In today’s blog post, we delve into the recent developments surrounding Bitcoin and the cryptocurrency industry, highlighting significant regulatory advancements and the changing landscape of crypto ATMs. As Bitcoin continues to face hurdles in breaking through resistance levels, its integration into traditional financial markets takes a step closer with the submission of an amendment for the BlackRock and Valkyrie Spot Bitcoin ETF to the Nasdaq. Meanwhile, the global count of crypto ATMs experiences its first decline in a decade, with some countries bucking the trend. Let’s explore these updates further.
1. The BlackRock Spot Bitcoin ETF Amendment and Regulatory Alignment:
The Nasdaq’s submission of an amendment for the BlackRock and Valkyrie Spot Bitcoin ETF signifies progress in addressing regulatory concerns and aligning with the standards set by the Securities and Exchange Commission (SEC). This ETF is garnering significant interest as it could offer a regulated investment option for BTC to both institutional and retail investors. The approval of the amendment and subsequent integration of Bitcoin into traditional financial markets would mark a significant milestone in the broader acceptance of cryptocurrencies.
2. Global Decline in Crypto ATMs:
For the first time in a decade, the number of crypto ATMs worldwide has decreased, with the global count 11.1% lower than at the start of 2023. The United States, which boasts the highest number of crypto ATMs, saw a substantial drop of 15.4% in its ATM count. Major crypto ATM manufacturer BitAccess also witnessed a decline in installations. Nevertheless, positive growth was seen in countries such as Australia, Canada, Spain, and Poland. Manufacturers General Bytes and Genesis Coin expanded their count of Bitcoin ATMs, showcasing the demand for these services in certain regions.
3. Price Struggles and Potential for a Drop:
Bitcoin’s price faces resistance as it struggles to surpass the crucial $44,500 zone. Currently trading below $44,000 and the 100 hourly simple moving average, bearish signs are evident following a break below a bullish trend line with support at $44,000. The article suggests that the price could potentially decline towards support levels at $42,350 and $42,150. Failure to rise above the resistance zone may result in continued downward movement. The Moving Average Convergence Divergence (MACD) indicator is in the bearish zone, while the Relative Strength Index (RSI) for BTC/USD remains below 50. Major support levels are identified at $42,800 and $42,150, with significant resistance levels at $44,000, $44,200, and $44,500.
As regulatory progress aligns with Bitcoin’s integration into traditional financial markets, the submission of the BlackRock and Valkyrie Spot Bitcoin ETF amendment represents a significant step forward. However, the decline in global crypto ATMs marks a notable shift in the industry, with certain regions witnessing growth while others experience a decrease. Moreover, the struggles faced by Bitcoin in breaking through resistance levels and the potential for a price drop remind us of the volatile nature of cryptocurrencies. It is crucial to approach any investment decisions with thorough research and caution. Please note that the content of this blog post is for educational purposes only and does not constitute investment advice.