Bitcoin Price Shows Signs of Volatility, Approaching ETF Verdict Could Trigger Market Swings – Coinpedia Fintech News
In the last 24 hours, Bitcoin’s price surged close to $30,000 before retreating slightly, signaling an upcoming wave of potential market changes. The current trading value hovers around $29,860 in early New York trading on Wednesday, with indications of a potential breakthrough above the previous resistance at approximately $32,000.
Experts are drawing comparisons between recent Bitcoin price movements and previous instances, such as the surges in March and June, linked respectively to banking concerns and excitement over Exchange-Traded Funds (ETFs).
Economic Ramifications of Impending Bitcoin ETF Verdict
Bitcoin’s price has encountered heightened instability following applications for an ETF submitted to the U.S. Securities and Exchange Commission (SEC) by major fund managers, including notable names like BlackRock and Valkyrie.
Although the initial market fervor has cooled somewhat, experts are predicting a renewed surge of interest as the SEC gears up to announce its decision on the Bitcoin ETF application submitted by Cathie Wood’s ARK Investment Management LLC the previous year. A key date to remember is August 13, the deadline for the US SEC, headed by Chair Gary Gensler, to make a decision on whether to approve, delay, or reject ARK Invest’s ETF proposal.
Bendik Schei and Vetle Lunde from K33 Research conveyed, “The impending ETF verdict could disrupt the recent period of market stability. Depending on whether the SEC delays, denies, or approves ARK’s application, we might witness fluctuations in market volatility.”
In the immediate future, Bitcoin’s price is poised for further potential turbulence driven by significant news releases on Thursday and Friday. Notably, the United States Bureau of Labor Statistics is gearing up to unveil the Consumer Price Index (CPI) data on Thursday, followed by the Producer Price Index (PPI) data on Friday.
These data points hold considerable sway over the statements issued by the Federal Open Market Committee (FOMC) and are anticipated to wield a substantial impact on overall market sentiment.
Source: Read Full Article