#cryptonews
Bitcoin is trading at $100,898, reflecting a slight 0.27% decline on Thursday but maintaining its position above the critical $100,000 level. The cryptocurrency recently surged to $101,413.74 following the release of U.S. November inflation data.
The CoinDesk 20 index revealed a 6% growth across the cryptocurrency market, with Bitcoin and Ethereum recording gains of 5%.
Analysts predict Bitcoin could hit $200,000 by 2025, further boosting investor optimism.
However, Ethereum remains below its key $4,000 resistance. Notably, crypto equities such as Coinbase and MicroStrategy saw increases of 3% and 9%, respectively, signaling a broader market recovery.
This dual crypto ETF aims to provide investors with balanced exposure to both digital assets, potentially drawing significant capital into the market.
In a pivotal development, the SEC advanced NYSE Arca’s application to launch the Bitwise Ethereum and Bitcoin ETF.
Market sentiment remains positive as the ETF approval could bolster institutional trust and fuel Bitcoin’s price momentum.
The SEC has opened the proposal for public comment, with analysts suggesting the move could pave the way for more crypto index ETFs following earlier Bitcoin fund approvals.
Quintenz’s expertise in bridging traditional finance and digital assets positions him as a pro-crypto leader. His potential appointment is expected to foster a more transparent regulatory framework, encouraging greater institutional investment in cryptocurrencies.
The regulatory landscape could undergo a significant transformation with Brian Quintenz, the current crypto policy lead at Andreessen Horowitz, emerging as a top contender for the CFTC chair.
The breakout triggered a bullish push, but prices are now testing critical resistance levels.
Bitcoin remains above the key psychological support of $100,000, consolidating after a symmetrical triangle breakout on the 2-hour chart.
On the downside, support levels are observed at $99,750, $98,850 (aligned with the 50-day EMA), and $97,800. Technical indicators suggest a cautious outlook. The RSI stands at 59.20, indicating neutral-to-bullish momentum but showing potential signs of exhaustion.
Immediate resistance is seen at $101,930, followed by $103,700 and $106,500.