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EXPECTATION FOR BITCOIN: why the market cooled down and what can make it explode very soon.
Bitcoin had a significant drop in its price on Wednesday, after the explosive rise that led it to overcome the $45,000 barrier. What does the market expect?
After an explosive start to the year for Bitcoin, whose price climbed above $45,000, the market had a sudden cooling. This Wednesday, cryptocurrencies in general showed significant falls and values remained depressed this Thursday.
In fact, the global capitalization of the crypto market fell 512% in the last 24 hours, bringing its approximate valuation to 1.72 billion.
Although Bitcon had climbed above $45,500 on Tuesday, it abruptly corrected its price downwards to around $43,000. The drop may have been caused by a report from consulting firm Matrixport that indicated there was "no reason" for US authorities to approve spot Bitcoin ETFs, a financial instrument that is today seen as fundamental to the legitimization of cryptocurrency in the field of big finance.
Bitcoin: why its price can rise again
In fact, there is growing expectation about a possible approval of the first spot Bitcoin ETF. Despite the Matrixport report, the rumors that feed the market indicate that the approval for the new financial instrument could arrive this week, although there are still no official signs.
If approval occurs, Bitcon is expected to once again stage a large bullish rally. Along these lines, an analysis of the Bitget exchange anticipates that the cryptocurrency could reach US$100,000 this year.
Meanwhile, the Fear and Greed Index, which represents a thermometer of the ecosystem in general, is positioned in an area of greed, with a decline of 2 points compared to Wednesday (it went from 70/100 to 68/100).
