Exotic Currency: Breaking: This is why you may want to revisit Bitcoin investment, here's what's happened
On Tuesday, January 9, 2024, US stocks closed for trading and drama quickly ensued.
The SEC announced on X/Twitter that it had approved spot Bitcoin ETFs, a headline that quickly spread.
Bitcoin initially spiked up to a new 52-week high near $47,900 as news broke that the SEC's Twitter account had been hacked. But then Bitcoin prices reversed lower as news broke about the hack.
ETF analysts expect a decision soon, so keep an eye out for an update.
Technically, the ETFs could begin trading as soon as the next business day if both were approved by the SEC. With a decision deadline approaching, it is important to understand how the process works.
Bitcoin is in a very bullish trend. It hit new 52-week highs yesterday, has rallied in 10 of the last 12 weeks, and is up more than 75% from its September low.
In advance of the ETF decision, it has rallied hard. Even if the decision is favorable, there could be some profit-taking. And that’s fine – as long as the uptrend is intact, the focus could soon shift to April’s halving event. Bitcoin's next catalyst could be the halving.
As long as Bitcoin holds above the $40,000 to $42,000 zone, it is hard to get too bearish.
The channel is revisiting the cryptocurrency investments because of the strong undercurrent that is being felt around the world. The United States is the only major country who has not yet delivered cryptocurrency regulations. This is set to change and with it, will come increased value in cryptocurrency.
