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Bitcoin adds another 5% from the opening level and intends to continue to grow

Bitcoin gained weight today and took about 5% after the news that large investment companies continue their activity in the world of cryptocurrencies and are actively fighting for the creation of ETF funds based on them. According to ARK Investment Management, Cathie Wood has joined the race to create the first exchange-traded fund (ETF) approved by the US Securities and Exchange Commission.


Technology investor ARK Investment Management has partnered with investment products firm 21Shares, according to SEC filings. The two companies have jointly applied to create a Bitcoin ETF. The ARK 21Shares Bitcoin ETF will leverage 21Shares' expertise to promote cryptocurrency exchange products in Europe. Another application for the creation of an ETF fund explains the high interest of investors in this instrument.

Let me remind you that in recent years, the SEC has rejected dozens of proposals to create a Bitcoin ETF, but the supporters of this idea do not continue to calm down, pushing this direction to the masses with all their might.

Most recently, the US Securities and Exchange Commission announced that it is once again postponing the decision to create a Bitcoin ETF. The statement said it needed more public comment on the new product listing proposal on Cboe Global Markets Inc. This is not the first time this year that the SEC has postponed such a decision and its response to a large number of applications for the creation of such funds. Crypto enthusiasts have long been disenchanted with the agency's reluctance to endorse the creation of a Bitcoin ETF that would help bring the new asset class into the institutional investor environment.

Recall that the position of SEC chairman was recently replaced, and the current head, according to experts, is more loyal to cryptocurrencies and digital assets. But since April this year, when Gary Gensler took over the position, nothing much has changed. The commission continues to express concern that cryptocurrency exchanges are lacking proper supervision.

Meanwhile, today the Central Bank of Mexico has joined the ranks of the opponents of cryptocurrencies. The posted message said that all financial institutions in the country are prohibited from trading and providing services related to cryptocurrencies. The statement came a day after local billionaire Ricardo Salinas Pliego announced that his bank is preparing to start working with digital cryptocurrencies.

Conducting transactions with crypto assets without permission will be considered a violation of the rules, and the company may be subject to sanctions, Banxico said in a statement. "Virtual assets are not legal tender in Mexico and are not currencies under applicable law," the authorities wrote in a statement. The said message also focused on the risks of using cryptocurrencies as a medium of exchange, savings, or investment, which is a long-standing position of the country's authorities.


As for the technical picture of Bitcoin, the next test of the $30,100 level was very difficult and stressful for cryptocurrency buyers. However, the bulls managed to keep this level under control and quickly returned the trading instrument higher. Now Bitcoin is aiming the resistance of $36,300, and trading above which is simply vital for it. Only in this case, the bulls will exhale a little, and the tension in the market will subside. If this is not possible in the near future, then the next return and the $30,100 support test will be a sad finale for those who gained positions in the $30,100 – $41,100 corridor. A break of $30,100 will quickly push BTC lower – to the lows of $25,800 and $21,700, which will lead to the departure from the market of another number of large investors who still somehow believe in the growth of cryptocurrencies. A return to the level of $21,700 will actually cover all the rapid growth of the trading instrument, which we observed in the first half of the year.

And in conclusion, I would like to say a few words about yesterday's speech by the Federal Reserve Vice Chair for Supervision Randal Quarles, who expressed caution about the rush to release the Central Bank's digital currency, saying that the advantages of this direction are "unclear", and the risks can be extremely high.

"The Federal Reserve may face significant risks when dealing with CBDCs. Choosing the Federal Reserve to replace commercial banks as the primary lender to the public could limit the availability of the lending instrument itself, which will fundamentally change the economy and expose the public to many unintended and unwanted consequences," Quarles said in a speech to the Utah Bankers Association.

Let me remind you that central banks around the world are now testing and developing their own digital currencies, and this is happening against the backdrop of the growth of stablecoins, which are used by millions of investors to convert to cryptocurrency and vice versa.

The material has been provided by InstaForex Company -