Riding The Wave News Summary 195
What Happens to Bitcoin Price if Spot ETF Isn’t Approved?, 88.5% of Bitcoin’s supply has not moved for three months, & more.
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https://twitter.com/NorthmanTrader/status/1721209296040398915
https://twitter.com/JC_Investment/status/1720791065723343167
https://twitter.com/intocryptoverse/status/1720960708630688249
https://twitter.com/BTC_Archive/status/1720934269294428444
https://twitter.com/i_am_jackis/status/1720742031717265870
https://twitter.com/GameofTrades_/status/1720878830590812640
https://twitter.com/WhaleChart/status/1720718329512390823
https://twitter.com/MichaelAArouet/status/1720474994348597255
https://twitter.com/BrianFeroldi/status/1720773261150101720
https://twitter.com/WhaleChart/status/1720756330305089656
What Happens to Bitcoin Price if Spot ETF Isn’t Approved?
While markets appear to have fully embraced the idea that the U.S. Securities and Exchange Commission (SEC) will approve a spot bitcoin ETF (timing unclear), it's worth considering the chance of continued rejections and what that might mean for the price of the crypto.
It's no surprise that analysts believe there would be at least some negative short-term price impact on SEC rejections, but what to expect following the knee-jerk reaction?
“We could see a move downward and the target could be below $30,000,” said Laurent Kssis, a crypto trading adviser at CEC Capital.
Any decline, Kssis noted, would have to be balanced against other bullish catalysts, such as the approaching halving. “A cluster at $25,000 is highly unlikely unless the SEC is categorical, but I sense it will be a back-to-the-drawing-board situation and hope will still be in the back of everyone's mind.”
“In the case that a spot ETF isn’t approved soon, we believe Bitcoin’s 2024 investment case remains very strong," said Hashdex’s CIO, Samir Kerbage. "More investors are beginning to appreciate the benefits of bitcoin as a store-of-value asset or type ofdigital gold.”
Kerbage also noted that the next Bitcoin halving is approaching and “if history once again rhymes, the price of BTC will react positively to this scheduled reduction in supply."
88.5% of Bitcoin’s supply has not moved for three months
Data shows that long-term Bitcoin (BTC) holders are still holding strong despite the modest price decline.
According to a Nov. 2nd tweet by crypto fund founder Dylan LeClair, 88.5% of the total Bitcoin supply has not moved in over three months. This indicates that the majority of Bitcoin holders are not selling their coins.
CryptosRUs believes the recent Bitcoin price decline is simply a healthy pullback following the rapid price surge, rather than any weakness in investor sentiment. He also notes that crypto-related companies like Coinbase and Block are reporting strong earnings, further evidencing strength in the crypto sector.
Sen. Lummis: SEC is 'overreaching' on crypto
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