Bitcoin price churns under $37K as markets hold breath for ETF news


17 Nov 2023 6:43 PM

Bitcoin’s rally has largely been attributed to optimism that the SEC will approve a BTC ETF, but the real rally could come when the product hits the market....

  • Bitcoin's rally has been attributed to optimism about the approval of a BTC ETF by the SEC.
  • Equities traded sideways while cryptocurrencies had mixed performance.
  • Bitcoin gained 1% while Ether dipped 1.6%.
  • The SEC has been in talks with exchanges regarding cash creates, which traders took as a sign of imminent approval.
  • The SEC delayed its decision on an issuer's proposed Ethereum product.
  • CoinShares head of research suggests a relationship between inflows and price change in Bitcoin.
  • Analysts from Galaxy predict significant inflows into Bitcoin ETFs if approved.

The article discusses the potential impact of a Bitcoin ETF approval by the SEC on the market. It highlights the optimism surrounding this possibility and the potential for a price bounce. However, it also mentions the SEC's delay in deciding on an Ethereum product, which may have dampened some of the initial frenzy. Overall, the sentiment is cautiously optimistic.

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You May Ask

What has largely contributed to Bitcoin's recent rally?How did Bitcoin and Ether perform in the market?What did the SEC's delay on an Ethereum product indicate?What relationship does CoinShares' head of research suggest between inflows and price change in Bitcoin?What are analysts from Galaxy predicting in terms of investor inflows into Bitcoin ETFs?

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