Bitcoin and Ether, the two leading cryptocurrencies, started Thursday’s trading session with minor losses. Despite this, experts remain optimistic about Bitcoin’s future due to the potential approval of Bitcoin Exchange Traded Funds (ETFs) by the Securities and Exchange Commission (SEC).
Bitcoin, the most expensive cryptocurrency, experienced a 0.67 percent loss, bringing its price to $27,190. Although it suffered a minor setback, Bitcoin managed to maintain its increased value. Over the past 24 hours, Bitcoin’s value decreased by $306.
Ether, joined Bitcoin on the losing side, with a decline of 1.15 percent. The current trading price for Ether is $1,699. Similar to Bitcoin, Ether’s value decreased by $19 in the last 24 hours.
Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, stated that Bitcoin’s momentum seems to have waned after Grayscale’s legal victory against the SEC. However, analysts predict a 75 percent chance of Bitcoin ETF approvals this year. The SEC is expected to make decisions on ETF applications from companies like BlackRock, Fidelity, Invesco, and WisdomTree.
Apart from Bitcoin and Ether, other major cryptocurrencies also experienced price dips. Tether, Binance Coin, Ripple, USD Coin, Cardano, Dogecoin, and Solana were all affected. Additionally, smaller losses were recorded by Tron, Polkadot, Polygon, Litecoin, Shiba Inu, and Avalanche. The overall crypto market cap decreased by 0.89 percent in the last 24 hours to approximately $1.08 trillion.
Despite the market downturn, investor sentiment continued to climb, reaching a score of 52/100. This slight increase suggests that investors are still holding a neutral outlook on the market.
While the majority of cryptocurrencies experienced losses, a few saw profits. Leo, EOS Coin, Zcash, Dash, Augur, and Circuits of Value were among the cryptocurrencies that recorded gains.
Robinhood, a well-known financial broker in the US, has gained significant attention after enabling wallet support for Bitcoin and Dogecoin. This move, although late in the crowded market segment, has been well-received by investors.
Bitcoin and Ether saw minor declines in their trading prices, but the overall sentiment in the investor community remains positive. The potential approval of Bitcoin ETFs by the SEC and Robinhood’s entry into the cryptocurrency wallet market have contributed to this optimism. However, the cryptocurrency market remains volatile, and investors should proceed with caution.