Latest Situation in Bitcoin and Altcoins After SEC’s Spot Bitcoin ETF Approval

Finally, the expected decision came and the SEC approved spot Bitcoin ETFs.

There was a lot of speculation before the approval, and we even witnessed the SEC’s Twitter account being hacked and fake news being made.

At this point, the highly anticipated spot Bitcoin ETFs, which have been rejected since 2013, have been approved.

Currently, Bitcoin has not yet reacted seriously to the news and is priced at $46,000.

While Bitcoin continued its stable movements, the real rise came from altcoins.

Ethereum’s rise in the last 24 hours exceeded 9 percent and reached $2530 levels.

When we look at other major altcoins, we see that they are also moving in an upward direction. On the other hand, Bitcoin dominance fell sharply below the 53 percent level.

This shows that money is moving out of BTC and into altcoins.

The key support level for Bitcoin dominance appears to be 53. In particular, breaking this support level may further accelerate the flow of money to altcoins.

When we look at the fear and greed index in the market, we see that it is in the “Greed” position with 73 points. Bitcoin ETFs, which will start trading in the USA tomorrow, may cause serious volatility in the market.

It is especially recommended to stay away from leveraged transactions during this period.

*This is not investment advice.