Tuesday, 27 February 2024
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What next ahead of Bitcoin ETF approval?

What next ahead of Bitcoin ETF approval?

  • Bitcoin is above $42k as bullish sentiment around spot Bitcoin ETFs increases. 
  • Will the outlook for BTC and top altcoins be replicated by privacy coins Monero and Zcash? 
  • Could Memeinator outperform the two coins?

Monero (XMR) and Zcash (ZEC) have lagged other top altcoins over the past several months, with XMR and ZEC up just 3% and 2% respectively over the last 30 days. The tokens were also trading lower on December 29 after a major exchange announced it will delist spot pairs for these privacy coins.

Despite this, could the overall bullish sentiment across crypto ahead of a spot Bitcoin ETF approval by the SEC lift Monero and Zcash? Is the impending nod also a bullish catalyst for Memeinator (MMTR)? Here’s an outlook for each.

Crypto outlook as market awaits spot Bitcoin ETF approval

While the SEC has approved multiple futures and spot Bitcoin ETFs are already listed in other markets, its still a waiting game in the United States.

Sentiment and anticipation are however at a new peak heading into 2024. This is because the US securities regulator has held several meetings with applicants, including BlackRock, ARK 21Shares and Grayscale over the spot ETF filings.

The anticipation is that the first batch of spot Bitcoin ETF approvals will come before January 10, 2024 – the deadline for the final decision on the ARK 21Shares proposal. With just days to the expected approval and further catalysts for crypto aligning, Bitcoin (BTC) price is finely poised above $42k.

Analysts say the potential nod for the US market’s first spot Bitcoin ETF could be the trigger for massive demand pressure for BTC. Prices across the sector could benefit from the overall sentiment to trade higher.

Monero (XMR) price prediction

Monero and Zcash are the two top privacy-focused cryptocurrencies in the market. On Friday, crypto exchange OKX announced it will be delisting spot trading pairs for XMR and ZEC among other privacy coins.

In the market, Monero (XMR) has seen an uptrend of sorts since September. However, its performance over the past month has largely been ranged as bulls fail to break above year-to-date highs of $186. Currently at $172, XMR might have to reclaim the YTD high area as support to build momentum for a run above $200.  

Zcash (ZEC) price prediction

Zcash (ZEC) recently saw its creator and founder of the Electric Coin Co. Zooko…

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