A taste of bull market
Spot Bitcoin ETF approval and more...
In this 33rd edition of the Gems Corner, we will briefly examine the Spot Bitcoin ETFs. Enjoy the gems.
On Monday, the 16th of October over $65 million BTC was liquidated within a few minutes following ‘fake’ reports on the approval of BlackRock’s Spot Bitcoin ETF. From the chart below, you can see that the price of Bitcoin rose to almost 30k, and retraced in a couple of minutes.
The quick price movements explicitly reaffirm the fact that Bitcoin Spot ETF approval is a primary catalyst for the upcoming bull market. If fake news can trigger the market like this, imagine what will happen when the actual news comes.
"The timing of spot bitcoin ETF approvals remains unclear but should happen within months and most likely before Jan. 10, 2024, the final deadline of Ark Invest and 21Shares applications," - Nikolaos Panigirtzoglou
The race for spot bitcoin ETF is on a fast lane and experts are speculating a 90% chance of the approvals soon. Strategic positioning at this point is key.
Image of the Day
The Price of Bitcoin broke the $30k price resistance today, momentum is mounting up. Evidently, we have entered into the accumulation phase of the market, so it’s time to start accumulating promising tokens based on your conviction.
We have had a taste of the bull market, now we are looking out for the actual sign.
Alpha Threads
That’s a wrap.
Thanks for reading!
Until next Friday,
Viktor DeFi.
PS: I’d love to hear your feedback and comments.