US Financial Firms Invest in Bitcoin ETFs -

JPMorgan Chase, the largest US bank, reported that it has invested a total of 760,000 USD in several Spot Bitcoin ETFs, including ProShares (BITO), BlackRock (IBIT), Fidelity (FBTC), Grayscale (GBTC), and Bitwise (BITB).

Wells Fargo, another major US bank, also reported its Spot Bitcoin ETF investments through GBTC, BITO, and Bitcoin Depot. Susquehanna International Group invested over 1 billion USD in crypto ETFs in the first quarter of 2024.

Harvest Fund, an asset management company that manages Spot Bitcoin ETFs in Hong Kong, is looking to enable investors from mainland China to invest in Spot Bitcoin ETFs in Hong Kong through the ETF Connect, which is expected to take place in 2 years.

ARK Invest and 21Shares have removed a staking component from their Spot Ethereum ETFs filing with the US SEC. Bloomberg ETF analysts analyzed that this may be a response to the US SEC’s comments in order to get quicker approval.

Grayscale withdrew its application to establish the Ethereum Futures ETF ahead of the review date of May 30, while Bloomberg ETF analysts expressed surprise at the decision.

According to CryptoQuant, the hash rate associated with Bitcoin’s market capitalization will increase significantly in 2024, reflecting the interest of users and investors. It estimates that Bitcoin’s value will triple from its current price when compared to the previous cycle’s high. The price is forecast to reach 265,000 USD.

Analysts from JPMorgan say the US SEC’s recent Wells notice to Robinhood, a broker that provides digital asset trading services, is unlikely to affect its decision to approve Spot Ethereum ETFs, despite the US SEC’s overview that it would require all coins to be listed as securities.

Donald Trump, former US president and candidate running for the next presidential election in 2024, came out to announce his support for cryptocurrencies, stating that Americans who have views in the direction of supporting digital assets should vote for him.

Weekly Technical Analysis: 14- 20 May 2024

Bitcoin (BTC)

BTC recovered to test its first resistance at 65,000 USD but has not yet passed this level. Since reaching its highest point in March, Bitcoin’s price has not been able to reach a new high. Investors still need to be careful of the support level at 60,000 USD. If it breaks from here, it will go down to test the level of 56,000 USD. If it goes up, it still has to pass 67,000 USD to be considered an uptrend.

Support: 2,100,000 THB Resistance: 2,400,000 THB

Support: 60,000 USD Resistance: 67,000 USD

Ethereum (ETH)

The short-term trend for the ETH price is still down, and unable to make new highs. Investors may keep an eye on the support level at 2,700 USD, which will be a declining point in the big picture. If it can stand, there will be a resistance target at 3,400 USD, and if the price passes, it may lead to an uptrend.

Support: 104,000 THB Resistance: 118,000 THB

Support: 2,700 USD Resistance: 3,400 USD

Velo (VELO)

Velo increased 19.08% in the past week, adjusting to an upward trend. In the short term, investors may catch retracements that do not fall below the level of 0.80 THB in order to sell for short-term profits at the resistance level of 1.10 THB. You can use the buy-on-dip strategy continuously without rushing to chase the price.

Support: 0.022 USD Resistance: 0.030 USD

THORchain (RUNE)

RUNE rose 15.41% last week. The short-term trend has just reversed the downtrend. You still need to be careful of the support level at 204 THB. If the price can’t stand, it may revert to a further downtrend. If you accept the current price, you may use it as a point of purchase. There is a short-term resistance level to take profits at 240 THB.

Support: 5.56 USD Resistance: 6.54 USD

Trading and Investment Considerations For The Week

Bitcoin falls sharply after lack of new positive factors. We are witnessing capital outflows from Spot Bitcoin ETFs such as GBTC and on the Hong Kong stock market, including the price of Bitcoin in the expiring options market. causing the Bitcoin price to fluctuate

The macroeconomic factor to keep an eye on this week is May 14, the chairman of the Federal Reserve. It is scheduled to speak on monetary policy guidelines and economic trends, and on May 15, the CPI numbers for April will be announced. The market expects a figure of 3.4%, down from 3.5% in March.

The reported numbers will have quite an effect on the price of Bitcoin from the US economic figures, which are starting to slow down. If US inflation remains high, overall markets may be disappointed as the Federal Reserve may not cut an interest rate.

The financial statements from listed companies in the S&P500 index have almost been posted, with nearly 80% reporting better-than-expected operating results. It should be a boost to the cryptocurrency market.

May is still a period of crypto correction in which prices continue to move sideways until there are new positive factors to push the market. Trading strategies look for coins that outperform the market, such as the AI and DeFi sectors, that are new technologies. As for meme coins, even though they may generate good returns, the prices are highly volatile and will require caution when investing.

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Disclaimers

Cryptocurrencies and digital tokens are highly risky; investors may lose all investment money. Investors should study information carefully and make investments according to their own risk profile.
Past returns or performance of digital assets do not guarantee future returns or performance.

Remark: views, information, knowledge and opinions are considered as contents that come from individuals involved. They do not constitute an expression of Bitazza and its employees. Neither email nor content presented constitutes the investment advice.

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