Bitcoin, Ethereum, Dogecoin Drop, New Report Suggests Absence Of SEC Decision On Spot BTC ETF Approval Will Disrupt Momentum: Analyst Predicts New Highs For Apex Crypto 'Closer' Than We Think
Portfolio Pulse from Mehab Qureshi
The cryptocurrency market saw a decline with Bitcoin, Ethereum, and Dogecoin experiencing volatility. Bitcoin dropped by 2.65%, Ethereum by 3.75%, while Dogecoin rose by 5.47%. Approximately $340 million of leveraged crypto positions were liquidated in two days. The U.S. Dollar Index fell, reaching its lowest since September. The SEC's delay in deciding on a spot BTC ETF is believed to disrupt market momentum. Analysts predict Bitcoin's new highs are imminent and suggest buying the dips. The global crypto market cap increased by 4.99% over 24 hours. The Dow Jones closed slightly down, while the S&P 500 and Nasdaq saw marginal increases.
November 17, 2023 | 3:06 am
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NEUTRAL IMPACT
Bitcoin dropped by 2.65% amid market volatility and liquidation of leveraged positions. The SEC's indecision on a spot BTC ETF could disrupt momentum, but analysts predict new highs are closer than expected.
While the short-term impact of the SEC's indecision and market volatility has led to a price drop, analysts' bullish predictions could mitigate negative sentiment and stabilize the price.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Ethereum fell by 3.75% as the crypto market experienced a downturn. The overall market sentiment is cautious due to the SEC's ETF decision delay, but the long-term outlook remains positive.
Ethereum's price is affected by the same factors impacting Bitcoin, with the added pressure from its own network dynamics. Analysts' optimism provides some support.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Dogecoin bucked the trend with a 5.47% increase despite the broader market downturn. Positive sentiment around Dogecoin could continue to drive short-term gains.
Dogecoin's rise in the face of a market downturn suggests a decoupling from the broader market sentiment, possibly due to its community-driven support.
CONFIDENCE 65
IMPORTANCE 50
RELEVANCE 60