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