News of Bitcoin ETFs and disappointing altcoins cushion and fuel BTC prices, where hacking row hampers sentiments
Fundamentally, the hot news flashes on the heels of the SEC asking for comments on the new ETF.
We reiterate that the SEC, however, recently announced that they propose to ease ETF approval rules, especially for low-risk ones. This would allow companies to issue “plain vanilla versions” of the ETF without seeking approval.
As a result, although, Bitcoin prices have continued its yesterday’s rallies, struggling for the momentum amid the mixed bag of news. BTCUSD at Bitstamp is oscillating today in a narrow range today as it tested key resistance at $6,785 levels. It is currently trading at 6601 levels while articulating. Eyeing on north potential, a decisive break above 6725 would target 6909 or even upto 7038 levels.
One noticeable factor is perhaps heralding the institutional money inflow into the Bitcoin investments. While there may be abundant BTC to stay invested in, the market has undergone from a lack of fresh funds. The printing of USDT is not sufficed, and neither can be the creation of TrueUSD (TUSD) tokens, where the supply is also supposedly backed by real fiat investments. For Bitcoin, the inflow of institutional money that is legitimate asset-class like an ETF would be a sign of legitimacy. Some class of contemporary finance firms have made forays into Bitcoin, but those were mostly small-scale test investments.
Altcoins and some trivial tokens have had their turn in the recent months, but have been unable to redisplay the bullish rout observed in the month of last December. Once the enthusiasm disappeared, funds may be flowing back into Bitcoin.
Whereas, we’ve been noticing cryptocurrency hacking instances, namely, South Korean cryptocurrency exchange hack sees $40m in altcoin stolen. While binance has now clarified potentially hacked for $45 million, the exchange announces unplanned maintenance and irregular trades were detected from a number of API users, triggering our internal risk management system. As such, Binance made a timely decision to suspend trading, withdrawals and other account functions. Around $731 million stolen from crypto exchanges in 2018, as per the sources.
Currency Strength Index: FxWirePro’s hourly BTC spot index is flashing towards 133 levels (which is bullish), while hourly USD spot index was at -83 (bearish) while articulating (at 08:44 GMT). For more details on the index, please refer below weblink: