The Bitcoin (BTC) rate on the night of February 15 exceeded $52 thousand, immediately rising to $52,500 in pairs with the stablecoin Tether USD (USDT) on the Binance exchange. At 15:30 Hong Kong time, the first cryptocurrency is trading at $51,951 thousand. The last time BTC traded above $52 thousand was in November 2021. One of the key factors behind Bitcoin’s current growth is increased demand from institutional investors, as well as technical signals. According to technical signals, the immediate growth target for BTC is $52 thousand. The correction, apparently, has already taken place, it went exactly on time and fit into the predicted levels. Now nothing distracts buyers from the rally. Further, the market is quite capable of focusing on the range of $54-55 thousand. Demand for Bitcoin is supported by activity in spot exchange-traded funds (ETFs) launched in January, the issuers of which buy back Bitcoins daily to secure shares. The funds already manage about $4 billion, the BlackRock ETF alone, according to data on the official website, holds more than 100 thousand bitcoins, and the daily influx of assets into the company’s ETFs on February 13 exceeded $400 million.
Bitcoin’s growth is fueled, among other things, by investors’ hopes for the upcoming halving. In mid-April 2024, the reward to Bitcoin miners for a completed block of transactions is scheduled to be halved. This change is generally seen as a harbinger of a bullish period for the crypto market, with several halvings in the past followed by a steady rise in Bitcoin’s price. The cyclical nature of BTC’s behavior suggests that this time, halving the Bitcoin mining speed will cause the cryptocurrency to grow. In 2024, the coin found itself in a unique position. Halving will create a major shortage of Bitcoin in the market, and issuers of spot Bitcoin ETFs can significantly increase it. The formation of a trend is already indicated by a decrease in the volume of BTC available for purchase on the market.
The second largest cryptocurrency, Ethereum (ETH), also reached a new high, reaching $2,825 for the first time since spring 2022. Numerous on-chain indicators and derivatives market activity point to a potential ETH breakout. Ethereum’s capitalization has surpassed $334 billion. After strong bull defense near the $2,700 Fibonacci level, Ethereum rose exponentially to $2,773 before witnessing some selling pressure. ETH is currently trading at $2,825, up over 5% on the day. While the 20-day EMA at $2,619 and the RSI in overbought territory signal a possible minor pullback, holding $2,700 could push prices towards the coveted $3K mark. On the downside, the recent breakout level at $2,400 represents initial critical support. However, a fall below this level could intensify selling and open up the $2,150 demand zone next time.
Regulators in the United States are awaiting approval of spot ETFs for Ethereum, applications for which were submitted by BlackRock, Grayscale, Ark Invest and Fidelity Investments. The deadline for the first decisions is set for May of this year. However, during his Squawk Box interview with CNBC on February 14, SEC Chairman Gary Gensler didn’t say much about Ether spot exchange-traded funds (ETFs). When asked if and when a decision might be made, Gensler simply replied that the process would be carried out in exactly the same way as a Bitcoin ETF, without revealing anything about the current status or possible time frame. Let us remind you that the Securities Agency postponed its decision on the approval of the Invesco Galaxy Ether ETF on February 6. The SEC also delayed a decision on Invesco’s ETF application in December. The SEC also delayed decisions on other applications for the Ether ETF, including applications from Grayscale, Fidelity and BlackRock, the world’s largest asset manager. Other firms vying for ETF endorsement include VanEck and Hashdex. The SEC must make a decision on VanEck’s application by May 23, ARK 21Shares by May 24, Hashdex by May 30, Grayscale by June 18 and Invesco by July 5. Fidelity and BlackRock’s applications must be accepted or rejected by Aug. 3 and Aug. 7, respectively.
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