BTC Market Update 16th March
TL;DR:
- Bitcoin saw a 10% drop due to a liquidation hunt targeting highly leveraged positions.
- Market reset with neutral funding rates.
- Weekend trading expected to be quiet, with some altcoins outperforming.
- Clarity on Bitcoin movement likely next week as leverage and ETF flows return.
- Bloomberg analysts reduce Ethereum ETF approval odds from 60% to 35%.
- SEC's cautious stance may change closer to the decision date.
Yesterday, Bitcoin experienced a significant 10% drop triggered by a liquidation hunt aimed at highly leveraged positions. This event resulted in a market reset with neutral funding rates.
As we head into the weekend, trading activity typically slows down, with a few altcoins showing better performance due to thinner trading volumes. With the funding rate reset, clearer insights into Bitcoin's movement are anticipated during the weekdays, as leverage increases again and ETF flows come into play.
Moreover, Bloomberg's top analysts have revised the likelihood of an Ethereum ETF approval downward from 60% to 35%, citing a more cautious approach from the SEC, which was more decisive in Bitcoin's case due to its stronger fundamentals. While the market remains cautious, there's a possibility that the SEC's stance may become more favorable as the Ethereum ETF decision date nears. Currently, market sentiment is volatile and cautious, with the upcoming decision being the pivotal factor shaping expectations.
- Bitcoin saw a 10% drop due to a liquidation hunt targeting highly leveraged positions.
- Market reset with neutral funding rates.
- Weekend trading expected to be quiet, with some altcoins outperforming.
- Clarity on Bitcoin movement likely next week as leverage and ETF flows return.
- Bloomberg analysts reduce Ethereum ETF approval odds from 60% to 35%.
- SEC's cautious stance may change closer to the decision date.
Yesterday, Bitcoin experienced a significant 10% drop triggered by a liquidation hunt aimed at highly leveraged positions. This event resulted in a market reset with neutral funding rates.
As we head into the weekend, trading activity typically slows down, with a few altcoins showing better performance due to thinner trading volumes. With the funding rate reset, clearer insights into Bitcoin's movement are anticipated during the weekdays, as leverage increases again and ETF flows come into play.
Moreover, Bloomberg's top analysts have revised the likelihood of an Ethereum ETF approval downward from 60% to 35%, citing a more cautious approach from the SEC, which was more decisive in Bitcoin's case due to its stronger fundamentals. While the market remains cautious, there's a possibility that the SEC's stance may become more favorable as the Ethereum ETF decision date nears. Currently, market sentiment is volatile and cautious, with the upcoming decision being the pivotal factor shaping expectations.
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