Keep Crypto Simple - Daily Report 16.10.23
Good evening everyone. It's 9:00 pm in Brazil, just about time to the Asian Market opening.
Today was a crazy day for Bitcoin, the price action showed a very good improvement since last night, reaching about $28.000, a run up to supply zones, or a short squeeze, I think it was due to the optimist since Friday after SEC did not appeal on Grayscale's ETF Fund.
During the day Cointelegraph published news about approval of a Bitcoin Spot ETF and the price quickly shot up to exactly 30k. The whole action took about 10 minutes, after the rumours were dismissed , the price retraced immediately to the 28k range.
In my opinion, it was a kind of "market test", to measure investors' appetite. How far Bitcoin will instantly go if a SPOT ETF is approved?
One thing is very important, the approval of a ETF Spot fund is likely to happen some time soon, between now and 2024 Q1. In case of approval, it will likely trigger a significant uptrend. Not to mention Bitcoin Halving. It is definitely a good time to start accumulating a bit of crypto, according to each one's possibilities.
About prices, at the moment of writing Bitcoin is $28.345 (+4,5%) , BNB $214,20 and ETH $1595,30 , a bit more than +2%.
On Binance DOCK was on top today, now +24,27% at $0,01827
Among my favourite coins, Solana is up near 9% at $23,86, Matic doing well +3,44% and Ontology gas +2,49%.
Shiba remains under pressure, at low ranges. It's worth remembering it did the same in October 2021.
Cardano strill pretty low as well, some news that whales' addresses are down recently.
Polkadot also near year lows, $3,74 now.
My favourite news pics of the day:
https://cointelegraph.com/news/clarification-sharing-false-spot-bitcoin-etf-news
https://news.todayq.com/blackrock-clarifies-bitcoin-etf-rumors-caution-urged-in-market-response/