Bitcoin, Ethereum, Dogecoin Enter Cooling Period Following Game-Changing ETF Approval: A Look At The Price Action
Portfolio Pulse from Melanie Schaffer
The SEC's approval of 11 spot Bitcoin ETFs, including the Grayscale Spot Bitcoin ETF (GBTC), has provided traditional finance with direct Bitcoin exposure. Bitcoin, Ethereum, and Dogecoin experienced price movements following the approval, with Bitcoin nearing $50,000 before dropping 5%, Ethereum reaching a 20-month high before a 4.5% drop, and Dogecoin continuing a downtrend. The short-term price action for these cryptocurrencies is uncertain, with potential bullish and bearish scenarios outlined based on technical indicators.
January 12, 2024 | 7:56 pm
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Grayscale Spot Bitcoin ETF (GBTC) began trading after SEC approval, providing direct Bitcoin exposure to traditional finance. GBTC is the world's largest Bitcoin ETF with high liquidity and a long track record since 2013.
The SEC's approval of GBTC as a spot Bitcoin ETF is a significant milestone for the fund, likely attracting both institutional and retail investors seeking regulated crypto exposure. This could increase demand for GBTC shares in the short term, potentially driving up the price.
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