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The price of bitcoin could be ready to see some recovery after the last few days marked by price drops and uncertainty.
Over the past seven days, btc spent the first half relatively stable, mainly over the past weekend. The price saw a small fluctuation last Thursday and Friday, only to stabilize over the weekend. Over the weekend, the currency remained virtually flat until Sunday evening, September 24.
At that time, the price saw a small rise from $26.6k to $26.7k, followed by a substantial drop on Monday, taking the coin to $26,000 by midday. However, in the second half of the day, btc saw a recovery to $26.4k, but this resistance fell to $26.2k late on Tuesday.
Since then, $26,200 became the coin’s support, preventing it from falling further, although the coin spent quite some time near this level during the last week of September.
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A significant change occurred on September 27, when the price of btc suddenly skyrocketed from $26.2 to $26.8 in a sharp rise. The coin made this jump in just a few hours, only to crash back to where it started later that same day.
However, in the late hours of September 27, btc began a much steadier, albeit still rapid, price recovery that took it to $26,500. It reached this level today and its price dropped slightly to $26,400.
Over the past few hours, the coin has been fluctuating between this support and resistance at $26.5K, and even now, at the time of writing, it sits at $26,423.
On the daily chart, the btc price is about 0.1% higher than yesterday, but on the weekly chart, the coin is still trading in the red, down about 1.3% from last Thursday.
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The big question now is whether bitcoin can recover, depending on what happens next.
SEC OKs Franklin Templeton’s bitcoin ETF Application
The US SEC gave a nod to Franklin Templeton’s bitcoin spot ETF application. Franklin Templeton is a global asset manager with $1.5 trillion in assets under management.
While the regulator currently has several bitcoin spot ETFs to consider, Franklin Templeton’s new filing is notable as it offers a substantial presence in the asset management sector.
At the same time, the regulator announced delays in making decisions on other ETF applications, namely those of VanEck and ARK. The regulator had different deadlines for different ETFs, depending on when they were filed.
As for the two mentioned, the SEC announced a maximum delay, meaning that the decision will be made 240 days from the filing, placing the decision sometime in May 2024.
However, it’s worth noting that the regulator is running out of excuses and reasons to reject ETFs, and even the US Congress recently weighed in, essentially ordering the regulator and its chairman, Gary Gensler, to approve the filings. .
Gensler Avoids Answers About bitcoin ETFs at Congressional Hearing
As mentioned, the topic of bitcoin ETFs came up in the US Congress, and Gensler remained quiet on the matter. Instead of giving Congress answers, the head of the Securities and Exchange Commission launched another public broadside against the crypto industry’s practices.
On the one hand, some of the world’s largest financial entities, such as asset management giant BlackRock, are filing for bitcoin spot ETFs. On top of that, the SEC is losing court cases against crypto companies including Ripple Labs and Grayscale.
Now, Congress is demanding to know what the SEC plans to do, and even said the SEC should eventually approve the product.
On the other hand, the SEC still refuses to do so, leading to accusations of inconsistent and discriminatory behavior by the regulator. Gensler responded that ETFs are still under consideration, arguing that he and the SEC have a lot of respect for the courts.
However, he also said that the upcoming government shutdown threatens further delays in the ETF’s decision-making.
bitcoin Minetrix pre-sale begins
bitcoin Minetrix (BTCMTX) is the hottest new pre-sale launched recently, looking to mine bitcoin so you don’t have to.
The project allows users to buy and stake BTCMTX tokens, and the platform will do all the mining. It will then award its users the mined tokens as staking rewards.
The idea behind the project is quite simple and has already attracted several buyers.
The project has raised $152.8 million so far and its goal is to raise $3.08 million. Anyone interested can buy it in exchange for BNB, eth or USDT.
Related
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 10,000% APY
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