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ATOM eyes 10% gains amid chatter about a fork
Cosmos (ATOM) price is trading with a bullish bias despite a rejection from the $10.218 resistance level. The optimism comes on the back of chatter of a possible fork, expected to result in an airdrop, an outcome that would be effectively bullish for Cosmos Hub.
Cosmos price remains bullish with a possible fork in sight
Cosmos (ATOM) price is broadly bullish after the network’s founder, Jae Kwon, declared plans to fork Cosmos Hub and build a new chain Atom.
With this optimism, Cosmos price could move north, with the Relative Strength Index (RSI) deviating toward the north to show momentum is rising. Its position at 55 points to strong price strength, bolstered by the Awesome Oscillator (AO) in positive territory.
Increased buying pressure could see Cosmos price extend north, clearing the $10.218 resistance level, before an extended move north to tag the $10.803 resistance level. A break and close above this level would mark the completion of the recovery rally and potentially kick-start an uptrend.
On the other hand, if selling pressure increases, Cosmos price could drop into the supply zone that now acts as a bullish breaker stretching from $8.161 to 8.966. To confirm the downtrend, however, the price must break and close below the midline of this order block at $8.545.
Such a move could set ATOM on the path for a continuation of the trend. Cosmos price would likely then tag the $8.027 range low.
#HotColumn# #HotTopicDiscussion# #GateioBountyCreator##ContentMining# #GateioLive# Spot Bitcoin ETF window set between January 5 and 10, expert says as SEC publishes proposed rule changes
Spot Bitcoin exchange-traded funds (ETFs) have been a key catalyst in driving the markets, setting the tone for Bitcoin price and the rest of the market as capital overflows from the BTC market went to altcoins. Regardless, experts remain optimistic that an approval is still coming despite multiple delays.
Spot Bitcoin ETF approval window now set between January 5 and 10
Spot BTC ETFs approval window had been set to a hard deadline of November 17, but the SEC broke past it without a word. Recent revelations from ETF specialist, James Seyffart, indicate that there may be a new hard deadline, set between January 5 and 10 next year. Notably, this is between five and six weeks out beginning press time.
Seyffart, an ETF specialist with Bloomberg Intelligence, reaches this conclusion after determining that the deadline for Hashdex and Franklin Templeton to be somewhere around January 5 and 8, putting the window from January 5 and 10 where all the twelve spot BTC ETF filings can be approved.
This aligns with the date that Seyffart and colleague, Eric Balchunas, have been predicting for months, January 10. It also puts out any possibilities of an approval in December as the SEC’s move this week pushes the odds to 2024, with Seyffart and Balchunas still clinging to the 90% bets.
Financial advisors waiting for spot Bitcoin ETF approval to provide BTC to clients, Ric Edelman
Meanwhile, Ric Edelman, the founder of Edelman Financial Services, a $250 billion asset management firm, says financial advisors are waiting for spot BTC ETF approvals to come in so that they can begin providing BTC to clients.
Edelman had predicted a surge with spot BTC ETFS during an interview with Laura Shin, noting that up to 12% of advisors currently recommend Bitcoin, while 47% own the asset and embrace it as an innovative technology. With potential to “deliver outsized investment returns.” He also advised a cautious 1% portfolio allocation to crypto.
In his opinion, Bitcoin ownership among advisors adds to their credibility as clients tend to inquire whether BTC ownership is value addition, and an advisor would be better placed if they have actual exposure to the asset. In his words, “Advisors realize that they are having to deal with that conflict of owning Bitcoin but not recommending it for clients,” calling this a problem.
Out of the aforementioned 47% of advisors who own BTC, most of them are waiting for the spot BTC ETFs to become available so that they can provide this to their clients. This is in anticipation that every compliance department will approve the product. #HotColumn# #GateioBountyCreator# #ContentMining# #HotTopicDiscussion# Why is Bitcoin price down today?
Bitcoin price is down today as U.S. regulators crack the whip on centralized exchanges and BTC retests the key $37,500 level.
Bitcoin price encountered resistance at $38,400 on Nov. 29, subsequently retracting to the crucial $37,500 support level. This movement may have been caused by several interlinked factors, including heightened regulatory scrutiny, Bitcoin miners’ net outflows, concentrated institutional buying activity and macroeconomic indicators.
>Binance is not an outlier — multiple exchanges are on the hook
The intense investigation by the United States Securities and Exchange Commission into Binance.US and its former CEO, Changpeng Zhao, continues to worry cryptocurrency investors. The ongoing scrutiny reflects a tighter regulatory trend and the growing importance of compliance in the sector.
The SEC’s recent lawsuit against the Kraken exchange and the U.S. deputy treasury secretary’s remarks on crypto regulation and sanctions suggest a shift toward more stringent regulatory controls, which could have far-reaching implications for exchanges and, by extension, negatively impact the market.
>Investors express their concerns over Bitcoin’s overreliance on MicroStrategy
MicroStrategy's aggressive investment approach in Bitcoin, highlighted by its recent purchase of $600 million worth of BTC and a $750 million stock offering, may signal strong confidence in its price but raises questions about the potential implications of the markets’ over-reliance on a few large players.
The announcement invalidates the speculation about the buying activity of U.S. mutual fund managers and institutional investors in the context of a potential spot Bitcoin exchange-traded fund (ETF) approval by the SEC. This speculation has been fueled by the noticeable increase in Coinbase’s trading volumes.
Despite citing the negative aspects of the excessive concentration on MicroStrategy, David G’s post reflects a bullish medium-term outlook for Bitcoin. If major asset managers are not yet preparing for the ETF launch, their participation could lead to a significant influx of capital, particularly given the recent reduction in exchange deposits to 1.81 million BTC. Such developments could provide a substantial boost to Bitcoin’s market value, offsetting some of the current bearish sentiments.
>The U.S. economy’s soft landing and Bitcoin’s hedge appeal
The latest U.S. Personal Consumption Expenditures data, indicating a 3.5% increase year-over-year, suggests that the Federal Reserve’s measures to control inflation may be having the desired effect. While this development is positive for the overall economy, it diminishes Bitcoin’s appeal as an inflation hedge. The reduced likelihood of a severe market downturn means less demand for alternative stores of value like Bitcoin.
Europe, on the other hand, saw a eurozone inflation rate with a 2.4% rise year-on-year in November, reflecting a similar trend. While this rate is closer to the central bank’s 2% inflation target, it doesn’t necessarily imply a reduction in prices but rather a more controlled economic trajectory–hence, not inherently negative for Bitcoin’s price.
>Sell pressure from Bitcoin miners increases ahead of the 2024 halving
Recent data from Glassnode shows significant miner activity, with a marked outflow of coins in the past 15 days. This trend is a potential strategic response to the anticipated 2024 halving, which will reduce miner rewards. In anticipation of this event, coupled with the increasing competition indicated by a rising hash rate, mining companies are likely to adopt strategies to strengthen their financial positions.
The selling may be essential for miners’ survival in the post-halving landscape, where reduced payouts will necessitate robust balance sheets to withstand initial market shocks. Still, this shift to net selling pressure can be seen as a negative indicator of the broader market sentiment and could be contributing to the cautious approach among Bitcoin investors.
The short-term outlook suggests Bitcoin will encounter difficulty in surpassing the $38,000 mark, especially given the lack of immediate positive catalysts, at least ahead of the spot ETF decision in early 2024. This situation is compounded by the aggressive regulatory stance toward major exchanges and the economic indicators signaling the Fed’s successful strategy.
*Source: Cointelegraph 
