The following article, Bitcoin ETF Amendments By Fidelity Fuel Market Optimism, was first published on Flag And Cross.
Major coins were seen trading in the red at the time of writing as the global cryptocurrency market cap declined 0.9% to $1.08 trillion.
What Happened: Bitcoin gained some buoyancy in earlier trading as investors focused on amendments filed by Fidelity to a proposed spot ETF. The changes, filed with the U.S. Securities and Exchange Commission, revolved around how Fidelity would safeguard apex cryptocurrency stored in custody accounts and also touched on disclosures related to the regulatory environment affecting cryptocurrencies.
It should be noted that Ark Invest and Invesco have already filed amendments to their respective Bitcoin ETFs earlier in the month.
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Analyst Notes: Edward Moya, a Senior Market Analyst with OANDA pointed out that optimism is growing that a spot Bitcoin ETF approval could take place before the end of the year.
Moya also referred to the rally seen in Bitcoin, which was based on an erroneous report of such an approval.
“Yesterday’s surge to $30,000 on an erroneous Bitcoin ETF approval news shows you how the market is ready to act once Bitcoin becomes easier to access. The fundamental drivers for crypto however remain mixed.”
On the broader macroeconomic factors, Moya is hopeful that they will start to turn positive for the apex coin.
“The macro backdrop is starting to turn positive for Bitcoin as Treasury market liquidity concerns grow, but the use case for crypto so far has yet to make any major breakthroughs.”
Cryptocurrency trader Michaël van de Poppe said that Altcoins are in the “last part of the bear cycle.” He noted, “It feels relatively painful. The sentiment is completely gone, no interest in crypto. The only thing moving is #Bitcoin and, yet, that one needs to crack some levels.”
Van de Poppe said that the end is “near” for the bear market in a post on X, formerly Twitter on Wednesday. He said that it was the “longest-lasting” bear market for altcoins.The trader noted that the current round of geopolitical turbulence has pushed up Gold “significantly” and will “most likely” do the same for Bitcoin for some time.
#Altcoins are in the last part of the bear cycle.
Yes, it feels relatively painful. The sentiment is completely gone, no interest in crypto.
The only thing moving is #Bitcoin and, yet, that one needs to crack some levels.
The end is near for the bear market. Read here👇… pic.twitter.com/TLijWdMNKF
— Michaël van de Poppe (@CryptoMichNL) October 18, 2023
Meanwhile, market intelligence platform Santiment noted that the amount of Bitcoin futures and options have dropped ever since $100 million in shorts were liquidated following the premature iShares ETF announcement on Monday.
📊 The amount of #Bitcoin futures & options have dropped ever since $100M+ in #shorts were liquidated following Monday’s premature #iShares ETF announcement. #Ethereum is going the other direction. This same scenario 3 weeks ago was #bullish for #crypto. https://t.co/nbcm7T6En8 pic.twitter.com/TkrFUSIuSO
— Santiment (@santimentfeed) October 18, 2023
Produced in association with Benzinga
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