You are here: Home > articles > Forex > Cathie Wood: SEC might approve several Bitcoin ETFs simultaneously
Cathie Wood: SEC might approve several Bitcoin ETFs simultaneously
August 10, 2023 1:26 pmVideo
Latest News
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
Bitcoin regained its position within a sideways channel the day before yesterday but promptly slipped below it again. Over the past few weeks, the cryptocurrency traded below its usual range, leading us to establish a second sideways channel with boundaries at $26,900 and $30,275. Meanwhile, volatility continues to decrease, which could signal an impending surge. This has been Bitcoin’s pattern over the last year: a flat period followed by a surge, then another flat period and another surge. Consequently, we now await an exit from the second sideways channel.
Currently, bears are not exerting excessive pressure on the cryptocurrency, and many traders and experts are brimming with optimism. We prefer not to succumb to market sentiment. Thus, we believe that technical analysis is far superior. On the 4-hour time frame, there are still no signals for buying. Hence, we do not see any reasons to initiate long positions.
Meanwhile, the head of the investment fund Ark Invest, Cathie Wood, stated that the US Securities and Exchange Commission (SEC) could greenlight several applications for introducing Bitcoin spot instrument ETFs concurrently. She indicated that all submitted instrument applications were identical, and the SEC did not have substantial reasons to approve some while rejecting others. According to Wood, it all boils down to marketing. The company that achieves significant advertising results for its instrument will garner more investments in the new tool.
Hearings regarding the approval of the new instrument are set for August 13, but Wood does not anticipate the SEC making any decisions on that exact day. Delay is more likely to occur. Notably, initial applications from companies were denied due to insufficient information on the joint observation mechanism. Many experts believe that the approval of a Bitcoin exchange-traded fund will be a turning point for Bitcoin. Institutional investors will be able to safely invest in the primary cryptocurrency. Many expect substantial cryptocurrency growth in light of this event.
On the 4-hour time frame, the cryptocurrency declined. This drop may extend for several more weeks. However, the pair is already hovering within the sideways channel. It is better to trade based on them while keeping the daily time frame targets in mind. The correction is not yet complete at this moment, but it remains quite sluggish. Short positions should not be substantial. In the near future, Bitcoin could surge if it receives news of Bitcoin ETF approval.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: