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Academy Trading Ideas Article
Crypto Market Daily NFT Bitcoin ETF DeFi Ethereum

All eyes turn to BTC amid ETF approval rumors

2021.10.16 Adam James

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.

The cryptocurrency market is somewhat mixed as BTC leads the charge. Source: COIN360

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.

SPELL might be the most notable performer on OKEx today. Source: OKEx

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.

OKEx’s BTC/USDT 4h chart — 10/15. Source: OKEx, TradingView

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.

OKEx’s ETH/BTC 4h chart — 10/15. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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