Ark Invest Chief Futurist Brett Winton thinks the US would be better off embracing Bitcoin (BTC) rather than trying to keep a tight rein on the cryptocurrency. Meanwhile, K33 Research notes that crypto is now a buyer’s market. But he says it’s a market that “fundamentally doesn’t appreciate great news.”
The US war on Bitcoin (BTC) harms its interests!
According to Ark Invest Chief Futurist Brett Winton, US attempts to hurt Bitcoin harm US long-term strategic interests. Winton says that moves to prevent the rise of Bitcoin (BTC) are futile. He also likens these moves to going after language translation technology “because it threatens the supremacy of English.” In this context, Winton makes the following statement:
Trying to kill Bitcoin because it threatens the supremacy of the US dollar system is like trying to kill language translation technology because it threatens the supremacy of English. Both technologies, when adopted in a more frictionless manner, tend to steepen the power law advantage that the English/dollar system already has.
The comments come just days after the SEC postponed decisions on spot Bitcoin ETF applications from asset managers including BlackRock, Fidelity, Bitwise, VanEck, WisdomTree, Invesco and Valkyrie until the second half of October. The regulator moved to delay similar funding requested by Ark and 21Shares in early August.
K33 Research: The crypto market does not give this event its true value!
The market is underestimating the potential of US spot Bitcoin ETFs, according to crypto research firm K33 Research. “This is a buyer’s market,” senior analyst Vetle Lunde and Vice President Anders Helseth wrote in a new report. So, prices ‘should’ have risen,” he writes. Analysts say a spot Bitcoin ETF approval should attract “massive” inflows and create significant buying pressure on Bitcoin. On the other hand, a rejection will only maintain the status quo. That’s why analysts say, “The market fundamentally undervalues great news.”
As you follow on Kriptokoin.com, Grayscale has won a victory in its ongoing fight against the SEC. This led to a 6% increase in Bitcoin price. However, BTC retreated completely when the SEC delayed seven spot Bitcoin ETF proposals from BlackRock, Fidelity, VanEck, WisdomTree, Invesco, Bitwise and Valkyrie until mid-October. Meanwhile, Bloomberg analysts predict a 75% probability that spot Bitcoin ETFs will be approved this year. Given this situation, Lunde and Helseth say the valuation of the market is wrong (low).
Derivative market sentiment is likely to change in an instant
Analysts say sentiment in the crypto derivatives market remains negative, with funding rates, CME base and next month premiums consistently trending below average since mid-August. However, they also state that it is possible for this sensitivity to change suddenly. In this regard, analysts make the following statement about Bitcoin:
You should not extract too many signals from the current derivatives market. The market is pessimistic but disbelieving. Open interest remains stable and there are no significant flows into Bitcoin futures ETFs. The options market’s skewness, which measures traders’ bullish or bearish sentiments, is highly variable.
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