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Bitcoin and the broader crypto market face strong volatility with the BTC price jumping another 5.5% and shooting past $43,000 levels. In the last 24 hours, Bitcoin has added over $50 billion to its market cap.
Today’s price pump comes amid positive developments in Bitcoin ETF applications as BlackRock and WisdomTree file an updated S1. This comes soon after Ark Invest and 21Shares updated their filings.
Bitcoin ETF: Updated S1 Amendment
In a recent update, Bloomberg analyst James Seyffart reported a significant development in the journey towards a spot Bitcoin exchange-traded fund (ETF) by BlackRock. An S-1 amendment has been released by the financial giant, signaling a crucial step forward for the proposed ETF.
Notably, BlackRock has embraced the Securities and Exchange Commission’s (SEC) directive on cash creations, indicating a shift in strategy. The company has opted for a cash-only approach, essentially concluding the debate and deferring in-kind creations for a later date. This strategic move by BlackRock is seen as a decisive step, aligning all elements in preparation for the upcoming holidays.
The decision to prioritize cash creations in the S-1 amendment is interpreted as a positive sign for the progression of BlackRock’s spot Bitcoin ETF, marking a noteworthy development in the evolving landscape of cryptocurrency exchange-traded products. Soon after BlackRock, WisdomTree also submitted their S1 amendment.
Update: Wisdomtree also filed their amended s-1 for their spot #bitcoin ETF. pic.twitter.com/1UbILn7VSF
— James Seyffart (@JSeyff) December 18, 2023
BTC Price Action
Crypto analyst Ali Martinez sheds light on the current price dynamics of Bitcoin, emphasizing the formation of a descending triangle pattern on the hourly chart. In this analysis, Martinez identifies key levels at $41,900 and $40,700 as crucial points of focus for traders.
The significance lies in the potential implications of a decisive close above or below this specified range. According to Martinez, such a move could potentially trigger a sharp 8% to 9% shift in the price of Bitcoin, depending on the direction of the breakout.
Bitcoin’s landscape sees a notable trend as wallets containing 1 Bitcoin or less hit their all-time high holdings. Aggressively accumulating since the start of November, these smaller wallets showcase a significant increase in coin ownership. In contrast, mid-tier wallets have experienced a slight decline in the past couple of months, while larger whale wallets have shown an upward trajectory in their Bitcoin holdings. This shifting dynamic in Bitcoin wallet sizes suggests nuanced changes in accumulation patterns within the cryptocurrency market.
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