Amun Crypto ETP, first of its kind Bitcoin ETF, has been approved by the main exchange in Switzerland. Reports say Amun Crypto ETP will comprise of 5 leading crypto assets including Bitcoin, Ripple (XRP), Bitcoin Cash, Litecoin, and Ether.
The fund has given highest importance to Bitcoin. Half (1/2) of the fund will be made up of Bitcoin. While a quarter (1/4th) portion of the fund is given to Ripple (XRP), the 1/6th portion is given to Ether. This Bitcoin ETF will be live in the coming few days. Analysts believe once it rolls out, the market will ensure that enough liquidity is present.
As the Amun Crypto ETP meets the stringent measures followed by the traditional ETFs, the crypto market is hopeful that the institutions will invest heavily in it. The crypto market also expects the US SEC to approve the Van Eck ETF, the only way through which the crypto market can be satisfactorily regulated.
Bitcoin Price Analysis
Bitcoin price made weekly losses of over -20% after the November 14 crypto market meltdown. However, the BTC/USD price is steadier now. The loss has come down from -20% to -14% in the last week.
One significant aspect is noticed in the technical chart, hinting a positive effect of the first ever Bitcoin ETF’s approval. In the chart, higher highs can be seen. It points to higher expectations of the institutional investors from the first ever ETF. Though the price is still hovering around US$5,500 and is way below the coveted US$6,000, the Bitcoin price has mostly stabilized.
The BTC/USD technical chart shows a bearish market. Analysts believe the prices may pursue a bearish breakout pattern and break below multiple support levels. There is very high liquidity in the market currently. This confirms the presence of lots of bears in the market. Till the market is below the crucial US$6,000 mark, the traders will sell BTC on every pullback. US$5,950-US$6,200 is the ideal sell zone and the safest stop is located at US$6,200, which is also the upper resistance level in the short run.
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