It is January 2024, and everyone is watching and witnessing this great moment. The SEC signed the most tense deal in history. It was a tense 5 minutes. Everyone at the scene held their breath. Under the flashing lights, the SEC chairman finally made clear his attitude towards cryptocurrencies and acknowledged the compliance path of ETFs after many years. All of this came from the unremitting efforts of the world's top asset management companies.
Time flies, and now it is Christmas Eve in December. Everyone is looking forward to whether the Bitcoin ETF will be passed. Hongge analyzes this historic moment from a personal and intuitive perspective. From the SEC's attitude towards Bitcoin ETF in the past, it can be seen that there are some ambiguities in the attitude towards ETF this time, that is, postponement and repeated meetings.
I still remember that a few months ago, when the SEC rejected Grayscale's proposal to convert GBTC into a spot ETF, the SEC's attitude was clearly rejection. Now, it is different. Instead of doing so, it repeatedly asked the company to submit the revised documents. If it does not want to approve it, it may reject it in one stroke, but it is not doing so now.
The reason is that the capital has exerted its strength to force the SEC to recognize the fact of Bitcoin ETF. It is also because of this that Bitcoin has soared from 24,000 US dollars to 45,000 US dollars, which is about doubled compared to the lowest point at the beginning of the year. Without the capital push, Bitcoin will not be able to achieve such a large increase. At the same time, during the entire rise, you may have noticed that MicroStrategy is still buying. The bullish sentiment of institutions has driven the bullish sentiment of retail investors. In fact, unfortunately, many people began to fear that Bitcoin would fall back to 32,000 US dollars when it was 37,000 US dollars, so they shorted the entire second half of the rise. Then Bitcoin rose by 8,000 US dollars. Therefore, cognition determines pockets. I believe that those who have been paying attention to Hongge should know that Hongge recommends buying on dips throughout the process.
Another reason is that next year's election is approaching, and many people are pushing for leaders who favor cryptocurrencies. For this reason, the SEC will reconsider approving the Bitcoin ETF. Even if the SEC does not approve it, it is possible that you will lose your job and end up with a bad ending. Therefore, under various pressures, the Bitcoin ETF has actually been settled, and we just need to have confidence and wait. At the time of writing, the price of Bitcoin has fallen back to $43,600. The $42,200 below is a strong support. It has not fallen below this level and is still bullish. In other words, as long as Bitcoin is above the green band, it is still bullish, and if it falls below 42,200, it is bearish.
At present, the global attitude towards cryptocurrencies has obviously loosened up, and countries have begun to relax the application of Bitcoin ETFs. The reason why the mainland’s attitude is unclear is that due to the distributed and encrypted nature of cryptocurrencies, a reasonable regulatory plan has not yet been found. However, the fact of cryptocurrencies has been acknowledged, but there is a sense of helplessness in the inability to regulate them, so the circulation has been banned in policy. Recently, the mainland has also begun to promote the development of web3, which is a positive phenomenon. I believe that in the near future, the world will reach a consensus on the regulation of cryptocurrencies, thereby promoting the orderly development of the entire crypto market.
Many people say that Ethereum's performance this time is not as strong as Bitcoin's. In fact, the biggest reason lies in the foundation and the founder itself. Maybe everyone has noticed that the Ethereum Foundation and the founder itself sold their Ethereum in batches when the price rose, which caused people to worry and spread negative emotions. In addition, the extension of the Ethereum ETF will not be completed until May 2024, so there are not many positive expectations in the short term. As of writing, Ethereum has pulled back to $2,285. Ethereum is under strong pressure at 2,243 above and strong support at 2,250 below. As long as it does not break the 4-hour green belt, it is still bullish. #BTC #ETH #ETF批准 #web3.0
