As Bitcoin and the broader crypto market witnessed a sell-off Wednesday, MN Trading founder Michal van de Poppe advised against taking excessive risks with leverage and recommended maintaining low-limit bids. <\/p>\n
In a post on X, Van de Poppe said, Massive liquidations today, the largest for #Altcoins in the past two years. Unlikely it will happen again tomorrow or the day after, <\/p>\n
While Van de Poppe is not expecting a repeat of this scenario, the Bitcoin spot market has shown a slow recovery. Simeon Hyman, global investment strategist at ProShares, highlighted spot market issues during a recent Bloomberg TV interview. <\/p>\n
He pointed out the price discrepancies of Bitcoin across various exchanges and the inherent risks of these platforms. The strategist raised concerns about the daily settlement processes of Bitcoin futures, which rely on a blend of prices, and expressed skepticism about the practicality of cash creation and redemption mechanisms in this context. Hyman went on to call the spot market slightly weird. <\/p>\n
A prolonged market sell-off is not expected due to hopes that the SEC will approve the first spot Bitcoin ETF. Meanwhile, Fidelity Wise Origin Bitcoin Fund recently filed Form 8-A with the Cboe BZX Exchange.Bloombergs James Seyffart underlined that it was the registration of its shares. <\/p>\n
However, this is just the initial step. For the ETF to be listed, it still requires 19b-4 approval and an effective, approved, and completed S-1 document, the analyst explained. <\/p>\n
As the ETF applicants await 19b-4 approval, FOX Business reported that SEC staff attorneys from the Division of Trading and Markets met officials from major exchanges. An SEC spokesperson clarified to the paper that if the Commission declares a registration statement effective, it will be reflected on EDGAR. Moreover, any Commission 19b-4 orders will be posted on the SECs website and then published in the Federal Register. <\/p>\n
Also Read: Bitcoin ETF Approval will be bagged this year, Bitwise reiterates <\/p>\n
While market optimism took a hit on Wednesday, the global cryptocurrency market cap stands at $1.72 trillion, with daily losses. At press time, Bitcoin (BTC) is priced close to $42,800. BTC saw a 5% decline in the last 24 hours, as per CoinGecko data. <\/p>\n
Shraddha's professional journey spans over five years, during which she worked as a financial journalist, covering business, markets, and cryptocurrencies. As a reporter, she has placed particular emphasis to learn about the market interaction with emerging technologies. <\/p>\n
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss. <\/p>\n
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Bitcoin ETF News Demands Caution With Crypto Leverage - CoinGape<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" As Bitcoin and the broader crypto market witnessed a sell-off Wednesday, MN Trading founder Michal van de Poppe advised against taking excessive risks with leverage and recommended maintaining low-limit bids. In a post on X, Van de Poppe said, Massive liquidations today, the largest for #Altcoins in the past two years Continue reading