BTC $66,723.00 -1.82%
ETH $3,498.74 -0.26%
ADA $0.42 -1.81%
USDC $1.00
USDT $1.00
USD/PHP 58.58 -0.17%
NDQ $17,667.56 +0.34%
Gold $2,308.51 -0.25%
Market Outlook:
Bitcoin has been experiencing increased accumulation activity, with significant inflows to accumulation addresses and a decrease in deposits to exchanges, suggesting strong holding sentiment among investors. This trend has been bolstered by recent short liquidations, further propelling upward momentum. Additionally, technical analysis indicates Bitcoin is on the verge of breaking key resistance levels around $69,330, which could lead to a surge towards $74,400. The approval of Ethereum ETFs and the positive market sentiment around major cryptos also contribute to this optimistic outlook. However, investors should remain cautious of potential pullbacks, typical in volatile markets.
Global News:
The SEC is expected to finalize approvals for Ethereum (ETH) exchange-traded funds (ETFs) this summer, as announced by SEC Chair Gary Gensler during a Senate budget hearing. Gensler mentioned that the registration process for these ETFs is progressing smoothly after initial approvals, with final filings being handled by staff. This will allow the listing of ETFs that hold actual ether, similar to the earlier approval of bitcoin spot ETFs following a court ruling against the SEC's initial resistance. While Gensler refrained from categorizing ETH as a commodity, CFTC Chief Rostin Behnam confirmed it as such, highlighting regulatory jurisdiction issues between the SEC and CFTC. Behnam also noted the CFTC's lack of traditional regulatory tools for effective oversight of crypto markets and emphasized the need for a larger budget if given more responsibility.
