Bitcoin Price Prediction as BTC Spikes Up 0.8% – Time to Buy?
The price of Bitcoin has experienced a notable increase of 0.8%, prompting speculation on whether it is an opportune moment to enter the market. However, it is important to consider various factors that might impact Bitcoin's performance.
Recent news reveals that asset managers plan to refile their spot Bitcoin ETF applications after the Securities and Exchange Commission (SEC) deemed the previous filings inadequate.
Additionally, renowned investor Tim Draper has adjusted the timeframe for his prediction of a $250,000 Bitcoin price.
Moreover, a challenging macroeconomic environment could potentially limit gains for Bitcoin in the third quarter.
These factors should be considered when evaluating the potential for buying Bitcoin at this time.
The exchanges were required by the SEC to specify the details of their "surveillance-sharing agreement" with a specific Bitcoin exchange or provide sufficient information about the arrangement.
Asset managers can revise and resubmit their applications after making the necessary amendments.
Following the SEC's announcement, the price of Bitcoin (BTC) briefly dropped by over 3% and dipped below $30,000.
However, it quickly recovered and is currently trading at around $30,600.
In the revised filing, Cboe intends to establish a "surveillance-sharing agreement" with Coinbase, a prominent cryptocurrency exchange.
According to previous statements from the SEC, a regulated market with substantial trading volume would require a surveillance-sharing agreement between the sponsor of a Bitcoin trust and the market.
The Commodity Futures Trading Commission has long advocated for regulating spot Bitcoin markets, which currently lack government oversight.
As issuers work on resubmitting their
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