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Sunday, February 25, 2024
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    bitcoin
    Bitcoin (BTC) $ 51,662.84
    ethereum
    Ethereum (ETH) $ 3,029.65
    tether
    Tether (USDT) $ 1.00
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    BNB (BNB) $ 379.27
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    XRP (XRP) $ 0.545982
    binance-usd
    BUSD (BUSD) $ 1.00
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    cardano
    Cardano (ADA) $ 0.594233
    solana
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    matic-network
    Polygon (MATIC) $ 0.978249
    polkadot
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    tron
    TRON (TRX) $ 0.137643

    Bitcoin ETF Approval May Deliver Dramatic Drop for Crypto, Skilled Says

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    Whereas the vast majority of specialists and analysts are optimistic concerning the potential results of Bitcoin ETF approval by the SEC, some audio system point out potential threats it may well carry, particularly within the midterm. Is the euphoria across the Bitcoin ETF too overhyped?

    ETF approval will likely be “sell-the-news” occasion for altcoins, Ran Neuner says

    The weak spot of altcoins in all segments is proof that the market treats the potential ETF approval within the U.S. as a “sell-the-news” occasion. As such, it’d kick-start a painful correction very quickly, Ran Neuner, founding father of Crypto Banter says on X.

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    The market is telling you that the ETF approval will likely be a promote the information occasion for altcoins. The likelihood of approval is above 99% and altcoins are weak.

    It is a clear sign that the ETF commerce that has pumped the marketplace for 203 days in now over. We’ll most likely get aโ€ฆ pic.twitter.com/SqNBSLSKWr

    โ€” Ran Neuner (@cryptomanran) January 5, 2024

    As such, he added, this dramatic weak spot is a transparent sign that the ETF commerce that has been pumping the marketplace for 203 days in now over. In a chart connected, he demonstrates that this frenzy began on June 16, 2023, with the U.S. heavyweight BlackRock submitting for an ETF.

    As soon as this narrative utterly loses steam, the cryptocurrency markets would possibly bear a painful 20% correction. For example, this may end up in Bitcoin’s (BTC) worth dropping to $35,000 and Ethereum (ETH) dipping under $1,800.

    On the similar time, the general pattern stays bullish on excessive time frames: The potential 20% “flush out” will solely point out the beginning of the “subsequent leg” for the crypto rally.

    See also  Bitcoin All of the sudden Rises to $420,000 on Binance Futures! Assertion from Binance!

    For the reason that announcement talked about by Neuner, the aggregated capitalization of cryptocurrency markets jumped by nearly 65%.

    Why would possibly Bitcoin ETF approval be unhealthy for crypto?

    Ran Neuner shouldn’t be the one cryptocurrency professional who foresees unhealthy results Bitcoin ETF approval can carry to the digital property sphere.

    BitMEX founder Arthur Hayes admitted that the Bitcoin ETF might be harmful to the very nature of cryptocurrency because it makes it one other “traditional” asset, lowering the curiosity in bodily BTC.

    Additionally, Bitcoiner Max Keiser, echoing Hayes’ issues, provides that the transfer of worth into Bitcoin ETFs will likely be harmful to the authorized standing of Bitcoin (BTC) self-custody.

    As such, the business ought to be ready for an โ€œunwelcome shock,โ€ Keiser warns.

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