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bitcoin volatility

Crypto markets today traded positive on hopes for SEC’s approval of exchange-traded fund (ETF) requested by the Chicago Board Options Exchange (CBOE). Owing to the fact that they were first in the U.S. to debut Bitcoin futures trading, investors were hopeful for possible approval from SEC which could have been the new beginning of approval of further ETF’s and in turn allow fresh fund flow in the market. However, CBOE withdrew its request for ETF approval citing ongoing partial shutdown of US government as deadlines approach as the reason. This move surprised the market resulting in a decline of major crypto’s from intra-day highs, however, CBOE spokesperson has mentioned that they will apply again on a later date which helped limit losses.

News Influenced Price Action Saw Bears Exert Control On Momentum

Investors believe this to be a positive sign as approval of request during the second attempt could bring fresh fund flow to market and push crypto’s back to mid-2018 high’s. The market also suffers bearish pressure owing to the latest update from Cryptopia which suggests that the recent hack suffered losses amounting to nearly $16 million as opposed to earlier reports of $3million. Bitcoin is currently trading well inside previous sessions high and lows. Bitcoin yesterday saw price action breach above $3600 at the close, however, the pair has since moved down owing to profit booking activities and bearish news that hit the market. As of writing this article, BTCUSD pair is trading at $3580.5 down by 0.87% on the day.

While Bitcoin is trading on relatively unchanged across the day, Ethereum has experienced a sharp decline as it lost its hold above $118 handle and moved into the lower half of $117 handle today. The saving grace for now, however, is the fact that Ethereum has managed to find strong support at $115 handle which is breached could lead to catastrophic losses before network upgrade scheduled to occur later this month. In immediate future, regardless of news that hits the market, given recent price pattern, price action is expected to remain locked inside $120 to $115 handle. As most crypto assets lack fundamental support to establish positive price action, range bound action is expected to continue in all legacy cryptos in immediate and near future trading session.

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