Major coins were seen trading in the red at the time of writing as the global cryptocurrency market cap declined 0.9% to $1.08 trillion.
What Happened: Bitcoin gained some buoyancy in earlier trading as investors focused on amendments filed by Fidelity to a proposed spot ETF. The changes, filed with the U.S. Securities and Exchange Commission, revolved around how Fidelity would safeguard apex cryptocurrency stored in custody accounts and also touched on disclosures related to the regulatory environment affecting cryptocurrencies.
It should be noted that Ark Invest and Invesco have already filed amendments to their respective Bitcoin ETFs earlier in the month.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:16 p.m. EDT) |
| Bitcoin BTC/USD | -0.51% | $28,249.99 |
| Ethereum ETH/USD | -1.11% | $1,550.53 |
| Dogecoin DOGE/USD | -1.25% | $0.058 |
Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event – Future of Digital Assets. Tickets are flying- get yours!
Top Gainer (24-Hour)
| Cryptocurrency | Gains +/- | Price (Recorded at 10:16 p.m. EDT) |
| Bitcoin SV (BSV) | +7.98% | $41.43 |
| UNUS SED LEO (LEO) | +2.33% | $3.78 |
| ApeCoin (APE) | +2.28% | $1.11 |
Analyst Notes: Edward Moya, a Senior Market Analyst with OANDA pointed out that optimism is growing that a spot Bitcoin ETF approval could take place before the end of the year.
Moya also referred to the rally seen in Bitcoin, which was based on an erroneous report of such an approval.
"Yesterday's surge to $30,000 on an erroneous Bitcoin ETF approval news shows you how the market is ready to act once Bitcoin becomes easier to access. The fundamental drivers for crypto however remain mixed."
On the broader macroeconomic factors, Moya is hopeful that they will start to turn positive for the apex coin.
"The macro backdrop is starting to turn positive for Bitcoin as Treasury market liquidity concerns grow, but the use case for crypto so far has yet to make any major breakthroughs."
Cryptocurrency trader Michaël van de Poppe said that Altcoins are in the "last part of the bear cycle." He noted, "It feels relatively painful. The sentiment is completely gone, no interest in crypto. The only thing moving is #Bitcoin and, yet, that one needs to crack some levels."
Van de Poppe said that the end is "near" for the bear market in a post on X, formerly Twitter on Wednesday. He said that it was the "longest-lasting" bear market for altcoins.The trader noted that the current round of geopolitical turbulence has pushed up Gold "significantly" and will "most likely" do the same for Bitcoin for some time.
Meanwhile, market intelligence platform Santiment noted that the amount of Bitcoin futures and options have dropped ever since $100 million in shorts were liquidated following the premature iShares ETF announcement on Monday.
Photo by Igor Faun on Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
