Proactive Investors - The world’s largest cryptocurrency bitcoin (BTC) closed 0.8% lower at US$29,200 on Tuesday, with the BTC/USDT pair remaining largely inactive in today’s Asia trading window.
This marks more than three weeks that BTC/USDT has traded sideways within the 29k to 30k channel, exemplifying the prolonged drought of volatility in trading volumes in the spot bitcoin market.
Bitcoin is likely to stay rangebound for a while still, particularly given the Securities and Exchange Commission (SEC) has indicated that its decision on the approval of the US’s first spot bitcoin exchange-traded fund probably won’t happen until next year.
As the next major catalyst in the crypto scene, with BlackRock (NYSE:BLK), ARK Invest, VanEck, Invesco, Fidelity and many others salivating over the prospect of access to the bitcoin sport markets, a lot rests on the SEC’s decision.
Meanwhile, the first spot bitcoin ETF has just gone live on the Euronext Amsterdam stock exchange by way of London-based Jacobi Asset Management’s Jacobi FT Wilshere Bitcoin ETF (ticker symbol BCOIN).
European approval is unlikely to sway the SEC’s opinion, nor will it greatly increase the rate of bitcoin price discovery in the short term.
For now, bitcoin’s support line is at a flat US$29,000, where Binance’s order book outlines a strong buy wall.
At the time of writing, BTC/USDT was swapping for US$29,180.
22 days of sideways bitcoin price action – Source: currency.com
The world’s second-largest cryptocurrency Ethereum (ETH) closed 0.9% lower on Tuesday, with the ETH/USDT pair hitting the midnight bell at US$1,828.
ETH/USDT hasn’t budged from this spot price this morning.
In the altcoin space
There is a sea of red across the blue-chip altcoin right now, with large-caps including Binance’s BNB token, Dogecoin (DOGE), Cardano (ADA), Polygon (MATIC) and Solana (SOL) firmly in the week-on-week red.
Even Shiba Inu (SHIB), which has surged ahead in recent weeks, is now only 0.2% higher across the past seven days.
One outlier in the altcoin space is Toncoin (TON), which has jumped 14% in the past week, bringing its market capitalisation above US$5 billion, despite no obvious catalyst.
Global cryptocurrency market cap currently stands at US$1.16 trillion, with bitcoin dominance sitting strong at 50.5%.
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