Bitcoin ETF approval window opens with markets poised in anticipation
The Digital Commonwealth daily brief…
THE approval window for spot Bitcoin exchange-traded funds opens today.
The window means those ETF applicants who have registered with the US Securities and Exchange Commission will spend the next few days nervously hoping for a green light from the SEC.
It is understood there are five applicants — Vaneck, Valkyrie, Grayscale Investments, Fidelity and Bitwise — with the first deadline for a decision falling on Wednesday January 10.
The window has caused quite a stir on social media, with many commentators painting it almost as a guarantee that spot ETFs will all get the thumbs up, and Bitcoin will skyrocket.
However, despite several keyboard trumpeters who really should know better than getting their clicks dubiously via “sources very close to the matter” suggesting approval is imminent, it really ought to be strongly noted that there are many hoops through which the applicants must go before getting a Bitcoin ETF off the ground.
Amid all the hype and dizzying waffle, there are still some sensible voices out there that should be heard.
Despite the fuss, Bitcoin has remained reasonably calm as it continues to seek support above $43,000.
In the Markets
Total crypto market cap
🔻 $1.66 trillion
🔻0%
What Bitcoin did yesterday
🔺 Daily high $44,528
🔻 Daily low $42,800
Bitcoin market capitalisation
🟠 BTC $869 billion
🟡 Gold $13.912 trillion
Fear and Greed Index
Bitcoin’s market dominance
49.5%
Relative Strength Index (RSI)
52
Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.
Post Script…
Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.