Bitcoin, Ethereum, Dogecoin Rise After Fidelity Resubmits Spot ETF Filing: Analyst Says, 'It's Hard To Be Bearish On ETH'
Portfolio Pulse from Mehab Qureshi
Fidelity Investment has resubmitted an application for a spot Bitcoin ETF, following a trend among asset managers such as BlackRock, WisdomTree, Invesco, and Bitwise. This news has led to a rise in major cryptocurrencies including Bitcoin, Ethereum, and Dogecoin. The US economy also exceeded expectations with a 2% expansion in the first quarter, and a significant drop in initial jobless claims. The US stock market saw a rise, propelled by gains in major bank stocks following the Federal Reserve’s annual stress test.
June 30, 2023 | 2:42 am
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Bitcoin's price rose following Fidelity's resubmission of a Bitcoin ETF application. Analysts suggest a consolidation pattern could form if prices can't rally above $31,500.
The resubmission of the Bitcoin ETF application by Fidelity has led to increased optimism in the market, leading to a rise in Bitcoin's price. However, if the price can't rally above $31,500, a consolidation pattern could form.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Dogecoin's price rose following the news of Fidelity's Bitcoin ETF application. The meme cryptocurrency continues to show resilience in the market.
The news of Fidelity's Bitcoin ETF application has led to a rise in Dogecoin's price. Despite its meme status, Dogecoin continues to show resilience in the market.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Ethereum's price also rose following the news of Fidelity's Bitcoin ETF application. Analysts suggest it's hard to be bearish on Ethereum given its current price structure.
The news of Fidelity's Bitcoin ETF application has led to a rise in Ethereum's price. Given Ethereum's current price structure, analysts suggest it's hard to be bearish on Ethereum.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80