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SEC Approves Bitcoin ETF, Marking Historic Day for Crypto

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SEC Approves Bitcoin ETF, Marking Historic Day for Crypto

Since the first meteoric rise of Bitcoin in 2017, asset managers and investment firms have looked to seize the opportunity in the growing space, attempting to bring Bitcoin to Wall Street. Of course, the majority of these efforts (if not all) were futile – caused by waning demand during downturns, opposition from government entities, or the general uncertainty surrounding crypto’s future as an asset class. But now, with Bitcoin gaining approval from the public, institutions, and even nations like El Salvador, it only seems right for crypto to finally cement its legitimacy. 

Bitcoin ETF Finally Gains Approval from the SEC

Earlier today, the Securities and Exchange Commission (SEC) finally announced that it had approved the first ever Bitcoin Futures ETF in the United States. This is following months of deliberation and delays, with the commission delaying its verdict on at least a dozen or more additional Bitcoin ETF applications. Proshares, the asset management firm that filed its Bitcoin Strategy ETF earlier this summer, is set to launch as early as next week. In its amended prospectus updated on Oct. 15, Proshares stated that its ETF is expected to launch on Monday, Oct. 18. 

Without a doubt, this is a historic moment for the cryptocurrency space. Serving as a regulated alternative to directly holding the underlying digital asset, an accessible Bitcoin ETF will mean an influx of funds from retail and institutional investors alike.

ProShares’ Bitcoin ETF will function similarly to that of Grayscale’s GBTC, where the exchange traded fund will track Bitcoin futures, rather than the price of the Bitcoin directly. SEC Chair Gary Gensler stated that future-based products will likely provide stronger investor protections due to the stringent securities laws they must operate under. 

As a futures-based product, there may be potential premiums or discounts relative to the net asset value (NAV). However, the Proshares’ ETF has a management fee of 0.95%, which is considerably lower than GBTC’s 2%. This, coupled with GBTC’s stringent redemption periods and deviation from the NAV, will likely lead to a mass rotation of funds from the GBTC to ProShares’ ETF. 

Breaking Down Bitcoin’s Price Action

The aforementioned news sent the crypto markets higher, with Bitcoin nearing its all-time high price of $63,000. Earlier today, the price of BTC peaked at $62,600. At press time, Bitcoin is priced at $61,300 – up 6.36% in the past 24 hours alone.

Following news of Bitcoin’s first ever ETF approval in the US, investors rejoiced as Bitcoin (BTC/USD) rallied to close in on its ATH prices. Source: Tradingview.com

According to CoinMarketCap, the major cryptocurrency has reclaimed its $1 trillion market capitalization, comfortably sitting at $1.15T. Ethereum and other major altcoins reacted positively to the news, closing in on their respective all-time high prices.

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Maker Price Prediction 2021 – Will MKR Hit $4040 Soon?

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Maker Price Prediction 2021 – Will MKR Hit $4040 Soon?
  • Bullish MKR price prediction ranges from $2610 to $4035.
  • MKR price might also reach $4040 soon.
  • MKR bearish market price prediction for 2021 is $1735.

In Maker price prediction 2021, we use statistics, price patterns, RSI, and much other information about MKR to analyze the future movement of the cryptocurrency.

Maker (MKR) is the governance token of the MakerDAO and Maker Protocol. Maker DAO is a decentralized organization and Maker Protocol is a software platform, both of them are based on the Ethereum blockchain. Maker ecosystem is one of the earliest projects on the decentralized finance (DeFi). MKR tokens act as a kind of voting share for the organization that manages DAI.

According to CoinGecko, the MKR price is trading at $2,428.11 with a 24-hour trading volume of $108,664,161 at the time of writing. Moreover, MKR has decreased by 0.21% in the last 24 hours.

However, MKR has a circulating supply of 991,328.38 MKR. Currently, MKR trades in cryptocurrency exchanges such as Binance, OKEx, FTX, CoinTiger, and Huobi Global. 

Maker (MKR) Price Prediction 2021

Maker (MKR) holds the 92nd position on CoinGecko right now. MKR price prediction 2021 is explained below with a daily time frame.

MKR/USDT Price Chart Daily Time Frame (Source: TradingView)

The above chart shows the Descending Triangle pattern. It is a bearish pattern that is designed by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows. There are instances when descending triangles form as reversal patterns at the end of an uptrend. But they are typically continuation patterns

In the daily time frame chart, if the price of the MKR breaks the resistance level of $2970, it will reach the target of $3970. Else, if the price of the MKR breakout the support level it will fall to $2095. So, the trend of the MKR is based on the breakout.

Maker (MKR) Support and Resistance Level

The below chart shows the support and resistance level of MKR.

1638337885 839 Maker Price Prediction 2021 – Will MKR Hit 4040 Soon
MKR/USDT Support and Resistance Level (Source: TradingView)

From the above daily time frames, it is clear the following are the resistance and support levels of MKR.

  • Resistance Level 1 – $2610
  • Resistance Level 2- $3080
  • Resistance Level 3- $4035
  • Support Level 1 – $2084
  • Support Level 2 – $1735
  • Support Level 3 – $1280

The charts show that MKR has performed a bullish trend over the past month. If this trend continues, MKR might run along with the bulls overtaking its resistance level at $4035.

Accordingly, if the investors turn against the crypto, the price of the MKR might plummet to almost $1735, a bearish signal.

Maker (MKR) Average Directional Index (ADX)

Now let’s see the average directional index (ADX) of MKR. Generally, the Average Direction Index (ADX) helps traders determine the strength of a trend, rather than its actual direction. It can be used to determine whether the market is changing or a new trend is starting. It is associated with the Directional Movement Index (DMI) and includes the ADX line.

The range of the oscillator is from 0 to 100. A high value indicates a strong trend, and a low value indicates a weak trend. It is often combined with directional indicators.

The above chart shows the ADX of MKR stays above the range of 7, so it indicates a weak trend.

Conclusion

The MKR is one of the cryptos that keeps its ground against the bearish market. Hence more, our long-term MKR price prediction for 2021 is bullish. It has a huge possibility of overtaking its current all-time-high (ATH) of $6,292.31 this year. More so, this will only happen if it breaks many past psychological resistances.

Henceforth, with the ongoing developments and upgrades within the MKR ecosystem, it could experience a great future ahead in 2021. It may reach $4035 soon and it might even reach high heights, however reaching $4040, if investors have planned that MKR is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Ethereum Rallies 5%, Why ETH Could Surge To New ATH Above $5K

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Ethereum

Ethereum gained pace above the $4,550 resistance against the US Dollar. ETH is trading above $4,700 and it could accelerate further higher in the near term.

  • Ethereum is trading in a bullish zone above the $4,550 level.
  • The price is now well above $4,650 and the 100 hourly simple moving average.
  • There was a break above a major ascending channel with resistance near $4,560 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue higher if it stays above the $4,650 support level in the near term.

Ethereum Price Rallies Above $4,700

Ethereum remained stable above the $4,500 level and started a fresh increase. ETH broke the $4,600 level to move further into a bullish zone.

There was a clear break above the $4,650 level and the 100 hourly simple moving average. Besides, there was a break above a major ascending channel with resistance near $4,560 on the hourly chart of ETH/USD.

The pair climbed to a new multi-week high above the $4,700 level. It traded as high as $4,774 and is currently correcting lower. It is trading above the 23.6% Fib retracement level of the upward move from the $4,352 swing low to $4,774 high.

Source: ETHUSD on TradingView.com

An initial resistance on the upside is near the $4,775 level. The first major resistance is near the $4,800 level. A close above the $4,775 and $4,800 levels could start a fresh increase in the near term. In the stated case, the price might rise towards the $5,000 level. Any more gains could lift the price towards the $5,200 zone in the near term.

Dips Limited in ETH?

If ethereum fails to start a fresh increase above the $4,800 level, it could start a downside correction. An initial support on the downside is near the $4,675 level. The first key support is now forming near the $4,550 level.

It is near the 50% Fib retracement level of the upward move from the $4,352 swing low to $4,774 high. A downside break below the $4,550 support zone could p a sharp ush the price further lower. In the stated case, the price is likely to revisit the $4,400 support zone and the 100 hourly simple moving average.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now correcting lower towards the 60 level.

Major Support Level – $4,550

Major Resistance Level – $4,775

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Bitcoin Aims Fresh Run To $60K, Why Bulls Could Face Hurdles

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Bitcoin

Bitcoin is trading above the $56,200 support against the US Dollar. BTC must clear $58,500 to start a major increase in the coming sessions.

  • Bitcoin is struggling to gain pace above the $58,000 and $58,500 levels.
  • The price is still trading above $57,000 and the 100 hourly simple moving average.
  • There is a major contracting triangle forming with resistance near $58,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $58,500 resistance to start a steady increase in the near term.

Bitcoin Price is Showing Bullish Signs

Bitcoin price corrected lower below the $57,000 support level. However, BTC remained stable above the $56,200 support level and the 100 hourly simple moving average.

The recent low was near $56,555 and the price is now moving higher. It broke the $57,000 resistance zone. There was a break above the 23.6% Fib retracement level of the recent decline from the $59,230 swing high to $56,555 low.

It is still trading above $57,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $57,850 level. It is near the 50% Fib retracement level of the recent decline from the $59,230 swing high to $56,555 low.

The first major resistance is near the $58,200 level. There is also a major contracting triangle forming with resistance near $58,200 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

A clear break above the $58,200 resistance zone could open the doors for more upsides. The next key resistance is near the $58,500 level, above which the bulls could aim a test of $60,000. Any more gains might push the price towards $61,200.

Fresh Drop In BTC?

If bitcoin fails to clear the $58,500 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $57,000 level.

The first major support is now forming near the $56,200 level and the 100 hourly SMA. A downside break below the $56,200 support may perhaps push the price towards $55,500. Any more losses might lead the price towards $55,000.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.

Major Support Levels – $57,000, followed by $56,200.

Major Resistance Levels – $58,000, $58,500 and $60,000.

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