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Eric Balchunas and James Seyffart Weigh In as Bitcoin Dominance Surges Ahead of Crucial Week
- Bloomberg analysts Eric Balchunas and James Seyffart provide insights, forecasting a mere 5% chance of the SEC denying a spot Bitcoin ETF.
- Bitcoin traded sideways while altcoins faced a considerable sell-off, with Solana notably losing 13% against Bitcoin.
- Bitcoin dominance reaches 54%, signaling market anticipation for a potential landmark approval of the spot Bitcoin ETF. The upcoming week is expected to bring heightened volatility, with all eyes on the SEC’s decision.
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Start TradingBloomberg analysts, Eric Balchunas and James Seyffart, have weighed in on the potential SEC decision regarding a spot Bitcoin ETF. Balchunas is notably optimistic, reducing the likelihood of SEC denial to a mere 5%. Seyffart suggests that only unforeseen interventions from Gary Gensler or the Biden administration could lead to a denial.
Over the weekend, traditional markets were closed, but the crypto market continued its activities. Bitcoin traded sideways between $43,500 and $44,400, reflecting a minimal 2% swing. Altcoins, on the other hand, experienced a considerable sell-off, with BNB, Solana, Cardano, Avalanche, Dogecoin, Polkadot, Polygon, Shiba Inu, and ICP seeing declines ranging from 3% to 9.7%.
Eric Balchunas, a Bloomberg analyst via a post on X has significantly reduced the probability of the SEC denying a spot Bitcoin ETF to just 5%. Meanwhile, James Seyffart points to potential denial routes through a post on X and also highlighted the possibility of interventions from Gary Gensler or the Biden administration.
Also Read: Number of Bitcoin-Friendly Merchants Grew by 174% in 2023: Report
Altcoin Performance and Bitcoin Dominance
Various altcoins, including BNB, Solana, Cardano, and others, have witnessed declines ranging from 3% to 9.7%. This downturn is notably influenced by Bitcoin’s sideways trading, indicating the dominant role of Bitcoin in shaping the broader market trends.
While many altcoins experienced significant declines, a handful, including Ethereum, XRP, Tron, Chainlink, Litecoin, and Bitcoin Cash, have shown resilience with less than a 3% decline over the past 24 hours. The reasons behind the resilience of these specific altcoins are worth exploring, shedding light on potential factors influencing market dynamics.
Bitcoin dominance has risen by 1.5%, reaching a peak of 54%. This increase suggests Bitcoin’s solidification in the market, especially as the spotlight intensifies on the potential approval of a spot Bitcoin ETF. The dominance of Bitcoin in the market is a crucial factor influencing the overall cryptocurrency landscape.
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Start TradingSolana’s Decline and Historical Trends
Solana emerged as one of the significant losers over the weekend, plummeting by 13% against Bitcoin and remaining down around 9%. Solana, which peaked at $126 on Dec. 26, 2023, has seen a 28% decline in the 13 days since, now trading at $90. The reasons behind Solana’s pronounced decline merit exploration for a comprehensive understanding of market dynamics.
Bitcoin’s dominance has undergone a noteworthy journey from its mid-2023 cycle low, experiencing a surge of 39% to reach the current peak of 54%. The correlation between Bitcoin’s dominance and its price movements holds significance, especially in the context of the potential spot Bitcoin ETF approval.
A historical perspective on Bitcoin dominance, particularly its peak in 2021 and subsequent fluctuations, provides context to current market dynamics. Understanding the historical correlation between Bitcoin’s dominance and its price trends contributes to a more nuanced analysis of the cryptocurrency market.
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The post Bloomberg Analysts Predict Only 5% Chance of Bitcoin Spot ETF Denial appeared first on Bitcoinsensus.
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