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bitcoin price has fallen 1% in the last 24 hours to trade at bitcoin/”>$42.4K starting at 8:30 am EST.
This comes after Securities and Exchange Commission Chairman Gary Gensler said the regulator is taking a “fresh look” at bitcoin spot ETF (exchange-traded fund) applications after a series of legal setbacks.
“We had denied several of these requests in the past, but the courts here in the District of Columbia intervened,” Gensler said. “So we're taking a fresh look at this based on those court rulings.”
SEC Chairman Garry Gensler commented on @CNBC about the point bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF.
How they've been denying these ETFs a little bit in the past, but now BlackRock… I mean, the DC courts have stepped in and now the SEC has to reprocess these ETF applications again.
Remember what I… pic.twitter.com/QrD42zaLIo
-Seth (@seth_fin) December 14, 2023
bitcoin price prediction
Despite this news, looking at the 45-minute btc/USD charts, bitcoin's short-term trajectory remains uncertain, as indicated by the indicators. The 50-period moving average has broken above the 200-period moving average to form a golden cross. This points towards a short-term bullishness in the price of bitcoin.
The Relative Strength Index indicator is also on a downward trajectory as it heads towards the oversold region. The MACD is also moving in the red zone, showing a bearish trend in bitcoin as resistance is felt at $44.6K. Both suggest a short-term bearish timeline, showing the uncertainty over bitcoin price, leaving open the prospects of a breakout on both sides.
The Bollinger Bands are moving closer to each other, showing low levels of volatility in the price of bitcoin. This can be attributed to the drop in trading activities that has seen bitcoin trading volume drop by 26% in the last 24 hours.
Meanwhile, as the price of bitcoin falls, the new bitcoin ETF token looks like a great alternative investment like the BTCETF Presale now exceeds $4.1 million in pre-sale. BTCETF tokens are currently priced at $0.0068.
bitcoin Price Prediction: Is BTCETF a Better Alternative?
With bitcoin stabilizing around $42,000 after briefly reaching $45,000, investors are capitalizing on the current stability, anticipating a possible record rise in digital asset prices.
BTCETFAn ethereum-based token, it incorporates burning mechanisms triggered by ETF approval, launch, and other milestones, ensuring immediate benefits for token holders at crucial moments.
With the competition for supremacy in the ETF market intensifying, with Vanguard and BlackRock vying for dominance, BTCETF is poised to capitalize on a likely rise in the price of bitcoin if the applications are approved.
#SECOND establishes a new “cash reimbursement model” for bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Place #ETF applicants, which affects approval criteria.@InvescoEMEA initially adopts it while @BlackRock introduces “Prepaid” to facilitate participation in Wall Street.
How could these models reshape the accessibility of ETFs?#BitcoinETF has… pic.twitter.com/NN4nnfEJ2M
– BTCETF_Token (@BTCETF_Token) December 14, 2023
Long-term outlook: SEC approval and economic changes
Invest in BTCETF goes beyond a short-term bet on SEC approval, positioning investors for a crucial economic moment. With changing global economic dynamics, bitcoin's potential to gain mainstream acceptance is gaining traction, with spin-off benefits for derivative coins like BTCETF.
The token's value proposition is reinforced by a decreasing total supply and a decreasing transaction tax at each milestone.
In summary, the bitcoin ETF token presents a unique investment opportunity with the potential to generate significant returns amid a rapidly evolving cryptocurrency landscape. With this in mind, the new BTCETF token could be a great alternative to bitcoin itself.
Get your BTCETF tokens here.
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