Bitcoin, Ethereum, Dogecoin Trade Lower Amid Fidelity's Amendment Filing — Analyst Says Optimism Growing That Year-End Spot ETF Approval Likely
Portfolio Pulse from Shivdeep Dhaliwal
Major cryptocurrencies including Bitcoin, Ethereum, and Dogecoin are trading lower as the global cryptocurrency market cap declined 0.9% to $1.08 trillion. This comes as Fidelity filed amendments to a proposed spot ETF with the U.S. Securities and Exchange Commission, focusing on how it would safeguard cryptocurrency stored in custody accounts and disclosures related to the regulatory environment affecting cryptocurrencies. Analyst Edward Moya from OANDA expects a spot Bitcoin ETF approval to happen before the end of the year.

October 19, 2023 | 3:08 am
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NEGATIVE IMPACT
Bitcoin is trading lower amid Fidelity's amendment filing for a proposed spot ETF. Analyst expects a spot Bitcoin ETF approval to happen before the end of the year.
The news of Fidelity's amendment filing for a proposed spot ETF has led to a decline in Bitcoin's price. However, the expectation of a spot Bitcoin ETF approval before the end of the year could potentially boost its price in the future.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin is trading lower as the global cryptocurrency market cap declined.
The decline in the global cryptocurrency market cap has negatively impacted Dogecoin's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Ethereum is trading lower as the global cryptocurrency market cap declined.
The decline in the global cryptocurrency market cap has negatively impacted Ethereum's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80