Crypto Currency News

Bitcoin Price steady above $41,000

Bitcoin price: there is calm in the market and BTC remains stable

There are arguments to predict an encouraging future in the short term

Bitcoin rose 2% during morning hours and broke above $42,000; however, it quickly corrected and records a 0.5% downward movement in the last 24 hours. At press time, the price of BTC is USD 41,220.

The leading cryptocurrency has shown resistance above the key $40K barrier, but it looks like it is not yet ready to face the $42,500 resistance. The specialists are not alarmed about this, since they consider it a priority to maintain the current level.

There are arguments to predict an encouraging future in the short term. Australia’s first publicly traded BTC spot fund will go live next week. Cosmos Asset Management firm has received approval from ASX Clear , Australia’s leading equity capital market regulator, to launch a fund connected to the Purpose Bitcoin ETF from Toronto, Canada.

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In this way, the BTC market is expected to see an entry of one billion dollars, which could impact the price or trigger the confidence of investors in the region.

However, the big impact that the new Australian ETF has has not to do with the market itself, but with new pressure on the United States Securities and Exchange Commission (SEC). The country has not yet approved these instruments, and several financial companies are waiting for a change of direction to disburse millions of dollars in the market and launch their own ETFs.

Altcoins

The rest of the crypto market was also partially down in the last 24 hours. Ether (ETH), the leading altcoin, fell almost 2% and is holding up above $3,060. Solana (SOL) and Litecoin (LTC) are down by the same amount and are trading at $105 and $111 respectively.

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Binance coin (BNB) and Cardano (ADA) are down less than 1% and remain above $419 and $0.94, while XRP is down 3% and trading at $0.75.

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