The [BTC](/coins/btc) price is now trading at $28K, indicating that it is highly oversold, as evidenced by RSI levels around 30%.

Indeed, the RSI has hit levels not seen since the May 2021 crisis. The price may have a positive retracement and retest the broken $30K barrier in the immediate term. However, it is also feasible that it will continue to fall towards $24K and $20K, which might eventually indicate a mid-term bottom. 

The 50-day and 100-day moving averages also form a bearish crossing, which might increase the likelihood of lower prices sooner rather than later. BTC price has broken below the huge bearish flag that has been building over the previous few months, indicating a negative continuation scenario. 
 
The downtrend is presently displaying symptoms of fatigue, with the past few candles closing with large wicks to the downward. The RSI is also attempting to break above the oversold area, implying a short-term positive pullback to the previously breached $30K barrier. However, the bears have total control, and a collapse below the $24K level remains likely. 

The futures market undoubtedly had an influential role in this collapse, since Bitcoin's open interest was unusually high even as the price fell from $48K to $37K in April. This gradual decline in open interest during a 20% drop indicated that many stop losses and liquidation targets of long positions were located below the $37K, $33K, and $28K support levels.  

However, the open interest is still significantly greater than in May 2021 following the drop from the $64K ATH, indicating that the futures market is still hot, despite the current decline. Because high open interest results in significant volatility, this might be taken as a negative indication. Rising inflation, geopolitical events, and concerns about the Fed tightening monetary policy have all contributed to heightened market volatility. 

The Fed raised interest rates on Wednesday - the first time in more than 20 years - signalling that future rate hikes are likely and that the balance sheet runoff will begin in June. Some analysts believe [TerraUSD (UST)](https://coinmarketcap.com/currencies/terrausd/), one of the most popular stable currencies, also contributed to Bitcoin's fall this week. UST is supposed to be tethered to the dollar, but it plummeted to 29 cents this week and crashed in a simulated bank run as investors panicked and sold out their tokens. 

Since December 25, 2021, the BTC price has not risen beyond $50,000. Despite the problems, Bitcoin has remained above its January low of less than $34,000, which was the lowest in the preceding six months. BTC price dropped by 40% since its all-time high above $68,000 on November 10, owing to rising inflation, a sluggish job market recovery, and the Fed's continuous signs that it will begin winding down the measures to assist the economy.

Despite a poor start to the year, Bitcoin entered 2021 on a high note, thanks to a robust November and early December that gave way to the recent downward trend. After beginning 2021 around the $30,000 level, Bitcoin rose throughout the year, reaching its current all-time high of $68,000 on November 10.  

Despite decreasing dramatically from its most recent all-time high, many analysts believe BTC price will eventually surge beyond $100,000, describing it as a matter of when, not if.

Bitcoin reached its first high in 2021 when it surpassed $60,000 in April. Since then, the price fluctuation has highlighted the cryptocurrency's unpredictability when more individuals are eager to participate. Bitcoin bounced dramatically up and down in the weeks between a July low that brought it below $30,000 and its most recent peak in November. 

## Analysts’ Views of BTC Price

According to a crypto specialist, price fluctuations are expected for individuals who invest in crypto for the long term. Big drops are not a cause for concern, and he avoids reviewing his stocks during dangerous market falls.

Humphrey Yang's set it and forget it attitude to cryptocurrencies mirrors his approach to traditional stock market trading. Still, other experts believe Bitcoin is too distinct from traditional assets to draw historical similarities.  

Recent price fluctuations have been accompanied by rising inflation, persistent uncertainty over the country's protracted battle with COVID-19, and new regulatory steps by the United States government, notably Biden's recent executive order.
 
## Cryptocurrency Crime and Tax Evasion 

A few main themes have developed about new cryptocurrency regulation in the US: preventing cryptocurrency crime and tax fraud, ensuring stable coin regulation, and the possibility for investment vehicles like crypto ETFs and other funds.
The decentralised nature of digital currencies is a significant appeal for many crypto aficionados. However, regulatory guidelines can assist in protecting investors.  

One proposal would broaden the definition of a brokerage to include firms that support digital asset trading, such as cryptocurrency exchanges. This type of move would imply higher tax reporting duty to assist the IRS in tracking crypto tax evasion. 

Companies that facilitate crypto trades would be compelled to provide tax information about such exchanges to the IRS, beginning with the 2024 tax season, under a proposed new rule being examined by legislators.  

Furthermore, Gensler has spoken about the necessity for increased legislation to help avoid future ransomware attacks. 

## Stable Coin Regulation 

Stable coins are most utilised by sophisticated traders to decrease costs on crypto-to-crypto exchanges, but the Biden administration analysis suggests that stable coins may become a more general digital payment system. Because cryptocurrency is still in its infancy as an asset class, any new regulations may influence investors' portfolios.

According to Gensler, unscrupulous actors may be able to dodge public policy measures and other punishments targeted at preventing money laundering or guaranteeing tax compliance by avoiding the use of US dollars in direct crypto-to-crypto exchanges. 

## Cryptocurrency ETFs 

Cryptocurrencies ETFs are not now accessible in the US, but they may provide a future method for investors to invest in cryptocurrency without buying directly from an exchange. "There's not a method to acquire an asset that closely tracks the price of a certain cryptocurrency until an ETF is approved," explains Jeremy Schneider. That implies that the only method for investors to do so is to purchase coins directly from an exchange. If you are interested in cryptocurrency, these funds, like a traditional ETF or index fund, may help you diversify your assets among multiple coins. 

## Biden's Executive Order  

President Joe Biden has authorised federal agencies to establish a plan for laws and regulations on digital assets such as bitcoin with the signing of a new executive order on cryptocurrency. 

According to experts, the decision will assist in creating the regulatory clarity needed for significant institutional adoption of Bitcoin and other digital assets. Long-term investors may benefit from more stability in the usually turbulent crypto sector. After an early burst that saw the price of Bitcoin rise, it quickly dropped again. 

Biden's directive also directs US authorities to ensure that the country's cryptocurrency regulations are consistent with US allies. It charges the Financial Stability Oversight Council to investigate any illegal financial issues. Furthermore, the law underlines the significance of a new central bank digital currency issued by the government. Biden's executive order is a timely reminder that US politicians are closely monitoring Bitcoin and how it may impact financial markets in the future. This should not persuade crypto investors to make quick adjustments to their long-term investment strategy.

Experts advise sticking to the most established cryptocurrencies, Bitcoin and Ethereum, and investing just what you are willing to lose or no more than 5% of your overall portfolio. Budget essentials such as emergency preparedness, debt repayment, and retirement savings should take precedence over Bitcoin investments. Regarding where to purchase and sell cryptocurrencies, stick with a well-known, high-volume cryptocurrency exchange. 

## China’s Ban on Financial Institutions from Cryptocurrency Business 

China has prohibited financial institutions and payment businesses from offering cryptocurrency transaction services and has advised investors against speculative crypto trading.

According to a blockchain analysis business, a combination of factors has contributed to the recent sell-off, in which new short-term investors dumping their holdings in response to the latest decline may be adding to the reduction in Bitcoin's value. However, the stock and cryptocurrency markets have historically gained despite greater volatility and this is expected to continue. As a precaution, experts urge investors to keep investments small to handle volatility. 

To conclude, if Bitcoin survives as a digital asset class, which it may, it will be seen as a high-risk asset class. As a result, it might see a significant gain in value in the future or go the other way and become worthless. Therefore, it remains to be seen if Bitcoin is indeed the future “world money".


BTC Price: Bitcoin Update

There’s a lot of chatter about the brave new world of crypto ETFs. So, what’s going on?

[Bitcoin](/coins/btc) (BTC) and [Ethereum](/coins/eth) (ETH) are two of the most popular and heavily capitalised cryptocurrencies on the digital assets market today. Both have gained a reputation for being a starter home of sorts for new investors who are finally ‘ready and willing’ to take their first steps into the world of cryptocurrency investing.

Cryptocurrencies have gone an a remarkable run these past two quarters and while many investors remain wary of the market hysteria, they can also benefit from its innovations. In terms of investment opportunities, the proliferation of new cryptocurrency exchange traded funds (ETFs) has further simplified (and accelerated) the adoption of digital currency investments among newcomers to the digital assets market.

## The History of ETFs

ETFs are a widely adopted strategy used by investors who want to ‘diversify’ their exposure to a particular industry, class, or sector. They were first introduced in the 1990s and rapidly gained popularity with _individual_ investors for their simplicity.

The first Bitcoin ETF in the US started trading on October 19, 2021, and now several crypto ETFs have followed suit. Some of them offer access not only to Bitcoin, but also Ethereum and other popularly traded coins.

### Here are examples of crypto ETFs setting the trends:

[ProShares Bitcoin Strategy ETF](https://www.proshares.com/funds/bito.html) (ticker: BITO)

Kiplinger has officially called the ProShares Bitcoin Strategy ETF ‘[a blockbuster](https://www.kiplinger.com/investing/etfs/603621/proshares-bitcoin-strategy-etf-bito)’. A fitting name for an ETF that successfully attracted a mind-boggling $1 billion of investors’ money over the course of 48 hours after the ETF was launched. The BITO ETF is historical in the sense that it was the first crypto ETF that the Securities and Exchange Commission allowed to trade on a major US exchange. At present, the BITO ETF has close to $1.5 billion in assets.

[Grayscale Ethereum Trust](https://grayscale.com/products/grayscale-ethereum-trust/) (Ticker: ETHE)

For investors willing to invest outside the ‘safety’ of Bitcoin, Grayscale offers their Ethereum Trust ETF. Widely recognised as the number two cryptocurrency, Ethereum came to fruition once people began to realise that Bitcoin’s blockchain technology could be utilised in myriad ways. Voila! The world found the second most popular digital token – Ethereum. As the name would suggest, this ETF seeks to track the ETH market price and presently has $14.5 billion in assets.

[Bitwise 10 Crypto Index Fund](https://www.bitwiseinvestments.com/funds/Bitwise-10) (Ticker: BITW)

For those with an appetite for more risk, this ETF is the world’s first crypto _index_ fund offered to provide investors with a way to get more exposure to the crypto market _beyond_ what Bitcoin alone may offer. Earlier this summer, it was reported that Bitcoin’s share of the total market capitalisation of the crypto market fell from 69% to 42% as other assets like Ethereum, Cardano and Solana have grown in popularity. Bitwise says it screens the fund’s holdings for certain risks and rebalances it monthly. While Bitcoin and Ethereum both have a role to play in this ETF, additional holdings include digital assets such as Algorand and Uniswap. The BITW fund has $1.4 billion in assets.

Investors that are looking for space in between the world of traditional stock investing and the wildly innovative and volatile ecosystem of cryptocurrencies may find what their looking for in the expanding market of crypto ETFs.

The Brave New World of Crypto ETFs

The excitement caused by the launch of the world’s first Bitcoin exchange traded fund (ETF) earlier this week is raging on.

Cryptocurrency enthusiasts and investors championed the eagerly anticipated launch on social media, while commentators were quick to analyse the implications.

Coined the [ProShares Bitcoin Strategy ETF](https://money.cnn.com/quote/quote.html?symb=BITO), trading of the revolutionary fund kicked off at $40 a share under the ticker symbol BITO and headed upward, closing out the day up 5%.

## "Investment Vehicle"

According to ProShares, their Bitcoin exchange traded fund is an investment vehicle that tracks BTC futures contracts. A representative for the company commented that the new ETF boasted first day trading volume of some 29 million shares and has, so far, banked assets of over $1 billion.

The successful launch of the first cryptocurrency-based ETF is considered by many to be, for now, _the_ watershed moment in terms of legitimising these digital assets as a genuine investment vehicle for anyone.

The financial brain trust has been trying for years to launch an ETF that exposes investors to bitcoin and while megabanks like JP Morgan and Wells Fargo have allowed specific segments of their client rosters the option of investing in certain types of cryptocurrency, none of those banks, before _this_ week, could offer their clients an ETF to invest in.

That’s all changed now.

## ETFs Gaining Popularity

Crypto-ETFs are expected to gain popularity, and accelerate interest, among traditional investors as a one of the simplest options for getting a bit of exposure to cryptocurrency without having to deal with the enigmatic intricacies of cryptocurrency exchanges in order to buy the digital assets.

And wouldn’t you know it? More players are joining the party.

Specialised alternative asset management firm, Valkyrie Investments, also got the green light from the SEC not long ago to launch their own version of the _next_ bitcoin futures ETF. Valkyrie’s new ETF is on par to begin trading on Nasdaq today. The fund will trade under the ticker BTF, but we can’t help but mention the storyline behind Valkyrie’s brief plan to designate a familiar acronym to the fund: BTFD.

Did you miss it?

It’s okay. I did too.

## The Cryptoverse

Valkyrie took a swing at a brilliant marketing strategy, and almost got away with it. The temporary ticker symbol of BTFD was purported to be an acronym that stood for ‘buy the {expletive} dip,’ which is a heavily promoted maxim for a certain trading strategy in the cryptoverse that has yielded hefty returns for the traders who have adopted the strategy. The SEC, no doubt, had their reservations and now it appears the fund will start trading under the original ticker symbol of BTF.

Whatever the ticker symbol, it is undeniable that cryptocurrency has now achieved a ‘stamp of approval’ from both regulatory and traditional sceptics and the market’s evolutionary pace now includes the ETF market. The cryptocurrency market continued its moonshot trajectory achieving a value of over $2.6 trillion earlier this week, after bitcoin hit record highs of more than $66,000.

Bitcoin ETF Mania Rages on

Just five years after the Reserve Bank of Zimbabwe cracked down on cryptocurrency processing, the country’s stance on crypto seems to be softening and crypto ETFs could be on the way.

Finance and Economic Development Minister Professor Mthuli Ncube has admitted cryptocurrency is ‘actually unstoppable’ and indicated regulation for trading digital assets is on the way for Zimbabwe.

Crypto ETFs on the Victoria Falls Stock Exchange platform is part of the consideration.

Ncube was speaking during the Global Business Forum in Dubai, outlining investment opportunities in Zimbabwe.

## Zimbabwe 'Ready to Make Concessions'

He said the country is ready to make concessions on cryptocurrency, admitting it is impossible to run away from cryptocurrency.

He said: ‘Our view is that we do not want it to be a currency. Want this to be an investment class. Through the Victoria Falls Stock Exchange platform, we will try to create crypto based products there, which are ring fenced within the offshore zone.

‘We have taken the first step already and created a sandbox, at the Reserve Bank of Zimbabwe (RBZ), where the idea and everything else is being tested in a safe regulated environment where it will then migrate to this safe Victoria Falls environment.’

Ncube continued: ‘I was actually quite surprised, I think easily, 30 per cent of our youth are invested in crypto, easily. It is actually unstoppable, but the idea is to then regulate it properly; create a safe environment for everyone.’

## Partnership With Dubai Investor

The Ministry of Finance is, he said, working with an investor in Dubai to develop a crypto index, which requires the Zimbabwean Treasury to work out how to weight a crypto product.

Ncube added: ‘So, once we have the weights of the various crypto assets arising from rating, we can then create an index; on the back of the index, you can then create a crypto ETF (exchange traded fund).

‘That is what we are looking at and some investors are working with us to create the exchange traded funds; it's up to the investors to do that, our job is to support.

‘But we invested a lot in trying to understand it; so that is where we are heading in terms of crypto currencies.’

For more Business & Markets news, see [here.](/news/category/crypto-business-news)

Zimbabwe Latest News: Thumbs Up to Crypto ETFs

So, the Bitcoin ETF launch happened in New York, and attracted a lot of attention. You've heard about it, but what does it mean?

The first futures-based Bitcoin Exchange Traded Fund (ETF) finally launched on the New York Stock Exchange amid a fanfare in what many are calling a watershed moment not just for Bitcoin but for the cryptocurrency industry as a whole.

After years of rejected applications and many a false dawn, the world’s first futures based Bitcoin ETF became available to investors yesterday.

The ‘ProShares Bitcoin Futures ETF’ will provide investors with exposure to Bitcoin without having to personally hold the asset themselves. Investment brokers will be able to purchase and trade shares in the fund which will give their customers exposure to the world’s premier cryptocurrency.

## Crypto Legitimacy

The sanction and launch of the latest financial product added legitimacy to Bitcoin and cryptocurrency with many people viewing the event as a watershed moment for the entire industry.

Whilst crypto industry milestones have historically led to massive sell-off’s many industry experts are expecting prices to soar to new all time highs as a professional and licenced ETF will provide a legitimate avenue for institutional capital to enter the industry.

Michael Spahir, CEO of ProShares told the New York Times that '2021 will be remembered for this milestone' as traditional investors want 'convenient access to Bitcoin in a wrapper that has market integrity'.

## Only futures for now

While the ProShares ETF is a purely futures based product, meaning buyers can only trade contracts based on the speculation of the future price of Bitcoin, many experts agree that this is a step in the right direction for those institutional clients looking for Bitcoin exposure.

Michael Saylor, CEO of MicroStrategy, announced in September that “When we have a Bitcoin ETF in the US, billions and billions of dollars will flow into Bitcoin that under no circumstances would have found their way into Bitcoin otherwise”.

With a Bitcoin price of just over $63,000 the future remains to be seen but with market sentiment riding high many are expecting today’s milestone to be the catalyst the market has been waiting for.


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