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Bitcoin and Ethereum prices tumbled amid a growing uncertainty among traders, which saw more than $1 billion in longs liquidated. The broader crypto market is since under pressure of falling further as the US Securities and Exchange Commission (SEC) is reluctant to approve a spot Bitcoin ETF, appeals in Ripple lawsuit, and rejects Grayscale’s GBTC conversion to spot Bitcoin ETF.
Grayscale Ruling As Trigger For Crypto Recovery
Bloomberg’s analysts think Grayscale has a 70% chance of winning the lawsuit against the US SEC, which will bring positive sentiment to the crypto market, triggering high chances of most spot Bitcoin ETF approval this year. Currently, SEC is reluctant to approve any spot Bitcoin ETF this year.
Traders are actively waiting for a decision in the Grayscale vs SEC lawsuit as it was delayed last week. Some believe the potential decision in the Grayscale vs SEC case is tomorrow.
In fact, GBTC is looking strong despite a fall in BTC price, as per data by Coinglass. Grayscale Investments has also put out an advert to employ a Senior ETF Associate as it nears the tail end of its lawsuit with the SEC.
Read More: Days Of Big Bitcoin Pumps Are Over, Says Bloomberg’s Mike McGlone
Bitcoin and Ethereum Prices Reversal
Popular crypto analyst Rekt Capital says Bitcoin is at the base of the Double Top, which is $26,000. Holding the support level is crucial for Bitcoin or else the price will fall to $24,800.
CrediBULL Crypto is bearish on ETH/BTC in the short term and bullish on ETH/USD. He predicts a reversal in ETH price from the $1560-$1440 range. However, the move will mostly depend upon Bitcoin holding above $25000 as it faces risks of further fall.
BTC price jumped 0.5% in the past 24 hours, with the price currently trading at $26,035. The 24-hour low and high are $25846 and $26220, respectively. Moreover, trading volume has increased by 13% in the last 24 hours.
Meanwhile, ETH price currently trades at $1660, down nearly 0.5% in the past 24 hours. The 24-hour low and high are $1651 and $1679, respectively.
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