Major cryptocurrencies experienced a significant decline following an intense mid-afternoon selloff on Tuesday, which disrupted an otherwise calm trading session.
Bitcoin, the world’s largest cryptocurrency, with its market value, has been facing challenges in finding a clear direction in recent weeks. It has been trading within a remarkably narrow range.
London-based Jacobi Asset Management has launched the first spot bitcoin exchange-traded fund (ETF) in Europe on Euronext Amsterdam.
After gaining approval nearly two years ago, the Jacobi FT Wilshere Bitcoin ETF is now available for trading under the ticker “BCOIN.” Regulated by the Guernsey Financial Services Commission (GFSC), the fund benefits from custody services provided by Fidelity Digital Assets, while market-making operations are handled by trading firm Flow Traders. Originally scheduled for listing in 2022, Jacobi decided to postpone its plans due to challenging market conditions in the crypto industry last year.
Currently, the global crypto market capitalization stands at $1.16 trillion, a 1.26% decrease in the last day.
US stocks experienced a decline on Tuesday due to growing concerns about the global economy, with China being a major factor, and a drop in U.S. banks, both of which put pressure on Wall Street.
The S&P 500 retreated by 1.16%, closing the session below its 50-day moving average. This development could potentially indicate the start of a downtrend. Similarly, the Nasdaq Composite also declined by 1.14%.
Crypto analyst Michael Van De Poppe has shared his thoughts on developments regarding the ETF applications from the SEC. It appears that there have been no significant updates in this regard.
He believes that there seems to be a small group of individuals trying to create hype around this topic, which has gained some attention in the crypto community.
“Just an account starting some hype surrounding this topic and got momentum. Stupid FUD on Bitcoin,” he tweeted.
Pseudonymous analyst Dave the Wave predicts that Bitcoin might experience a potential decline towards the lower end of its logarithmic growth curve (LGC) by the end of this year. The LGC serves as a tool to estimate Bitcoin’s long-term peaks and troughs over its entire existence, disregarding temporary fluctuations in value.
“In the course of eight months, BTC price has done a 2x from the bottom to the top of the LGC buy zone. Would it be such a terrible thing If price consolidated 38% of that move back to the base over the next few months? I mean, it would still be in the buy zone for longer-term investors.”
Produced in association with Benzinga