with total cross-crypto liquidations passing $320 million, data from on-chain monitoring resource Coinglass confirmed.

Crypto liquidations chart. Source: Coinglass

Bitcoin, Ethereum Technical Analysis: BTC Prices Shaken as Fed Keeps Rates Unchanged

Here’s What Will Matter More Than Ever for Bitcoin in 2022, According to Fidelity Macro Strategist

Jurrien Timmer, a macro strategist at financial giant Fidelity, is revising his outlook for Bitcoin (BTC) after the leading cryptocurrency dipped below a key price level. In a thread to his 86,700 Twitter followers, Timmer says that he was surprised to see Bitcoin not hold the line at $40,000 after falling steadily from its November […]

The post Here’s What Will Matter More Than Ever for Bitcoin in 2022, According to Fidelity Macro Strategist appeared first on The Daily Hodl.

Bitcoin, Ethereum Technical Analysis: BTC Prices Shaken as Fed Keeps Rates Unchanged

Utility Seeks $800,000 From Russians Mining Crypto With Cheap Power

Utility Seeks 0,000 From Russians Mining Crypto With Cheap PowerThe main utility company in Irkutsk is looking to collect almost $800,000 from owners of crypto farms that have allegedly caused a spike in electricity consumption in the Russian region. The supplier accuses the miners of burning cheap household electricity in what is, in fact, a business activity. Power Utility Takes Crypto Miners to Court […]

Bitcoin, Ethereum Technical Analysis: BTC Prices Shaken as Fed Keeps Rates Unchanged

SEC pushes decision on ARK 21Shares Bitcoin ETF to April 3

The regulatory body said it was "appropriate to designate a longer period" to approve or disapprove of the proposed Bitcoin ETF.

The U.S. Securities and Exchange Commission has extended its window to approve the ARK 21Shares Bitcoin exchange-traded fund (ETF) originally proposed in July 2021.

According to a Tuesday filing from the SEC, the regulatory body will push the deadline for approving or disapproving the ARK 21Shares Bitcoin ETF from Feb. 2 for an additional 60 days, to April 3. SEC Assistant Secretary J. Matthew DeLesDernier noted in the filing that it was “appropriate to designate a longer period” for the regulatory body to consider the proposed rule change, allowing the ETF to be listed on the Cboe BZX Exchange.

The exchange originally filed the paperwork to apply for the ARK 21Shares Bitcoin ETF in July 2021, with the SEC able to delay its decision and open the offering to public comment for up to 180 days, with the option for a final 60-day extension starting on Feb. 2. After April 3, the SEC should not be able to extend the deliberation window further and will approve or disapprove of the crypto ETF.

In a separate filing, the SEC also extended its window on a proposed rule change, allowing shares of an ETF tracking Bitcoin futures from agricultural fund provider Teucrium to be listed on NYSE Arca. The firm applied for the investment offering in May 2021 and will likely receive a final decision from the SEC by April 8.

Related: Valkyrie aims for ETF linked to Bitcoin mining firms on Nasdaq

U.S. regulators have yet to approve ETFs with direct exposure to cryptocurrencies like Bitcoin (BTC) but gave the green light to investment vehicles linked to BTC derivatives for the first time in October 2021. At the time of publication, shares of Bitcoin futures-linked funds from Valkyrie and ProShares are currently listed on Nasdaq, with VanEck’s Bitcoin Strategy ETF trading on the Chicago Board Options Exchange.

Bitcoin, Ethereum Technical Analysis: BTC Prices Shaken as Fed Keeps Rates Unchanged

Bounce Incoming for Bitcoin (BTC), According to Crypto Analyst Michaël van de Poppe – Here’s His Target

Popular crypto strategist Michaël van de Poppe says that Bitcoin (BTC) is due for a heavier bounce even amid the bearish sentiment surrounding the digital asset markets. In a new strategy session, Van de Poppe tells his 164,000 YouTube subscribers that he believes the Bitcoin bottom is not yet in despite BTC’s bounce from the […]

The post Bounce Incoming for Bitcoin (BTC), According to Crypto Analyst Michaël van de Poppe – Here’s His Target appeared first on The Daily Hodl.

Bitcoin, Ethereum Technical Analysis: BTC Prices Shaken as Fed Keeps Rates Unchanged

Valkyrie Files for ETF That Invests in Firms That Derive 50% Revenue From Bitcoin Mining Industry

Valkyrie Files for ETF That Invests in Firms That Derive 50% Revenue From Bitcoin Mining IndustryThe digital currency asset manager Valkyrie has applied for an exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The fund plans invest at least 80% of its net assets into firms that derive at least 50% of their revenue from the bitcoin mining industry. Valkyrie’s Proposed ETF Targets the Bitcoin Mining Industry […]

Bitcoin, Ethereum Technical Analysis: BTC Prices Shaken as Fed Keeps Rates Unchanged