Cryptocurrency Market Sees Positive Movement After Amendments to Bitcoin ETF Filing
Bullish sentiments in Bitcoin and other crypto tokens saw a boost on Thursday following amendments to a spot bitcoin ETF filing in the US. The amendments were made to specify how sponsors will safeguard customers’ bitcoin in custody accounts and disclose risks related to the shaky regulatory environment.
Bitcoin Back in Red, Ethereum Declines
Bitcoin experienced a slight dip after a steady rise, shedding more than a percent but managing to hold above the 28,000-level. Similarly, Ethereum, its largest peer, also declined over a percent to barely remain above the $1,550-level. The majority of altcoins were trading lower in the early morning.
Fidelity’s Amendment to Safeguard Customers’ Bitcoin
Over the past 24 hours, Bitcoin has consistently traded above the $28,200 threshold following asset manager Fidelity submitting an amendment to its proposed spot Bitcoin ETF application to the US SEC. The amendment outlines Fidelity’s plans to safeguard customers’ Bitcoin in custody accounts and disclose associated risks.
Market Awaits Updates from the Economic Club of New York
Edul Patel, Co-founder and CEO at Mudrex, noted that the market awaits updates from the Economic Club of New York, where Federal Reserve Chair Jerome Powell is scheduled to speak later in the day. This comes just before the US central bank’s blackout period preceding its next interest-rate decision.
Top Crypto Tokens Trade Lower
Barring Tron as the only exception, the majority of top crypto tokens were trading lower on Thursday. Toncoin tumbled more than 5 percent, while Litecoin was down 3 percent. Solana and Polygon declined more than 2 percent each, while Cardano and XRP also saw similar declines.
Global Cryptocurrency Market Cap and Trading Volumes
The global cryptocurrency market cap was trading significantly lower, falling below the $1.08 trillion mark, with a drop of about 1 percent in the last 24 hours. However, the total trading volumes declined over 12 percent to $39.81 billion.
Bitcoin Holds Strong Above $28,000
Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, noted that Bitcoin has been holding strong above $28,000 even after a price correction followed by fake news of ETF acceptance. Additionally, major layer 1 Avalanche has been gearing up for its adoption in India as Polygon Labs and OKX have observed the exit of a key employee each, who have joined Ava Labs for their expansion in the country.
Tech View by WazirX Trade Desk
WazirX Trade Desk provided a technical analysis of Kyber Network (KNC), highlighting its function as a versatile nexus for liquidity protocols. The analysis indicated that the KNC/USDT trend is on the verge of a breakout from the triangle pattern with volume support, with the daily RSI climbing above 60, indicating strong price momentum.
The cryptocurrency market continues to react to regulatory developments and other market influences, with investors closely watching for updates and news that could impact the trading landscape.
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