Bitazza Crypto Weekly: Analysts Anticipate Positive Outcome as U.S. SEC is Poised to Approve Bitcoin ETF -

James Seyffart, Bloomberg Intelligence’s financial analyst, predicts a 65% chance of a positive trend for the approval of the Bitcoin ETF by the U.S. SEC. Seyffart believes the SEC is relatively open to Bitcoin, unlike other digital currencies. There is also a possibility of surpassing the Grayscale lawsuit.

Seyffart further estimates an increased chance for Ethereum ETF approval, with 13 pending applications from 8 entities, including Bitwise, Proshares, and Grayscale. The announcement is expected to be made on October 11, 2023.

Tether’s Q2 report reveals an increase in excess reserve funds of $850 million, totaling $3.3 billion, with operating profits of over $1 billion. 85% of Tether’s reserves consist of cash and cash equivalents, with total assets, including holdings in Bitcoin, worth $1.67 billion.

MicroStrategy, led by Michael Saylor, announced an additional purchase of 467 BTC in Q2, increasing their total Bitcoin holdings to 152,800 BTC, which is currently valued at $4.5 billion. They plan to continue buying Bitcoin and may offer company stocks to raise more funds.

Coinbase reported a net profit of $663 million in Q2, a 10% decrease from the previous year but still higher than analysts estimates. Additional revenue from their Custody business contributed to the profits.

According to Bloomberg, over 97 cryptocurrency funds worldwide have closed this year out of 700, with an average return of 15.2% in H1, lower than direct Bitcoin holdings at 83.3%. Many funds have higher cash holdings due to various industry challenges.

PancakeSwap plans to share a portion of trading fees with CAKE token stakers, offering 5% of total trading fee revenue from PancakeSwap v3.

Bitcoin (BTC)

BTC is facing selling pressure but continues to hold the support level at $28,000. However, it has been unable to break the resistance at $30,000 and is expected to continue trading within this narrow range. As the day of revealing the results of the Bitcoin ETF approval approaches, there might be potential for a profit-taking rally. The target to watch for is $32,500, which must be surpassed for a potential long-term rebound.
Support: $28,000 Resistance: USD 32,500

Ethereum (ETH)

ETH continues to move sideways, even though the support level of $1,700 can still hold. However, the risk of continuous downward price movement still looms. If the support at $1,700 is broken, the price may decline further. The price should go above $1,900 for a potential upward movement.
Support: USD 1,700 Resistance: USD 1,900

Bancor Network (BNT)

BNT has surged by 42.9% in the past week. Such a substantial price adjustment may lead to a significant correction. Watch the support level at $16 as an investment point if the price fails to hold. The price must surpass this resistance level to potentially resume an upward trend.

Support: THB16 Resistance: THB22

Shiba Inu (SHIB)

SHIB has increased by 12.9% in the past week. There is still a focus on short-term investment until the price truly recovers. Initially, watch the support level at 0.00030500 THB as a buying point and the resistance level at 0.00037000 THB as a potential investment point. SHIB coin has high volatility, so extra caution is needed.

Support: 0.00030500 THB Resistance: 0.00037000 THB

Trading and Investment Considerations For The Week

The market continues to switch between different investment groups. Last week, there was profit-taking in the DeFi coin group, while this week, the focus has shifted to GameFi coins that have experienced price surges. However, the lack of continuous fundamental support requires caution in trading.

The strengthening Dollar Index is still putting pressure on overall asset prices, and the trend remains bearish. The possibility of downgrading the credibility of US government bonds could positively affect safe-haven assets like gold and Bitcoin, which is an important point to monitor closely.

This week’s key highlight is the announcement of July’s CPI (Consumer Price Index) figures. The market expects it to be 3.3%, up from the previous month’s 3%. If it decreases further, it might raise hopes for a Fed interest rate cut this year, despite the Fed Chairman’s confirmation that it won’t happen this year.

The trading strategy should still focus on assets with short-term news support and employ short-term investment techniques because the overall market still lacks long-term positive factors.

Disclaimer:
-Cryptocurrency and Digital tokens are highly risky; investors may lose all investment money. Investors should study information carefully and make investments according to own risk profile.
– Past Returns/Past Performance does not guarantee future returns/performance.

*Materials on Bitazza Weekly Newsletter are intended to be used and must be used for informational purposes only. The views, information, or opinions expressed are solely those of the individuals involved and do not necessarily represent those of Bitazza and its employees. The information contained herein is not intended to be a source of advice or financial analysis with respect to the material presented, and the information and/or documents contained in this website do not constitute investment advice.

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