{"id":74174,"date":"2023-10-18T19:55:02","date_gmt":"2023-10-18T23:55:02","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bitcoin-price-beating-stocks-hopes-are-high-for-a-crypto-etf\/"},"modified":"2023-10-18T19:55:05","modified_gmt":"2023-10-18T23:55:05","slug":"bitcoin-price-beating-stocks-hopes-are-high-for-a-crypto-etf","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=74174","title":{"rendered":"Bitcoin Price Beating Stocks. Hopes Are High for a Crypto ETF."},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n
<\/div>\n<\/figure><\/div>\n

\n Bitcoin
\n was up slightly in the face of macroeconomic headwinds Wednesday, outperforming other risk-sensitive assets on hopes that regulators will approve spot Bitcoin exchange-traded funds.<\/p>\n

The price of Bitcoin has risen less than 1% over the past 24 hours to above $28,550. The largest digital asset remains at the highest consistent levels since mid-August following a rally that began last Friday, with optimism stemming from hopes that the first spot Bitcoin exchange-traded fund (ETF) could soon begin trading. Bitcoin even spiked above $30,000 on Monday following a false report that the first such ETF had been approved, underscoring how this key catalyst\u2014which has loomed for months\u2014could reinject volatility to crypto markets that otherwise have stagnated.<\/p>\n

\n

\u201cCurrent positions near $28,500 indicate bullish dominance and confirm the existence of an upward channel since early September with a sequence of more than three higher highs and lows,\u201d said Alex Kuptsikevich, an analyst at broker FxPro. \u201cThe market could quickly move to the $29,400 level, recovering from the mid-August selloff.\u201d<\/p>\n

Bitcoin bulls hope that spot ETFs\u2014which hold Bitcoin themself, as opposed to futures contracts tracking the crypto held by existing ETFs\u2014will usher in a fresh wave of investor interest in cryptos and herald institutional adoption of digital assets. The prospect that either the
\n Grayscale Bitcoin Trust
\n will be allowed to convert to an ETF, or that the Securities and Exchange Commission will approve spot Bitcoin ETFs from
\n BlackRock
\n and other traditional financial firms, was dominating sentiment.\u00a0<\/p>\n

With the ETF frenzy at the fore, Bitcoin has outperformed other risk-sensitive assets, namely stocks, as the
\n Dow Jones Industrial Average
\n and
\n S&P 500
\n have lagged.\u00a0<\/p>\n

Stocks sold off on Tuesday and remained under pressure on Wednesday amid both signs that the U.S. economy continues to run hot and fears that escalating conflict in the Middle East may send oil prices higher, stoking inflationary forces. Both factors could ultimately push the Federal Reserve to keep interest rates higher for longer than once expected, with higher borrowing costs a key headwind for the riskiest assets.<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014fell less than 1% to $1,580. Smaller tokens or altcoins were weaker, with
\n Cardano
\n and
\n Polygon
\n down 2% each. It was more of the same for memecoins, with
\n Dogecoin
\n and
\n Shiba Inu
\n both falling 2%.<\/p>\n

\u201cThe picture in the altcoins is less optimistic. Ethereum has been making lower and lower local highs and lows for the past two weeks after coming under increased pressure following a consolidation below the 200-week average, with the 50-week average acting as local resistance,\u201d said Kuptsikevich.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin was up slightly in the face of macroeconomic headwinds Wednesday, outperforming other risk-sensitive assets on hopes that regulators will approve spot Bitcoin exchange-traded funds. The price of Bitcoin has risen less than 1% over the past 24 hours to above $28,550. The largest digital asset remains at the highest consistent levels since mid-August following […]<\/p>\n","protected":false},"author":1,"featured_media":63353,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-74174","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBitcoin Price Beating Stocks. 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