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The cryptocurrency market has witnessed a momentous event. Bitcoin (BTC) Price It surpassed the 30,000-dollar mark in one fell swoop, shocking the entire industry.
As market participants grapple with this surge, two notable developments have emerged that shed light on the evolving landscape of cryptocurrencies.
First, Nasdaq joined forces with other industry rivals to amend BlackRock’s Bitcoin Exchange Traded Fund (ETF) application.
Second, Singapore, a prominent global financial hub, has introduced new cryptocurrency regulations.
As Bitcoin continues to gain traction and reshape the financial landscape, a comprehensive understanding of the forces driving its surge is essential for investors and enthusiasts alike.
Nasdaq Teams Up With Industry Rivals To Change BlackRock’s Bitcoin ETF Application
Asset management company BlackRock Submitted an updated application File with the U.S. Securities and Exchange Commission (SEC) for Spot Bitcoin Exchange Traded Funds (ETFs).
Following the other four companies, BlackRock changed its application to include Coinbase as a Surveillance Sharing Agreement (SSA) partner.
The move mirrors Cboe’s re-application for registration of Fidelity, VanEck, Invesco and WisdomTree.
The SEC has cited market manipulation and inadequate investor protection as the main concerns leading to repeated denials of spot bitcoin ETFs over the years.
However, the reputation of BlackRock, the world’s largest asset manager, has led to speculation that the company’s Spot Bitcoin ETF application is likely to be approved.
Some believe that BlackRock’s prominence in the financial world could influence its decision.
“The SpotBTC SSA will be a bilateral surveillance sharing agreement between Nasdaq and Coinbase, aimed at enhancing the exchange’s market surveillance program,” BlackRock’s filing states. there is
The inclusion of Coinbase as a Surveillance Sharing Agreement (SSA) partner in BlackRock’s updated Spot Bitcoin ETF application has boosted BTC price.
BlackRock’s reputation and standing in the industry could have a positive impact on its spot approval prospects in Bitcoin ETFs.
Singapore Introduces Latest Crypto Rules to Facilitate Regulatory Compliance
Singapore recently enacted new regulations aimed at increasing investor safety and maintaining the market integrity of the cryptocurrency industry, which has had a positive impact on the BTC price.
The Monetary Authority of Singapore (MAS) imposed limits Relating to lending and staking operations offered by cryptocurrency service providers to individual customers.
This regulatory action by MAS was triggered by the collapse of crypto exchange FTX in November 2017, resulting in huge financial losses for investors, including Singapore’s Temasek Holdings.
Restrictions on cryptocurrency lending and staking operations are intended to protect retail consumers from potential risks associated with these activities.
MAS recognizes that these practices are generally unsuitable for retail trade. However, accredited investors and institutional customers can continue to access and use these services through Digital Payment Token (DPT) service providers.
The introduction of these new regulations in Singapore has had a positive impact on the BTC price as it creates a safer and more secure environment for cryptocurrency investors.
Enhanced investor protection measures and the Bank of Singapore’s proactive approach demonstrate its commitment to promoting stability and trust within the cryptocurrency market.
This sense of security increased investor confidence and led to an increase in the BTC price.
Bitcoin price prediction
On the technical side, Bitcoin is currently facing resistance near the $31,000 levels.
This psychological level has been breached before, but Bitcoin is currently holding just above it, near $31,050.
The presence of bullish engulfing candlesticks on the daily timeframe suggests that the potential for a bullish trend remains strong.
At the moment, Bitcoin is facing resistance around the $31,350 level and if it manages to break out of this level, its next target could be near $32,500 or even higher at $34,150.
The Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and other technical indicators point to positive sentiment, with the 50-day exponential moving average supporting the uptrend.
On the downside, bitcoin’s near-term support is around $30,500, maybe around $29,650.
Below $29,650, a drop towards $28,650 or even to $27,900 is possible.
Therefore, it is important to keep an eye on the $31,000 levels as a potential signal of a buying trend.
Top 15 cryptocurrencies to watch in 2023
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Stay ahead of the game and discover the potential of these cryptocurrencies as you navigate the ever-changing world of digital assets.