Bitcoin (btc) The bets were opposing Seemingly Proven to be true as the long-awaited approval of a spot-traded fund (ETF) turned out to be a success “Sell News” event.This is something that analysts previously warned was possible given the rapid rise in the token’s price in recent months. “Selling the news” is a well-known term in capital markets that describes how asset prices, leverage and sentiment rise in the run-up to a bullish event, only for prices to fall shortly after. BTC fell to a low of $41,500 early Monday before recovering after briefly reaching a two-year high above $49,000 as the first U.S. bitcoin ETFs began trading last Thursday. The approval of spot bitcoin ETFs in the US was much anticipated and well priced, so the event is likely to be a price high in the short to medium term, analysts at Japan-based cryptocurrency exchange bitBank told CoinDesk in an email.
It’s unclear how much new capital the new bitcoin exchange-traded funds (ETFs) will attract, but significant funds are expected to flow in from other cryptocurrency products, JPMorgan said. He said In a research report Thursday. The market reaction to the US Securities and Exchange Commission’s (SEC) hesitant approval of spot bitcoin ETFs has been relatively weak, with the focus now shifting to how much capital these new ETFs will withdraw, the report said. “We are skeptical of the optimism currently shared by many market participants that a lot of new capital will enter the crypto space as a result of the immediate approval of a Bitcoin ETF,” the analysts led by Nikolaos Panigirzoglou wrote.
Venezuela will end its Petro cryptocurrency on Monday, more than five years after it was first launched, according to multiple reports citing a message displayed on the Patria platform. The only site where Petro can be traded. President Nicolas Maduro launched the petro (PTR) in February 2018 to support the country’s currency, the bolivar, in the face of the economic crisis worsened by US sanctions. The currency, backed by the country’s rich oil reserves, was embroiled in controversy even before its launch. The country’s opposition-controlled parliament said it was illegal to borrow against oil reserves. In 2019, US authorities imposed sanctions on a Russian bank for financing Petro.