Bitcoin and Ethereum Price Prediction as BTC Bounces 5% and ETH Pushes Past $2,200 – New Rally Starting?
Bitcoin and Ethereum are charting a renewed path in the cryptocurrency markets, signaling a potential rally. On Saturday, Bitcoin saw a noteworthy rise, trading at $41,833, marking over 4% increase.
The recent call for enhanced regulation by the chair of the CFTC, specifically targeting concerns over spot BTC ETFs, has cast a shadow of uncertainty over the cryptocurrency’s future.
This regulatory scrutiny coincides with an undercurrent of discontent among ECB staff regarding Christine Lagarde’s leadership, adding to the complex backdrop against which Bitcoin’s latest uptick unfolds.
As Ethereum pushes past the $2,200 threshold, market watchers are keenly observing these developments to determine whether we’re at the cusp of a new bullish trend.
Since the SEC approved Bitcoin on January 10, the price of the cryptocurrency has dropped 15%. The introduction of spot Bitcoin ETFs was heralded as a very bullish development. The major withdrawals from the Grayscale Bitcoin Trust (GBTC), which converted from a closed-ended trust to an exchange-traded fund (ETF), are blamed for this decline.
Not all of the more than $3 billion that has been redeemed from GBTC has gone into other Bitcoin ETFs. VC Chris Burniske, with a pessimistic outlook, believes that Bitcoin may drop to $20,000.
Why is everyone suddenly bearish about bitcoin?
Opinion by @danielgkuhn for The Node newsletterhttps://t.co/PZVWMlupAC
— CoinDesk (@CoinDesk) January 26, 2024
Long-term obstacles to Bitcoin appear to be minimal despite worries, as regulatory clarity is projected to improve and GBTC outflows are anticipated to come to an end.
The introduction of the ETF, which has drawn record-breaking volumes and retail investors, represents the long-term viability of the asset
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