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Bitcoin briefly falls below $30k as SEC says spot Bitcoin ETF filings are inadequate

  • Bitcoin price reacted sharply to news that the SEC had said Bitcoin ETFs filings were inadequate.
  • The SEC had reportedly returned the filed documents to BlackRock, Fidelity.
  • However, BTC recovered above $30k as more details emerged.

Bitcoin briefly crashed to below $30k within minutes on Friday as the US Securities and Exchnage Commission (SEC) reportedly told Nasdaq and the Cboe that recently filed spot Bicoin ETFs by BlackRock, Fidelity and other Wall Street giants were “not clear and comprehensive.”

The regulator has reportedly returned the spot ETF documents.

The markets reaction to the initial news by the Wall Street Journal was swift, with Bitcoin falling to $29,790 and Ethereum below $1,840.

 “Affected by the news, the market crashed within 30 minutes. BTC once fell by more than 5% to below $30,000, ETH fell by more than 4%, and BCH and COMP, which had a large increase today, fell by more than 10%.  Coinglass data shows that in the past 1 hour, the liquidation of the entire network exceeded 84 million US dollars,” Blockchain news reporter Colin Wu tweeted.

However, as it was reported that BlackRock and other asset managers only had to refile their applications correctly, Bitcoin moved back above $30k. Crypto analyst Will Clemente noted:

The post Bitcoin briefly falls below $30k as SEC says spot Bitcoin ETF filings are inadequate appeared first on CoinJournal.

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Bitcoin Cash jumps to 14-month high amid South Korea volume spike

  • Bitcoin Cash has skyrocketed to a 14-month high above $320, hitting highs of $326 on Coinbase.
  • BCH upside momentum has increased since Wall Street-backed EDX listed the coin alongside BTC, ETH and LTC.
  • A spike in volume on South Korea exchange Upbit helped push CBH price higher on Friday.

Bitcoin Cash rallied to its highest price in 14 months on Friday morning, trading at highs of $326 on US-based crypto exchange Coinbase.

Why is BCH price rallying today?

Bitcoin Cash had stagnated below $165 since dipping below the level in June last year. However, with Bitcoin rallying to above $31k amid bullish sentiment buoyed by BlackRock’s spot ETF filing, BCH roared to a one-year high.

The bulls have been relentless since, with price crossing the psychological $300 mark today with more than 30% gains in 24 hours. The cryptocurrency has rallied nearly 200% over the past two weeks, and is now in the green by 110% over the past year.

It is notable that the price of BCH had raced to a new year high last week after EDX Markets, a new crypto exchange backed by major Wall Street companies including Fidelity and Charles Schwab, listed Bitcoin Cash. EDX only lists three other coins – BTC, ETH and LTC.

Enthusiasm across the BCH community from this listing has added to the upside momentum. On Friday, the positive outlook on the cryptocurrency’s potential saw volume spike on a leading South Korea-based crypto platform.

As crypto markets bid to hold onto the positive sentiment, Bitcoin Cash appears to be getting some extra leg from South Korea. Over the past 24 hours, the BCH/KRW pair on crypto exchange Upbit rose to $557 million, more than thrice the volume of BTC/KRW and nearly 6x greater than BCH/USD.

Data from CoinGecko shows daily trading volume across all exchanges has increased 165% in the past 24 hours to over $2.4 billion. As IntoTheBlock points out, BCH volume rose to above $750 million on Thursday, a one-year high.

The post Bitcoin Cash jumps to 14-month high amid South Korea volume spike appeared first on CoinJournal.

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Solana technical analysis update – can it jump to $40?

  • Solana rallied in 2023 but failed to break above the horizontal resistance
  • A bullish case remains valid unless the price moves below the 2022 lows
  • If it breaks above horizontal resistance, Solana may trade above $40

Cryptocurrency investors must be thrilled with the 2023 price action. After all, Bitcoin bounced from last year’s lows, triggering a similar move in other major cryptocurrencies.

Solana followed suit.

The price more than doubled this year, rising from $10 to over $25 in what appeared to be a clear bullish breakout.

However, after trading above $26 in January, the market failed to build on the bullish trend. Instead, a consolidation started, bringing doubts to bullish traders.

The best way to clear such doubts is to look at the bigger picture. As the chart below shows, it is difficult to build a bullish case while the market holds below horizontal resistance.

However, the 2022 lows remain in place, so one can build a bullish scenario as long as the market does not dip below those lows.

Solana chart by TradingView

A break above horizontal resistance should trigger more gains

Solana’s price remains bearish while below horizontal resistance. However, a break above it implies more strength ahead.

That is especially true if the US dollar’s weakness resumes. So far in 2023, the dollar traded with a mixed tone.

But as the Fed is on pause, renewed weakness will bode well for cryptocurrencies and for Solana.

A daily close above horizontal resistance opens the gates for a move above $40. If the Fed believes that the US inflation data follows the right path, the dollar should weaken in the year’s second half.

The post Solana technical analysis update – can it jump to $40? appeared first on CoinJournal.