Crypto Week at Glance: Bitcoin trades sideways amid SEC's ETF approval delay
Bitcoin, as it traded within the range of US$37,000 to US$37,600. The market's equilibrium during this period can be attributed to the prevailing regulatory uncertainty in the United States. Investors are digesting the fallout from regulatory actions taken against some players in the industry.
Amidst this, optimism lies in the anticipation of the approval of a spot Bitcoin exchange-traded fund (ETF). However, recent indications suggest that the U.S. Securities and Exchange Commission (SEC) might defer this decision until 2024.
Currently, Bitcoin is trading at the US$37,400 level, reflecting a 3% increase on the weekly chart, a 7% gain month-to-date, and an impressive 125% surge year-to-date. The cryptocurrency is consolidating its position and may initiate another rally if it successfully surpasses the US$38,000 resistance zone. If not, it could trigger a fresh decline, with immediate support situated at the US$37,200 level.
Meanwhile, Ethereum is currently positioned above the US$2,000 level, consolidating gains and eyeing potential advancement toward the US$2,150 level.
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View Details»In an interesting development, Alchemy Pay, a crypto-fiat payment service provider, has revealed its expansion into the U.S. following the acquisition of a money services license in the state of Iowa. The company is also in the process of pursuing license applications in the United Kingdom and Hong Kong.
The Bitcoin hash rate
