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Home Altcoins

Buy Low, Sell High? Bitcoin Wobbles As ETF Fever Cool Downs

January 14, 2024
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Buy Low, Sell High? Bitcoin Wobbles As ETF Fever Cool Downs
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In a week etched in crypto history, the long-awaited arrival of Bitcoin ETFs in the US sent shockwaves through the market. Yet, despite the monumental achievement, the king of crypto, Bitcoin, took a step back on Saturday, dipping 6% to end the week barely above $43,000.

Many analysts predicted a “sell-the-news” scenario, where investors cashed in on profits built upon anticipation of the ETF approval. Others suggest a rotation into Ethereum, which surged 15% on the week and touched highs not seen since May 2022.

Ethereum ETF Speculation: Shaping Crypto Narratives

This speculation is fueled by expectations of imminent Ethereum ETF decisions from the SEC, potentially mirroring the winds that propelled Bitcoin towards a 60% rally in recent months.

According to Alex Saunders, a Citi analyst, the cryptocurrency market has transitioned to a new narrative, as Ethereum has outperformed Bitcoin. This surge is believed to be driven by anticipation that the second-largest cryptocurrency could receive approval for an ETF.

“In our view, the crypto market has already moved to the next narrative, with ETH rallying more than bitcoin, likely on the expectation that crypto’s second largest token could also see an ETF approval,” Saunders said.

While the immediate price action might paint a contrasting picture, the significance of the ETF launch for Bitcoin’s long-term trajectory remains undeniable. Market participants across the board agree that ETFs will pave the way for increased institutional adoption, a crucial step towards legitimizing Bitcoin as a serious asset class.

Bitcoin slightly below the $43K level today. Chart: TradingView.com

Analysts at Citi anticipate “extra prominence” for Bitcoin in diversified portfolios, although widespread inclusion is still some distance away.

The road to crypto acceptance, however, isn’t paved solely with Bitcoin. Litecoin, often dubbed “silver to Bitcoin’s gold,” emerged as another bright spot this week, on track for an impressive 11% gain. This signifies diversification within the crypto landscape, a trend likely to continue with the potential influx of other crypto ETFs.

BTC 24-hour price action. Source: Coingecko

Crypto Equities Shake Amidst Bitcoin’s Slide

Beyond the digital coins themselves, the news wasn’t as rosy for crypto-related equities and miners. Coinbase and MicroStrategy, heavily invested in Bitcoin, took tumbles of 6% and 8%, respectively. Miners, already on the back foot after suffering substantial losses on Thursday, extended their descent, with CleanSpark and Iris Energy experiencing double-digit drops.

See also  Bitcoin Miner Compass Energizes First Phase of 30 MW Iowa Data Center

This market snapshot illustrates the dynamic nature of the crypto ecosystem. While Bitcoin might have taken a breather after its historic week, the overall sentiment remains positive. Ethereum’s ascent and the anticipation of broader ETF access signal a shift in investor focus, suggesting a future where the crypto playing field isn’t solely Bitcoin’s domain.

The dust settles on Bitcoin’s ETF debut, leaving a wobbly king and a market yearning for the next narrative. Ethereum, bathed in its own ETF hopes, gleams like a challenger. In this dance of highs and lows, understanding the evolving stories matters more than chasing fleeting profits. Bitcoin’s wobble may yet be a prelude to a high-flying future. The crypto saga, after all, has only just begun.

Featured image from Shutterstock

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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In a week etched in crypto history, the long-awaited arrival of Bitcoin ETFs in the US sent shockwaves through the market. Yet, despite the monumental achievement, the king of crypto, Bitcoin, took a step back on Saturday, dipping 6% to end the week barely above $43,000.

Many analysts predicted a “sell-the-news” scenario, where investors cashed in on profits built upon anticipation of the ETF approval. Others suggest a rotation into Ethereum, which surged 15% on the week and touched highs not seen since May 2022.

See also  Bearish Divergence? Bitcoin Price Rises, But Network Growth Sends Warning Signals

Ethereum ETF Speculation: Shaping Crypto Narratives

This speculation is fueled by expectations of imminent Ethereum ETF decisions from the SEC, potentially mirroring the winds that propelled Bitcoin towards a 60% rally in recent months.

According to Alex Saunders, a Citi analyst, the cryptocurrency market has transitioned to a new narrative, as Ethereum has outperformed Bitcoin. This surge is believed to be driven by anticipation that the second-largest cryptocurrency could receive approval for an ETF.

“In our view, the crypto market has already moved to the next narrative, with ETH rallying more than bitcoin, likely on the expectation that crypto’s second largest token could also see an ETF approval,” Saunders said.

While the immediate price action might paint a contrasting picture, the significance of the ETF launch for Bitcoin’s long-term trajectory remains undeniable. Market participants across the board agree that ETFs will pave the way for increased institutional adoption, a crucial step towards legitimizing Bitcoin as a serious asset class.

Bitcoin slightly below the $43K level today. Chart: TradingView.com

Analysts at Citi anticipate “extra prominence” for Bitcoin in diversified portfolios, although widespread inclusion is still some distance away.

The road to crypto acceptance, however, isn’t paved solely with Bitcoin. Litecoin, often dubbed “silver to Bitcoin’s gold,” emerged as another bright spot this week, on track for an impressive 11% gain. This signifies diversification within the crypto landscape, a trend likely to continue with the potential influx of other crypto ETFs.

BTC 24-hour price action. Source: Coingecko

Crypto Equities Shake Amidst Bitcoin’s Slide

Beyond the digital coins themselves, the news wasn’t as rosy for crypto-related equities and miners. Coinbase and MicroStrategy, heavily invested in Bitcoin, took tumbles of 6% and 8%, respectively. Miners, already on the back foot after suffering substantial losses on Thursday, extended their descent, with CleanSpark and Iris Energy experiencing double-digit drops.

See also  Weekly NFT Sales Dip — Ethereum Outshines Bitcoin, Solana and Avalanche Record Gains

This market snapshot illustrates the dynamic nature of the crypto ecosystem. While Bitcoin might have taken a breather after its historic week, the overall sentiment remains positive. Ethereum’s ascent and the anticipation of broader ETF access signal a shift in investor focus, suggesting a future where the crypto playing field isn’t solely Bitcoin’s domain.

The dust settles on Bitcoin’s ETF debut, leaving a wobbly king and a market yearning for the next narrative. Ethereum, bathed in its own ETF hopes, gleams like a challenger. In this dance of highs and lows, understanding the evolving stories matters more than chasing fleeting profits. Bitcoin’s wobble may yet be a prelude to a high-flying future. The crypto saga, after all, has only just begun.

Featured image from Shutterstock

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Tags: BitcoinbuyCooldownsETFfeverHighSellWobbles

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
Ethereum crosses $3.2K as L2 crosses new milestone: What now?

Ethereum crosses $3.2K as L2 crosses new milestone: What now?

May 6, 2024

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Ethereum vs. BNB: Who will lead the Layer 1 battle in 2025?

Ethereum vs. BNB: Who will lead the Layer 1 battle in 2025?

May 4, 2025
Bitcoin to $91K? Here’s what the experts are betting on

Bitcoin to $91K? Here’s what the experts are betting on

June 13, 2024
Exploring the Creative World of Imaginary Ones in Web3

Exploring the Creative World of Imaginary Ones in Web3

May 2, 2024
The Future Is Multi-Chain: How Cross-Chain NFTs Fuel Liquidity and Innovation

The Future Is Multi-Chain: How Cross-Chain NFTs Fuel Liquidity and Innovation

January 13, 2025

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