Proactive Investors - Bitcoin (BTC) remained relatively unchanged over the weekend, having dipped 0.4% on Saturday before trading flat on Sunday.
The benchmark cryptocurrency crept a few points higher this Monday morning and was changing hands for slightly more than $44,000 at the time of writing.
The bulls are focused on recovering the $45,000 price point after losing ground at the mid point of last week, although Binance’s order book shows a solid level of sell-side orders which could act as a resistance wall in the short term.
Bitcoin is around 44% high over the past six months – Source: tradingview.com
This week may bring a definitive outcome for the much-hyped spot-bitcoin exchange-traded fund applications waiting in limbo on the US Securities and Exchange Commission (SEC) desk.
Major financial institutions including BlackRock (NYSE:BLK), Fidelity, Grayscale and Ark Invest are eagerly anticipating approval of their ETFs, which would see bitcoin directly traded on the US stock exchanges for the first time in history.
A decision is expected this week, though the SEC has the power to delay the outcome if desired.
Bitcoin’s stellar performance in 2023 was bolstered by the prospect of these ETFs, but traders should be wary of a ‘sell-the-news’ situation if and when they are finally approved.
Ethereum (ETH), the second-largest cryptocurrency on the market, had a comparatively bearish weekend, with the ETH/USD pair dipping 123 basis points on Saturday and another 80 on Sunday.
The pair was swapping for $2,224 following a muted session in this morning’s Asia trades.
It was a sea of red in the wider altcoin space too, with Ripple (XRP), Solana (SOL), Cardano (ADA), Avalanche (AVAX) and Dogecoin (DOGE all posting lows-single-digit losses overnight.
Global cryptocurrency market capitalisation currently stands at $1.63 trillion, with bitcoin dominance at 54%.
Read more on Proactive Investors UK
