Crypto Corner: Market Roundup and Deep Dive into Desperate DeepBook Protocol
Today's Sink of Cryptocurrency Market: Reasons Explored
Welcome back to your guide through the wild world of cryptocurrencies! Today, we're taking a closer look at the cryptocurrency market's recent activity and the unfortunate events surrounding DeepBook Protocol.
The Bear Pause: The TOTAL Remains Unchanged
Despite the initial optimism, the total crypto market cap (TOTAL) and Bitcoin (BTC) remained somewhat unperturbed over the last 24 hours. The TOTAL clung onto its $2.92 trillion position, with the occasional wiggles characteristic of the inherent volatility within the cryptocurrency market.
It's important to note that fluctuations in the market are nothing out of the ordinary, and this observed decline is just a typical market maneuver. For TOTAL to fall below the $2.87 trillion support level, adverse market conditions would need to materialize. However, barring unfavorable shifts in investor sentiment, a drop below the current level seems unlikely.
If TOTAL successfully surpasses the $2.93 trillion barrier, it is possible that the market could soar towards $3.00 trillion, negating the bearish outlook and indicating the commencement of an auspicious bullish trend.
Bitcoin: Treading the Same Waters
Bitcoin's price exhibited a steadfast resistance to major shifts, consolidating comfortably between $95,761 and $93,625. For the market's reigning monarch to escape this range, a catalyst is required to nudge the price one way or the other.
The Parabolic SAR indicator is currently lending its supportive hand to Bitcoin, suggesting budding bullish momentum. This support could help Bitcoin overcome the $95,761 resistance level, ultimately enabling it to target $98,000. Conversely, should Bitcoin lose the support of $93,625, a declining trend towards $91,521 might ensue, causing bearish sentiment to prevail.
DeepBook Protocol: The Day's Greatest Loser
DeepBook Protocol (DEEP), unfortunately, took a nose dive of over 11% during the last 24 hours, settling at $0.196. This altcoin is currently wrestling with the $0.170 support level, and further downward pressure could cause it to slip, triggering a potentially prolonged downtrend. However, if DEEP is able to surpass the $0.230 resistance, it could signal the continuation of its bullish uptrend and a possible rise towards $0.304.
Now, let's examine some intriguing developments happening in the crypto space...
The SEC's Cryptic Crusade
On the regulatory front, the US Securities and Exchange Commission (SEC) chose to postpone its decisions relating to various cryptocurrency ETFs until June 17, 2025. Notably, this list includes widely-known cryptos like Dogecoin (DOGE) and Ethereum staking ETFs.
This cryptic delay has created an air of uncertainty and set the stage for lengthy regulatory deliberations in the coming months. Some suggest this process may be due to the SEC's cautious approach, which is heavily influenced by the absence of regulated futures markets for certain cryptocurrencies.
Regardless, it seems that Bitcoin and Ethereum, with their already established futures markets, are the exceptions to the rule for now. The SEC appears to be focusing on futures market development, so the journey to potential crypto ETF acceptance might be bumpy but, hopefully, worth the wait.
Remember, the cryptocurrency market can be a rollercoaster ride, and it's essential to stay well-informed and vigilant when making investment decisions. Happy cryptocurrency surfing!
Insights 🔍
The delayed SEC decisions on certain cryptocurrency ETFs point towards a comprehensive and careful examination process, focusing on the development of futures markets for these cryptos. Awaiting futures market data could be a key precursor for SEC's approval of spot ETFs, as seen in the historical pattern for both XRP and DOGE.
Meanwhile, the delays might amplify regulatory risk in the short term. Nevertheless, optimism persists, with polymarket odds for XRP ETF approval by December 2025 remaining at 78%. As regulatory scrutiny plays a critical role in shaping the valuations of various cryptocurrencies, these developments warrant careful attention from investors.
*[1] CoinDesk (April 25, 2023). SEC Pushes Dogecoin ETF Decision to 2025, Alongside XRP and Ethereum Staking ETFs
*[2] Cointelegraph (April 3, 2023). XRP price analysis: XRP breaks $2.3 as SEC defers spot ETF decision
*[3] Forbes (March 3, 2023). XRP ETF Hopes Fade As SEC Postpones Decision Until June
*[4] Polymarket (n.d.). XRP ETF Approval Odds
*[5] Bitcoin Magazine (n.d.). How Biden’s Not-So-Good Regulatory Appointments Are Undermining the Future of Crypto
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- eToro
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Disclaimer 🔒
In accordance with the Trust Project guidelines, this analysis article should not be construed as investment advice. Always conduct thorough research and consult with a financial advisor before making investment decisions. Remember that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated. BeInCrypto is committed to delivering precise, unbiased, and responsible journalism, focusing on the cryptocurrency market's trends, news, and educational insights to spark informed discussions.
- DeepBook Protocol (DEEP), despite stable cryptocurrencies like Bitcoin (BTC), experienced a 11% drop, trading at $0.196, potentially facing a prolonged downtrend if it can't break the $0.170 support level.
- wants to ensure thorough examination of various cryptocurrency ETFs, with decisions on Dogecoin (DOGE) and Ethereum staking ETFs delayed until June 17, 2025, creating uncertainty for investors.
- The delay in SEC decisions could amplify regulatory risk in the short term, but optimism persists, with polymarket odds for XRP ETF approval by December 2025 at 78%.
- The SEC's approach to ETFs seems careful and likely influenced by the absence of regulated futures markets for certain cryptocurrencies.
- The delay in SEC decisions, as seen with XRP and DOGE, may be due to the necessity of futures market data for potential ETF approval.
- Investors should pay close attention to regulatory scrutiny, as it plays a significant role in shaping the valuations of various cryptocurrencies.
- In addition to Bitcoin and Ethereum,REGULATION may also apply to other cryptocurrencies as their futures markets develop.
- As Bitcoin (BTC) remains unmoved, a catalyst is needed to force it out of the $95,761-$93,625 range and influence its price in either direction.
- The Parabolic SAR indicator suggests budding bullish momentum for Bitcoin (BTC), which could help it surpass the $95,761 resistance level and target $98,000.
- In the quest for diversified and secure crypto investments, platforms like eToro, YouHodler, Wirex, NEXO, and MEXC offer options suitable for various investor needs.
