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Bitcoin Edges Up, Dogecoin And Ethereum Diverge As BTC ETF Landscape Expands: Analysts Sees Apex Crypto Breaking $38K

Mehab Qureshi
November 29, 2023

Major cryptocurrencies experienced a mixed trading day on Wednesday due to two notable developments. Firstly, the race for a Bitcoin ETF gained traction as the number of entrants reached a total of 13. Secondly, the FTX estate received approval to sell its trust assets, which include shares of Grayscale and Bitwise investment funds worth approximately $873 million.

CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EST)
Bitcoin (CRYPTO: BTC)0.01%$37,880.7
Ethereum (CRYPTO: ETH)-0.77%$2,035.41
Dogecoin (CRYPTO: DOGE)+0.81%$0.08149

What Happened: Swiss asset manager Pando has joined the race to launch a spot Bitcoin exchange-traded fund (ETF). 

This late entrant enters the market alongside other prominent bidders like BlackRock, ARK Invest, and Grayscale, who have been seeking approval from the country’s securities regulator, the Securities and Exchange Commission (SEC). 

Pando’s filing has stirred curiosity, with Bloomberg ETF analyst Eric Balchunas expressing his inquisitiveness about the timing of their entry. In other cryptocurrency news, major digital currencies experienced a mixed trading performance on Wednesday. 

Meanwhile, the FTX estate received approval to sell its trust assets, including shares of Grayscale and Bitwise investment funds, which amounted to approximately $873 million.

Top Gainer (24 Hour)

CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)
IOTA+45.12%$0.25
ThorChain+4.90%$6.35
KuCoin+3.76%$8.19

The global crypto market cap has reached $1.43 trillion, marking a 2.47% increase in the last 24 hours.

Although the S&P 500 and the Dow Jones Industrial Average closed near the flat line on Wednesday, they are still on track to achieve their largest monthly gain in 2023.

In a positive move for stock valuations, the yield on the 10-year Treasury note has dropped below 4.3%.

Newly released data reveals that the gross domestic product in the third quarter has surpassed expectations, growing at an annual rate of 5.2%. This growth can be attributed to revisions in government spending and investments in nonresidential structures.

See More: Best Cryptocurrency Scanners

Analyst Notes: Eli Taranto, Executive Director at EQI Bank in a note seen by Benzinga said, "The U.S. economy figures released Wednesday showed a stronger pace than previously estimated in the third quarter, flexing muscles ahead of the December Fed meeting." 

He added, "Consumer spending, however, landed at 3.6%, compared with the earlier projected 4%. This may have reflected on BTC today however did not seem to move markets significantly. Overall, it looks like clear skies ahead, unless further geopolitical or significant economic uncertainty suddenly captures the headlines.."

Cryptocurrency analyst Michael Van de Poppe said that the current market conditions are undergoing consolidation. "Giving opportunities, still no breakout of Bitcoin above $38K. If we continue to make higher lows and higher highs, a breakout seems to be happening soon.  Structure lost? Buying at $33k-$35K."

According to pseudonymous crypto analyst Crypto Tony, the current update for BTC suggests a target range of $39,000 – $40,000. Following that, the analyst expects to see an initial drop, with Altcoins absorbing the liquidity and potentially rallying. 

Based on data from Santiment, an on-chain data analytics firm, it has been observed that the supply of Bitcoin on exchanges is increasingly being moved into self-custody. This trend can be attributed to the diminishing reputation of exchanges. On the other hand, the 10 largest Tether exchange wallets currently hold $15.23 billion, indicating a surge in exchange buying power. This level of buying power has not been seen in over 17 months, as per the data.

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users

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