“The surging popularity of Bitcoin, Ethereum, and Dogecoin, coupled with the optimism surrounding the potential approval of a spot BTC ETF, has sparked a wave of excitement among investors. With an analyst predicting a game-changing breakout for the apex crypto at $35K, it seems that the price explosion is just around the corner, ushering in a new era of possibilities for the cryptocurrency market.”
Major cryptocurrencies experienced a surge on Monday evening, driven by investors injecting funds into the market. This surge can be attributed to the growing optimism surrounding the potential approval of a Bitcoin exchange-traded fund (ETF).
Several prominent Wall Street firms have submitted applications to the Securities and Exchange Commission (SEC) for a new spot BTC ETF product. This news has sparked a rally in prices, igniting optimism among investors.
Crypto-focused investment funds also experienced a massive influx of $326 million in net inflows last week, marking the highest amount in a single week since July 2022, according to CoinShares. The rally in prices and the potential approval of the SEC for the first spot bitcoin ETF were the primary driving forces behind this surge.
In terms of specific cryptocurrencies, Bitcoin (BTC) saw a gain of 0.08% and reached a price of $34,469. Ethereum (ETH) experienced a gain of 1.03% and reached a price of $1,811. Dogecoin (DOGE) also saw a gain of 0.94% and reached a price of $0.069.
The global crypto market cap currently stands at $1.26 trillion, reflecting an increase of 0.50% in the past 24 hours.
In the traditional stock market, U.S. stock futures remained steady during Monday evening. The S&P 500 futures slightly declined by 0.04%, while Nasdaq 100 futures saw a marginal decrease of 0.06%. During Monday’s trading session, the S&P 500 successfully rebounded from correction territory and closed 1.2% higher, marking its most impressive performance since late August. The Nasdaq Composite also experienced a gain of about 1.2%.
Looking ahead, the highly anticipated Federal Reserve decision will take place on Wednesday. It is widely expected that the central bank will maintain its benchmark interest rate. Investors are hopeful that the Fed will provide indications that they have concluded their rate hiking efforts, as the recent stock market correction has been largely attributed to the surge in interest rates.
Crypto analysts have provided their insights on Bitcoin’s price action. Michael Van De Poppe predicts that Bitcoin may break out and surpass previous highs, potentially reaching the range of $36.5-37K. Crypto Tony suggests that Bitcoin may be tested again in the range of $31,000 – $32,000 before potentially proceeding back down. Koroush AK highlights key support and breakout levels for Bitcoin and emphasizes the importance of focusing on price action and ignoring social media hype.
In conclusion, the surge in major cryptocurrencies can be attributed to growing optimism surrounding the potential approval of a Bitcoin ETF. Crypto investment funds have also seen a significant influx of funds. The traditional stock market showed signs of recovery, and investors are eagerly awaiting the Federal Reserve’s decision. Crypto analysts have provided their insights on Bitcoin’s price action, offering different perspectives on its potential movements.