Crypto investors remain bullish on hopes that the first spot Bitcoin ETF could soon start trading.
Bitcoin was up slightly in the face of macroeconomic headwinds Wednesday, outperforming other risk-sensitive assets on hopes that regulators will approve spot Bitcoin exchange-traded funds.
“Current positions near $28,500 indicate bullish dominance and confirm the existence of an upward channel since early September with a sequence of more than three higher highs and lows,” said Alex Kuptsikevich, an analyst at broker FxPro. “The market could quickly move to the $29,400 level, recovering from the mid-August selloff.”
With the ETF frenzy at the fore, Bitcoin has outperformed other risk-sensitive assets, namely stocks, as the Dow Jones Industrial Average and S&P 500 have lagged.
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| Why a Spot Bitcoin ETF Would Help the Crypto MarketNoelle Acheson is the former head of research at CoinDesk and Genesis Trading. This article is excerpted from her Crypto Is Macro Now newsletter, which focuses on the overlap between the shifting crypto and macro landscapes. These opinions are hers, and nothing she writes should be taken as investment advice.
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