{"id":55638,"date":"2023-11-30T10:45:00","date_gmt":"2023-11-30T10:45:00","guid":{"rendered":"https:\/\/www.etfworld.com\/co.uk\/?p=55638"},"modified":"2023-11-30T11:36:33","modified_gmt":"2023-11-30T11:36:33","slug":"xs-bitcoin-heads-to-41000-after-1-billion-market-withdrawal-in-a-week","status":"publish","type":"post","link":"https:\/\/www.etfworld.com\/co.uk\/xs-bitcoin-heads-to-41000-after-1-billion-market-withdrawal-in-a-week\/","title":{"rendered":"XS : Bitcoin Heads to $41,000 After $1 Billion Market Withdrawal in a Week"},"content":{"rendered":"
XS<\/strong> : Bitcoin price approaches an upward breakthrough, hovering around $37,600 early on Thursday.<\/h5>\n

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Analysis of Rania\u00a0Gule Market Analyst at XS.com
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Investors in the market anticipate approvals for Bitcoin exchange-traded funds (ETFs), as the U.S. Securities and Exchange Commission (SEC) requested public comments on the application of the Franklin Templeton Exchange-Traded Fund filed on the stock exchange yesterday.<\/p>\n

This comes in conjunction with significant Bitcoin withdrawals from exchanges, based on data from cryptocurrency price tracking sites. The data indicates that approximately a billion dollars worth of BTC has been withdrawn from exchanges over the past week.<\/p>\n

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Bitcoin’s external flows, marked by a significant shift away from exchange platforms, have historically triggered buying fluctuations at market lows in previous years. This supports the theory of a potential medium and long-term rise in Bitcoin prices.<\/p>\n

Yesterday, the regulatory body stated that deciding on the approval of instant Bitcoin exchange-traded funds will take more time. However, the agency has now changed its stance on such projects, seeking a unified and appropriate opinion before issuing its decision. This has raised hopes for approvals of traded instant Bitcoin funds.<\/p>\n

From my perspective, another incentive supporting the bullish hypothesis for Bitcoin’s price is the increase in reserves for stablecoins. Approximately $15.23 billion of Tether is held in the top 10 USDT exchange wallets, indicating purchasing power and anticipated demand for Bitcoin.<\/p>\n

I also anticipate the possibility of Bitcoin Spot ETFs receiving a single batch approval in January 2024. The total number of Bitcoin Spot ETF issuers has risen to 13, with the application of the Pando ETF by Pando, a European giant in traded investment funds.<\/p>\n

Additionally, I believe that the delay in filing submissions and exchanging details with BlackRock’s trading and markets division within the Securities and Exchange Commission may play a role. After the asset management giant submitted a modified model design based on employee feedback in their recent meeting a week ago, it provides hope for the markets and incentivizes the approval of these funds, pushing Bitcoin prices higher and leading other cryptocurrencies to gain medium and long-term profits.<\/p>\n

In the past few hours, the increase in Bitcoin prices has led to the liquidation of $8.94 million worth of sell deals within a short period. This explains the current downward price volatility, which may reach $35,700 before returning to an upward trajectory.<\/p>\n

Source: ETFWorld.co.uk<\/p>\n","protected":false},"excerpt":{"rendered":"

XS : Bitcoin price approaches an upward breakthrough, hovering around $37,600 early on Thursday.<\/p>\n","protected":false},"author":4,"featured_media":20838,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"telegram_tosend":false,"telegram_tosend_message":"","telegram_tosend_target":0,"footnotes":"","_wpscp_schedule_draft_date":"","_wpscp_schedule_republish_date":"","_wpscppro_advance_schedule":false,"_wpscppro_advance_schedule_date":"","_wpscppro_dont_share_socialmedia":null,"_wpscppro_custom_social_share_image":0,"_facebook_share_type":"","_twitter_share_type":"","_linkedin_share_type":"","_pinterest_share_type":"","_linkedin_share_type_page":"","_instagram_share_type":"","_medium_share_type":"","_threads_share_type":"","_google_business_share_type":"","_selected_social_profile":[],"_wpsp_enable_custom_social_template":false,"_wpsp_social_scheduling":{"enabled":false,"datetime":null,"platforms":[],"status":"template_only","dateOption":"today","timeOption":"now","customDays":"","customHours":"","customDate":"","customTime":"","schedulingType":"absolute"},"_wpsp_active_default_template":true},"categories":[393],"tags":[97,487],"class_list":["post-55638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-etf","tag-xs"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"_links":{"self":[{"href":"https:\/\/www.etfworld.com\/co.uk\/wp-json\/wp\/v2\/posts\/55638","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.etfworld.com\/co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.etfworld.com\/co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.etfworld.com\/co.uk\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.etfworld.com\/co.uk\/wp-json\/wp\/v2\/comments?post=55638"}],"version-history":[{"count":1,"href":"https:\/\/www.etfworld.com\/co.uk\/wp-json\/wp\/v2\/posts\/55638\/revisions"}],"predecessor-version":[{"id":55640,"href":"https:\/\/www.etfworld.com\/co.uk\/wp-json\/wp\/v2\/posts\/55638\/revisions\/55640"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.etfworld.com\/co.uk\/wp-json\/wp\/v2\/media\/20838"}],"wp:attachment":[{"href":"https:\/\/www.etfworld.com\/co.uk\/wp-json\/wp\/v2\/media?parent=55638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.etfworld.com\/co.uk\/wp-json\/wp\/v2\/categories?post=55638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.etfworld.com\/co.uk\/wp-json\/wp\/v2\/tags?post=55638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}