Next Trigger For Bitcoin And Ethereum Amid Crypto Market Uncertainty
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.
Also Read:
- LUNC News: Terra Luna Classic L1TF Prepares For v2.2.0 Core Upgrade
- Shiba Inu Lead Developer Shytoshi Kusama Announces Shibarium Reopening
- BTC Price Spreads Fear At $26k, Is This The Start Of The Bull Run?
- James Wynn Takes XRP Long Bet After Ripple Prime Announcement
- Nasdaq-Listed Bonk Holdings Makes First Major Purchase of $32M, Nears 3% of Total Supply
- Binance-based Meme Coin GIGGLE Fund Shoots 145% on Exchange Listing News
- ASTER Gets Major Boost as Project Launches Token Buyback Program, Expert Predicts $10 Spike
- Trump Picks SEC Crypto Counsel Michael Selig to Lead CFTC Amid Crypto Oversight Push
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
- PUMP Price Prediction as Whales Accumulate 4.2B Tokens- Is 135% Rally Next?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
