Since the big correction in May, investors in the cryptocurrency market have decided to hold on to any negative bitcoin news to unleash a new wave of sales in the world’s largest digital currency.
The breakout of the $ 30,000 support, which he drew a six-month low on the charts, while brief, is a good sign that the bearish trends are still in control.
On the one hand, the already recurring issue of the approval of bitcoin exchange-traded funds in the US, which has been postponed to July, following the latest decision of the Securities and Exchange Commission , the US securities agency.
Requests for exchange-traded funds pile up on the table of the US markets supervisor, as investors look to Canada, which authorized its first bitcoin ETF in February, and a few more in the weeks that followed.
Illustrious names such as Fidelity Investments, VanEck, WisdomTree Investments , SkyBridge Capital, Valkyrie Digital Assets and NYDIG Asset Management await the verdict from the SEC, which continues to delay its decision.
The approval, when it comes, “will mark a more important moment than Elon Musk’s purchase of $ 1.5 billion in bitcoins for Tesla’s corporate treasury, more significant than the fact that PayPal allows its users to buy, sell and hold cryptocurrencies, and higher than Coinbase’s IPO, ”explains Nik Bhatia, associate professor of finance and business economics at the University of Southern California.
“Under this cryptic name we find a series of modifications that will presumably affect the price of the ether cryptocurrency,” explain Álvaro León and Luis Ruiz de Onyze, in a collaboration with Bolsamania.
Later, between the end of this year and the beginning of the next, Ethereum 2.0 will launch, the imminent change of the Proof of Work -based on criteria such as amount of currency and time in the network- as a consensus mechanism.
Meanwhile, bitcoin will maintain the POW protocol, whose mining is much more polluting and remains in the eye of the hurricane due to the carbon footprint it leaves.
There are two main novelties: “An increase in privacy that will make simple transactions indistinguishable from those involving several firms,” said experts from Onyze.
Of all the aforementioned, “what I think will have the greatest interest and impact is undoubtedly the updates of the main assets with the highest market capitalization,” says Ruiz.