The Bakkt Effect and Bitcoin’s Future
Despite Bitcoin’s recent yawn-inducing price stasis, the launch of Bakkt could be the caffeine shot the crypto market needs. Tom Lee, co-founder of Fundstrat Global Advisors, is all in on Bakkt’s promise to bolster institutional trust in cryptocurrencies. He claims that institutional interest is just what the doctor ordered to kickstart Bitcoin’s next growth phase. So, hold onto your digital wallets, folks!
CME Group’s Tactical Moves in Crypto
The major player on the block, the Chicago Mercantile Exchange (CME), is also eyeing an aggressive expansion into the crypto arena. They’re planning to roll out options for Bitcoin futures in early 2020, contingent on regulatory nods. Tim McCourt from CME confidently stated that institutions are clamoring for more tools to navigate the crypto seas. Basically, if Bitcoin were a fancy car, CME’s options are the custom rims.
What’s Happening with Bitcoin ETFs?
Meanwhile, at the SEC, Bitwise Asset Management is trying to convince the regulators that they’re ready to play nice with their proposed Bitcoin exchange-traded fund (ETF). The creatives behind Bitwise have presented their case, and it seems like a mixture of optimism and nail-biting is in the air. We won’t know if they can pass SEC scrutiny until next month, so sit tight and keep your popcorn handy!
Charting the Future: Bitcoin and Friends
Bitcoin’s chart has seen some ups and downs, but after a dip on September 19, a resilient recovery hints that all isn’t lost. Currently, Bitcoin is holding just above the 20-day EMA, battling bears and bulls in a classic showdown. As per the crypto prophets (also known as analysts), a breakout above the symmetrical triangle could catapult BTC to the yearly high of $13,973. But tread carefully—if bears dominate, we could see a drop below the triangle support. No one wants to revisit those $7,451.63 levels.
Altcoin Highlights: Ether, XRP, and the Rest
Ethereum (ETH) gave us a dramatic dip after the 19th but has the potential for a bullish reversal if it can break through $235.70. Conversely, XRP has found some footing around $0.27795 and may offer a buy opportunity. However, if it slips below recent moving averages, pro traders may want to reconsider. Other coins like Litecoin (LTC) and Binance Coin (BNB) are dancing around their support levels, waiting for a decisive move in either direction.
Potential Risks in the Market
A cautionary tale for traders: if prices drop significantly below critical support levels, we could see a chain reaction across multiple cryptocurrencies. The bears are lurking, and the last thing anyone wants is a downtrend. So traders, prepare those stop-loss orders and keep an eye on the charts—like hawks on a budget!
Remember, the market is unpredictable and comes with risks. Make sure to do your own research and keep awake for those surprise moves.
+ There are no comments
Add yours