Metaverse tokens surge as crypto market shrugs off India FUD
All eyes turn to BTC amid ETF approval rumors
A report from Bloomberg claims that the SEC is prepared to allow the first BTC futures ETF as early as next week.
The cryptocurrency market is still driving higher off the back of a 7.6% increase in the price of BTC. Nearly every altcoin is underperforming the market leader, with the notable exception of MATIC — which is up 12.2% against BTC.
Driving the price of BTC higher on Friday is undoubtedly the news that the United States Securities and Exchange Commission is set to allow the first BTC futures exchange-traded fund — per a Bloomberg report citing individuals familiar with the matter.
Prior to the report’s publication, the SEC’s investor education account on Twitter tweeted:
“Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits.”
Top altcoin gainers and losers: SPELL and MATIC surge
- NU/USDT +364.21%
- FAIR/USDT +106.52%
- UBTC/USDT +78.30%
- ALV/USDT -20.23%
- RNT/USDT -21.74%
- APIX/USDT -28.89%
Plenty of small-cap cryptocurrencies are surging on OKEx today, but SPELL is probably the most notable after gaining 53.57% — per the exchange’s default time settings. As mentioned previously, MATIC is also outperforming and is the top large-cap altcoin on the exchange today.
BTC technical analysis: Surging toward all-time highs
Riding high on the latest ETF news, the price of BTC is surging toward its previous all-time high — where one might expect it to run into some resistance. Nevertheless, the four-hour ribbon of exponential moving averages is sitting underneath and providing support.
Provided an approved ETF doesn’t end up being a sell-the-news event — which is a real possibility — the price of BTC is certainly bullish in the medium term.
ETH technical analysis: Losing market share against BTC
The price of ETH continues to struggle as all eyes focus on BTC ahead of the aforementioned and rumored ETF approval. ETHBTC met resistance almost perfectly at our long-standing zone of historical trading interest (blue) and is currently trading underneath the EMA ribbon.
With BTC leading the market, it may prove difficult for ETH to take market share away from the leader.
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