Benzinga – by Mehab Qureshi, Benzinga Staff Writer.
Major cryptocurrencies experienced a surge on Monday evening, driven by investors injecting funds into the market. This surge can be attributed to the growing optimism surrounding the potential approval of a Bitcoin exchange-traded fund (ETF).
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | +0.08% | $34,469 |
| Ethereum (CRYPTO: ETH) | +1.03% | $1,811 |
| Dogecoin (CRYPTO: DOGE) | +0.94% | $0.069 |
What Happened: Several prominent Wall Street firms have submitted applications to the Securities and Exchange Commission (SEC) for a new spot BTC ETF product.
Crypto-focused investment funds experienced a massive influx of $326 million in net inflows last week, marking the highest amount in a single week since July 2022, reported CoinShares.
According to the report, the primary driving force behind this surge was the rally in prices, ignited by the increasing optimism surrounding the potential approval of the SEC for the first spot bitcoin ETF.
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Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| BitTorrent | +19.95% | $0.000000513 |
| THORchain | +14.62% | $2.79 |
| Arweave | +11.52% | $5.84 |
The global crypto market cap currently stands at $1.26 trillion, reflecting an increase of 0.50% in the past 24 hours.
U.S. stock futures remained steady during Monday evening, following an upturn in the major benchmarks during a relief rally. S&P 500 futures slightly declined by 0.04%, while Nasdaq 100 futures saw a marginal decrease of 0.06%.
During Monday’s trading session, the S&P 500 successfully rebounded from correction territory and closed 1.2% higher, marking its most impressive performance since late August. The Nasdaq Composite also experienced a gain of about 1.2%.
On Wednesday, the highly anticipated Federal Reserve decision will take place, in which it is widely expected that the central bank will maintain its benchmark interest rate. This decision comes in response to the recent stock market correction, largely attributed to the surge in interest rates. As investors closely watch the outcome, they are hopeful that the Fed will provide indications that they have concluded their rate hiking efforts.
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Analyst Notes
Crypto analyst Michael Van De Poppe has identified four tests of resistance for Bitcoin. According to his analysis, there is a strong possibility that, with another test, the price will break out and surpass the previous highs, creating a surge in liquidity. Based on his assessment, it seems quite “reasonable” to expect Bitcoin to reach the range of $36.5-37K.
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Photo by Avi Rozen on Shutterstock
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