After the significant win of Ripple over the SEC, the asset management firm has managed to list the very first Bitcoin spot ETF. Jacobi Asset Management, a London-based firm that is regulated by the Guernsey Financial Services Commission (GFSC), listed the world’s first Bitcoin spot ETF on Euronext Amsterdam after two long years of approval. The ETF will trade under the ticker symbol $BCOIN, while custody of the fund is provided by Fidelity Digital Assets, and the market makers will be a trading firm called Flow Traders.
Besides, the BTC price continues to trade within the same range as the volatility, which continues to trade at 7-month lower levels. The price is experiencing extreme compression and requires a base to trigger a bullish rebound to reach $30,000. However, the launch of the Bitcoin Spot ETF may be the tipping point that lifts the price towards these levels.
But for how long? Will the bulls manage to hold on to their gains?
One of the popular analysts has written down the Bitcoin price prediction for the next seven days, and it appears the impact of the Bitcoin Spot ETF launch may not have any impact on the price.
The analyst, Crypto Tony, believes the BTC price will remain stuck in the same range of $29,400 to $29,500 for the next 7 days. However, the analyst hints towards a bullish upswing on August 20, 2023, as the prices are believed to rise above $30,000. It has been observed for the past few months that the BTC price requires a huge bullish push to rise above these levels. Hence, it may be a signal of impending BTC volatility, which is expected to shoot up soon.
Presently, the BTC price is displaying very minimal volatility, as it has been trading almost flat for quite some time. While external factors like the CPI rates, FOMC, DXY Index, etc. have failed to generate the required volatility, the beginning of the BTC spot ETFs could have a positive impact. However, the market participants continue to remain perplexed about the next price action and the growing strength of the bears, which has kept the markets consolidated within a narrow range.
Credit: Source link
