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Bitcoin price It is currently at $30,558 and fell slightly by nearly 0.50% on Sunday.
The recent denial of a Bitcoin spot price ETF application by the US SEC has surprised bullish investors hoping to keep the Bitcoin price above $31,000.
In other news, Cboe has partnered with Coinbase to resubmit a spot Bitcoin ETF, although the SEC remains cautious.
Furthermore, FTX’s successful recovery of billions of dollars in assets has had a positive impact on the Bitcoin price.
Focus on analyzing Bitcoin’s potential trajectory and exploring factors that influence price movements.
Cboe Resubmits Bitcoin ETF With Coinbase, SEC Remains Cautious
The Chicago Board Options Exchange (Cboe) has resubmitted four 19b-4 files for spot Bitcoin Exchange Traded Funds (ETFs) in response to compliance. concerns raised by the SEC.
Notably, Coinbase has been added as a partner in monitoring sharing agreements for these ETFs.
Including Coinbase as an SSA partner in Cboe’s filing is a significant development, especially considering BlackRock had previously designated Coinbase as an SSA partner.
However, it is worth noting that Ark and BlackRock did not resubmit their application.
Despite approving several futures ETFs, the SEC remains skeptical about whether spot Bitcoin ETF sponsors can protect against manipulation and ensure investor safety.
This cautious stance of regulators is also affecting the market. As Market Participants Evaluate Spot Bitcoin ETF Prospects Within Regulatory Constraints, Coinbase Involvement Plus Ongoing Deliberations And Revisions Could Influence Investor Sentiment And Impact Bitcoin Price have a nature.
FTX Recovers Billions of Dollars, Positive Impact on Bitcoin Price
In a key development, FTX has been successful. recovered It has approximately $7 billion in liquid assets and ongoing efforts are underway to find additional assets.
However, the large mix of assets poses challenges to recovery operations.
FTX obligors, including FTX and its affiliates, currently estimate the value of misappropriated client assets at $8.7 billion.
Most of this amount, about $6.4 billion, is made up of fiat currencies and stablecoins.
The findings show that the former FTX leader intentionally misused customer deposits to eliminate accidental contamination.
The news had a positive impact on the Bitcoin (BTC) price, helping to mitigate losses over the weekend.
The recovery of important assets by FTX has given confidence to market participants and has had a positive impact on the BTC price.
Bitcoin price prediction
Looking at the technical analysis, the current outlook remains relatively unchanged as Bitcoin faces a major hurdle at the $31,000 level.
A successful breakout at this level could pave the way for further targets of $32,500 and $34,000.
Conversely, if Bitcoin fails to hold the critical support level of $30,000, it could put downward pressure towards the 38.2% Fibonacci retracement level of $28,700 or the 50% retracement level of $28,000. I have.
Additionally, the 50-day exponential moving average near $28,000 could be a notable resistance point against Bitcoin price declines.
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