Bitcoin and Ether both fell below key price levels earlier but returned above as investors remained optimistic after the U.S. Securities and Exchange Commission (SEC) accepted the second Bitcoin exchange-traded fund (ETF) application for review, from asset manager Valkyrie.
Bitcoin fell and Ether rose during Monday afternoon trading in Hong Kong, while most of the top 10 non-stablecoin cryptocurrencies by market capitalization strengthened.
Bitcoin shrugged off Prime Trust’s cease order, as risk appetite was bolstered by several TradFi alumni entering the crypto space this week. Could we see more spot Bitcoin ETF applications next week?
Bitcoin dipped below US$25,000 for the first time in three months, as the SEC’s lawsuits continued to erode crypto investor appetite. Bitcoin needs to hold above US$24,000 to avoid more bearish momentum, industry experts told Forkast.