The crypto sector is witnessing sideways movement, as shown by the top digital assets such as Bitcoin ($BTC), $XRP, Ethereum ($ETH), and Dogecoin ($DOGE) in their performance. Hence, irrespective of the relaxing stance of the U.S. Securities and Exchange Commission (SEC) on crypto exchange-traded products, the top cryptocurrencies are showing a decline.
As per the latest market statistics, Bitcoin has briefly reached $118,000 ahead of retracing, while Ethereum ($ETH) is maintaining its position below $4,650. At the same time, Dogecoin has dropped by 0.41% to reach $0.2815, while $XRP is changing hands at $3.08.
SEC’s Calmed ETF Stance Fails to Trigger Market Shift Irrespective of Institutional Speculation
Based on the market data, irrespective of the calming approach of the US SEC toward the ETPs, the major cryptocurrencies are presenting a dip in the “bull vs bear” showdown. Hence, the green light given by the SEC on the listing standards regarding crypto exchange-traded products has triggered speculation about a potential rise in institutional adoption. Under the Trump administration, this development likely decreases the barriers for entities to release crypto exchange-traded funds (ETFs).
Nonetheless, despite such a positive development, the weir cryptocurrency sphere appears to be unmoved in the short term. Specifically, a 21% decline has occurred in trading volumes across prominent exchanges over the past 24 hours. Additionally, liquidations have reached the $250 million mark throughout the market.
$ETH, $DOGE, and $XRP Stand in Holding Pattern While $BTC Anticipated to Plunge to $112K Before Rise to $130K
Thus, the overall sentiment in the crypto market is “Neutral.” This points out that the industry is currently going through prevailing uncertainty. Additionally, the investors are keenly watching for an optimistic response from the key crypto assets like $BTC, $ETH, $DOGE, and $XRP to the latest positive regulatory shift.
At the moment, Bitcoin ($BTC), Ethereum ($ETH), Dogecoin ($DOGE), and $XRP seem locked in an apparent holding pattern. In this respect, the analysts expect $BTC to drop to $112K before a surge to $130K. However, whether the current scenario paves the way for the next spark remains to be seen as time passes.
