Bitcoin Spot ETFs are approved and the GCM Cap touched 1.9+ Trillion dollars
To each and everyone who has supported Crypto, who has loved crypto should be happy today as Bitcoin Spot ETF's, all the eleven ETF's were approved by SEC today. With that people living in USA can now ask 11 firms to buy bitcoin directly on their behalf for real cash that is in US dollars. While it is really a big day for Crypto market and while it will be remembered in coming years, there is something we should not forget.
This will going to impact the market for sure, we already saw that few hours ago where bitcoin reached closed to $49000 but surprisingly it came back to 45700 as well. This is something I did not expected after the approval of ETF's and trading getting started but as it is happening we will have to wait for few hours to see what is actually going on.
As usual the global crypto market cap has touched the highest since 2023 and currently it is at 1.85 trillion dollars. Also note that the highest touched was 1.9 trillion dollars probably when bitcoin was near to 49k dollars. I think the market is getting ready to become a little stable maybe above the 45k mark.
Who knows, we will soon see future move by the market. I just want to observe first 24 hours as alt coins are also declining in price. Logically there is all fresh money coming in to the market but then why is alt coin declining? It is because people are willingly ready to buy bitcoin because of the approval of ETF's. That is what the real reason is and that is what I myself was planning to do but I did not went with that option, thankfully.
I think I am going to just hold and enjoy the ride for now, what about you?
Thank You
You've got a free upvote from witness fuli.
Peace & Love!
Dear @kamranrkploy
Good read buddy,
Same here :)
ps.
From the moment when ETF has been approved it has been clear to me that amount of market manipulation within crypto space will reach all time high right now.
Most people seem to believed that approving all those ETF applications will result with increasing demand for bitcoin. I see it differently. In my opinion all those big institutions will take time to accumulate BTC and will use their influence and resources to keep crashing the market during that accumulation period. I think it does make sense and should be easy to understand.
I've read theories that recent dump was nothing more than 'buy the rumour and sell the news'. I disagree with that as well. That dump that took place recently (from 46k to 42k) does not look to me like it has been "organic" at all. I consider it nothing more than market manipulation and we all shall get used to it. Big boys will shake crypto market very often and by doing so they will move BTC from hands of regular investors to their own hands.
Perhaps we could see sell-the-news scenario happening if we could also witness solid PUMP right before ETF approval. But that did not really happen.
In long term I believe that price of BTC will reach some crazy levels. Most likely, once big boys will be done with accumulating then they will use influence and resources to pump it.
Just my own 2 cents,
Yours,
Piotr