Bitcoin Price Prediction as BTC Tumbles After ETH ETF Approval – Here’s the Next Level to Watch
As Bitcoin tumbles following the SEC’s approval of ether ETFs, market analysts are closely monitoring the next key levels. Bitcoin’s price prediction indicates a potential bullish trend, with BTC/USD currently trading at $69,042.
This update explores the pivotal support and resistance levels, providing insights into the future movements of Bitcoin amidst the shifting regulatory landscape.
The SEC has approved a rule change to allow the creation of exchange-traded funds (ETFs) that invest in ether, one of the largest cryptocurrencies. This decision follows the recent success of bitcoin ETFs, which have seen net inflows surpassing $12 billion. The approval comes just in time, aligning with the SEC’s deadline for the VanEck Ethereum ETF decision.
The SEC has approved a rule change Thursday that would pave the way for ETFs that buy and hold #ether.$ETH https://t.co/qgBajWyMLb pic.twitter.com/IE0PGKNceA
— Neil Sethi (@neilksethi) May 23, 2024
Companies that sponsor bitcoin ETFs, such as BlackRock, Bitwise, and Galaxy Digital, are also starting the process to launch ether ETFs. However, the SEC’s rule change does not guarantee immediate launches, as it only approves the applications from exchanges to list eight different ether funds. The actual launch dates remain uncertain.
Key Points:
The approval suggests a potential easing of the SEC’s stance on cryptocurrencies, particularly following the agency’s loss in a lawsuit against Grayscale in 2023. This legal outcome paved the way for the approval of bitcoin ETFs and now ether ETFs. Despite this progress, the SEC’s regulatory approach to crypto remains under political scrutiny.
Ether, the second-largest cryptocurrency, underpins the Ethereum network, which facilitates
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