The Bitcoin and altcoin markets experienced volatility following the opening of Asian markets and the news of ETFs. The price of BTC increased by 5.5%, surpassing the $43,000 level and exciting investors about the possibility of a new upward trend. In the last 24 hours, Bitcoin’s market value increased by over $50 billion.
Positive developments in Bitcoin ETF applications came after the submission of an updated S1 file by BlackRock and WisdomTree. Bloomberg’s leading analyst James Seyffart noted significant developments regarding the spot Bitcoin exchange-traded fund (ETF) proposed by BlackRock.
BlackRock’s adoption of the SEC’s guidance on cash creation indicates a change in their strategy for success. The company postponed the discussion about other types of creation by stating that only the cash approach would be accepted.
Following BlackRock’s decision, the emphasis on cash creations in the S-1 amendment is seen as a positive decision for the progress of BlackRock’s spot Bitcoin ETF. Shortly after BlackRock, WisdomTree also announced an S-1 amendment.
Crypto analyst Ali Martinez highlighted the current chart formation of Bitcoin, emphasizing the formation of a descending triangle pattern on the hourly chart. Martinez pointed out the significant support levels at $41,900 and $40,700 as key focus points for investors.
