Bitcoin starts to climb after a muted initial response to landmark ETF decision
THE US Securities and Exchange Commission (SEC) finally approved the first Bitcoin spot exchange traded fund (ETF) last night, a move that experts say could open up Bitcoin investment to financial institutions and other mainstream investors.
As some analysts expected, the market reaction was somewhat muted in what many are calling a ‘buy-the-rumour, sell-the-news event’.
Bitcoin was trading around $46,000 this morning, up by less than 1% over 24 hours. However, it has since shifted in the last hour to $46,950.
Ethereum continues to climb, trading around $2,630 and returning more than 9% to investors overnight.
Next-gen cryptos have followed, with Cardano, Avalanche and Polkadot all seeing returns in the double-digits. Other large-caps aren’t far behind.
In the Markets
Total crypto market cap
$1.76 trillion (+3.22%)
What Bitcoin did yesterday
Daily high $47,654 | Daily low $44,403
Bitcoin market capitalisation
$903.14 billion (+0.64%)
Bitcoin volume
$52.24 billion (+37.05%)
Ethereum staking entry queue
6 hours 47 minutes
SP500
+0.57%
Fear and Greed Index
74 (Greed)
Bitcoin’s market dominance
52.61
Relative Strength Index (RSI)
59.47
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.
