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Bitcoin price falls, hopes for stock exchange funds are dampened

Bitcoin price surged this week and hope returned with a bang. But unfortunately the course is back to zero. In this morning update, we take a look at the current state of affairs and look ahead. What is important to keep in mind today? We list it for you!

Bitcoin price is back to the first level

We start with the bitcoin price. The rise began on Tuesday and was up 8.5% a little later. The surge appeared to be a direct result of positive crypto news that Grayscale won its Bitcoin exchange fund litigation.

At the $28,000 price level, the price had to stop. Here the resistance proved to be too strong, so that a further increase was not possible.

Bitcoin started falling again yesterday. At the time of writing, the positive momentum previously provided by Grayscale news has completely reversed. In other words: We are back at the beginning!

Bitcoin Price Last 7 Days.
Bitcoin price for the last 7 days. It is clear to see how the grayscale news has led to a surge, but that we are now back to square one. – Source: CoinMarketCap

Overall, the bitcoin price in euros is trading at 24,000 on Dutch crypto exchange Bitvavo at the time of writing. BTC dollar price stands at 26,020 on crypto exchange Bybit.

Bitcoin news in your sleep: ETF hopes vanished

While the Grayscale news initially gave a positive boost to the price and investor sentiment, the US regulator threw a spanner in the works last night. A number of bitcoin exchange fund (ETF) applications have been postponed.

The Securities and Exchange Commission (SEC) has delayed filing filings from BlackRock, Fidelity, Bitwise, VanEck, WisdomTree, Invesco and Valkyrie until at least October of this year.

An exchange fund could be good news for Bitcoin as it allows institutional parties to invest in Bitcoin. But we’ll have to wait a while for that.

Important dates for BTC traders

Finally, let’s take a quick look at the key economic data to be released today. This is again data from the largest economy in the world, the USA.

This can have an impact on the Bitcoin price. For example, if the US economy shows signs of weakness, it could lead to more uncertainty. So make sure:

Important dates for today (NL time):

2:30 p.m. – US unemployment figures for August

14:30 – US ISM Manufacturing Purchasing Managers’ Index (PMI) for August

Source: Investing.com

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