Major cryptocurrencies saw a sharp decline on Monday, as uncertainty stemming from macroeconomic and regulatory factors kept investors on edge.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin BTC/USD | +0.49% | $25,765 |
| Ethereum ETH/USD | -0.52% | $1624 |
| Dogecoin DOGE/USD | -0.11% | $0.063 |
What Happened: Cryptocurrency exchange Binance has experienced the departure of yet another senior executive, as Global Product Lead Mayur Kamat prepares to bid farewell.
The Securities and Exchange Commission (SEC) may be compelled to approve spot bitcoin (BTC) exchange-traded-fund (ETF) applications from various asset managers. JPMorgan on Sunday reported that a federal court ruling requires the SEC to review its rejection of Grayscale’s proposal to convert the Grayscale Bitcoin Trust (GBTC) into an ETF.
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Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| RocketPool | +9.25% | $23.82 |
| Synthetix | +8.23% | $2.16 |
| Conflux | +4.24% | $0.12 |
Currently, the global crypto market capitalization stands at $1.04 trillion, a 0.14% increase in the last day.
Stock futures show mixed signals on Monday night as the market aims to sustain momentum in the shortened trading week. S&P 500 futures indicate a slight decline of 2.25 points, or 0.05%, while Nasdaq 100 futures reflect a modest gain of 6.25 points, or 0.04%. These movements come after a strong week for Wall Street, with the Nasdaq achieving its best performance since July. The Nasdaq, comprised of 30 stocks, surged by approximately 3.3% over the week, while the S&P 500 experienced a gain of 2.5%, marking its best week since June.
See More: Best Crypto Day Trading Strategies
Analyst Notes: Crypto analyst Michael Van De Poppe has observed a gradual yet promising trend in the world of Altcoins.
"Breakouts are happening across the board, while also major caps are showing some momentum. We’ve seen a case where the BTC pairs of altcoins are bouncing up. That’s a slight sign of strength. If that continues to happen, we’re on the edge of having breakouts on altcoins across the board," Van de Poppe said.
Furthermore, it seems highly probable that the recent low of Ethereum against Bitcoin could mark a significant turning point, considering it aligns with a similar pattern observed 252 days before Bitcoin’s halving. If that wasn’t compelling enough, "an approval of the Ethereum ETF futures to be confirmed in maximum one month from now. The bull market always starts when nobody expects it and this might be the period."
Pseudonymous analyst CrediBull suggests that although the current situation may appear negative, it also appeared that way when Bitcoin was valued at $15,000.
"After our bearish weekly candle at 15k, we only drifted about 2.5% lower before finding out bottom. Looks can be deceiving which is why you can’t base your bias off of how things look," CrediBull said.
The analyst said a break in market structure at $24,800 is the first indication that a potential trend shift may be occurring. Until then, it might “look bad”, but it really isn’t.
Photo by CMP_NZ on Shutterstock
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
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