Bitcoin optimistic into new week – Ether, Solana, and XRP lurking
After an action-packed past week in which the SEC scored a win in the legal battle with Ripple, Bitcoin goes into the new week in an upward trend. What else is there to know?
Bitcoin last Friday again successfully defended the important price mark of 27,000 US dollars and is now quoted at around 27,400 US dollars. According to analysts, this is due to confidence in the upcoming decision regarding a Bitcoin Spot ETF. The US Securities and Exchange Commission SEC has until mid-January to respond to the application for launch, submitted by fund giant BlackRock and others.
At the same time, the still unresolved litigation of the SEC against Ripple is also the subject of speculation. An appeals court has granted the SEC another round in the case, which will probably be held in spring 2024. This resulted in the altcoin XRP losing 6 percent over the past seven days. Solana (SOL) also has to digest a price loss of 3 percent. On the other hand, Ethereum (ETH) has been able to compensate for temporary setbacks and is quoted at 1,660 US dollars with a week-on-week plus of about 1 percent.
Overall positive outlook for Bitcoin in Q4
The mood on the markets is increasingly brightening in regard to approaching winter 2023/24. The possibility of a Bitcoin Spot ETF in the US as well as this week’s issue of ETH futures spot ETFs contribute to this. These new forms of investment would represent a major step towards mainstream adoption. Many investors then expect a sustained rally in the cryptocurrency market.
Meanwhile, the US Congress is debating the national budget, and there was a brief shutdown of government operations over the weekend. This initially caused irritation in the financial world, but the quick solution also shows that the US wants to avoid lasting disruptions.
Conclusion: Bitcoin ahead of interesting developments
Will Bitcoin soon sustainably conquer the $30,000 mark again, or is the current optimism another short-lived upward phase on a protracted path to new all-time highs? The new week will give indications of whether investors are increasing their stakes in anticipation of positive developments. But caution is still advisable, because geopolitical risks and inflation concerns have not been eliminated. In any case, the stage is theoretically well set for investors in July 2024, when Bitcoin’s next halving event is set to raise prices through automatic mechanisms.
Leave a Reply