Major cryptocurrencies showed a mixed performance on Tuesday. The initial excitement from the recent ruling, which mandated the SEC to review its rejection of Grayscale Investments’ Bitcoin ETF, has diminished. Several other applications are still awaiting consideration from the U.S. regulator.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin BTC/USD | -0.04% | $25,784 |
| Ethereum ETH/USD | +0.43% | $1644 |
| Dogecoin DOGE/USD | +1.70% | $0.064 |
What Happened: Grayscale Investments, a leading digital asset manager, on Tuesday submitted a letter to the Securities and Exchange Commission (SEC) requesting approval for its application to transform the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF. This move comes after a positive court ruling on August 29, which mandated the SEC to reevaluate an application that was denied in the previous year.
"GBTC is ready to operate as a bitcoin ETF upon regulatory approval, and Grayscale looks forward to further constructive engagement with the SEC," said Grayscale in a Twitter thread on Tuesday.
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Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Neo | +7.43% | $7.55 |
| Stacks | +5.85% | $0.4745 |
| Solana | +5.37% | $20.31 |
Currently, the global crypto market capitalization stands at $1.04 trillion, a 0.90% decrease in the last day.
Stocks opened the holiday-shortened week on a downward trend as crude oil prices surged, impacting market performance. The S&P 500 registered a decline of 0.42%, while the Nasdaq Composite saw a slight dip of 0.08%.
See More: Best Crypto Day Trading Strategies
Analyst Notes: A trader who accurately predicted the lowest price of Bitcoin during the 2018 bear market believes that the cryptocurrency is poised to surpass its previous highs this year.
Pseudonymous analyst Bluntz employs the Elliott Wave theory, a technical analysis methodology that follows market psychology in wave patterns, to forecast future price movements. According to this theory, a five-wave rally is often followed by an ABC pattern, where BTC experiences a corrective phase before resuming an upward trajectory.
Based on his analysis, Bluntz suggests that Bitcoin has already completed a five-wave uptrend, surging from $16,000 to $32,000. Currently, the cryptocurrency is undergoing an ABC correction, which could potentially bring the price down to the $23,000 level.
"Once we see this final fifth wave and all of its sub-divisions within this final fifth wave complete, I think that's probably the point [where] we start basing out and finding a low and then moving up to new highs and taking out these $32,000 highs.
Crypto Tony predicts that Bitcoin will experience significant upward movement in the following weeks. It remains uncertain whether this surge will occur from the current price or if there will be a temporary dip to $25,000 before the rally.
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