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Today, bitcoin is falling again. The number one cryptocurrency is trading just above the $31,000 level against the US dollar. Even yesterday, bitcoin tried to break through the $35,000 level but it was unable to break above the strong resistance level. Over the past day, the cryptocurrency has lost more than 5%. Bearish sentiment on the virtual asset pushed the price down from its highs. Investors are already voicing concerns.
More and more traders stop believing that bitcoin will be able to break above the level of $40,000 amid the current bullish trend. Moreover, traders may place take-profit on OTC platforms. Various funds can sell off the digital asset. Many of them do not report on such decisions, it may significantly affect bitcoin though.
Nevertheless, bitcoin and the entire crypto market may regain ground on the back of positive news. For example, now market participants are waiting for the authorization of a bitcoin ETF by the US Securities and Exchange Commission (SEC). So, on January 22, Valkyrie Digital Assets filed an application to the SEC for registration of an exchange-traded fund (ETF), where the underlying asset is bitcoin. The application states that the Valkyrie Bitcoin Fund will be listed on the New York Stock Exchange and Coinbase Custody Trust Company that will act as a custodial service. The shares of the Valkyrie fund will reflect the change in the value of bitcoin. It will be represented by the Bitcoin Reference Rate index from the CME Group, minus the cost of maintaining the ETF. Notably, this is the second application to launch a bitcoin-ETF after the change of the SEC leadership.
Some experts believe that permission from the SEC will help bitcoin to climb. Other analysts, including ones at JPMorgan, on the contrary, is confident that the approval of the bitcoin ETF in the short term will adversely affect the value of the cryptocurrency. According to experts at JPMorgan, the authorization of the ETF will determine the outflow of funds from the bitcoin trust of the investment company Grayscale where as of January 23, there were bitcoins worth more than $20 billion.
Bitcoin may also grow amid news about its purchases from large funds. The more conservative these funds are, the better. Today, market participants are hesitant to pick up a trend. So, nobody wants to sell off or buy bitcoins too early or too late.
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