Recently, it appears that predicting the price of Bitcoin has become increasingly difficult. Despite expert predictions that the leading cryptocurrency would reach $35k in the coming month, it has since dropped to $30k. While Bitcoin is not inherently predictable, its slow pace of progress at this point in the year has raised concerns about its current state.
To the excitement of many traders, the apex cryptocurrency has been moving around the $31k level and was even close to touching it. But in a massive change of plans within the past 24 hours, Bitcoin might be on its way to going down to the $30k level. It has been engulfed in a massive bearish trend which has extended to affect other altcoins in the market. At the time of writing, Bitcoin suffers from a 0.80% decrease in its price. In fact, the price chart shows a massive decline from a bullish path.
The Bitcoin price chart from one week ago shows the cryptocurrency has been enjoying some bullish trends in the market. The weekly chart shows an increase of 0.85% after adding more than $257 to its price.
Altcoins Heavily Affected by the Bearish Trend
It's common knowledge that the fluctuations in Bitcoin's price impact altcoins. In the last 24 hours, most altcoins in the market have experienced a decline as Bitcoin's value drops once more. An escalating bearish trend has affected prominent altcoins like Ethereum, Cardano, and BNB.
But some other altcoins are trying to keep up on the positive despite the decrease in Bitcoin price. Altcoins such as Polygon MATIC have stood their ground despite the market situation. It has been up by more than 2% in the past 24 hours and currently stands at $0.76. Litecoin is also doing great among the top altcoins, increasing by more than 2.83% within the last 24 hours.
First Bitcoin Spot ETF in Europe to Debut This Year
Bitcoin is experiencing a decline once again, but there is a new development that could potentially revive the leading cryptocurrency from its current bearish trends. The first Bitcoin ETF in Europe is expected to debut this year, despite facing some launch obstacles. Jacobi Asset Management originally planned to launch their Bitcoin ETF in July of last year, but the development team postponed the release to this year due to various challenges.
This Bitcoin ETF was authorized in Guernsey, offering more flexible regulatory policies than other European countries.
"As a specialist fund servicing jurisdiction that is not subject to the inherent inflexibilities of being an EU member, Guernsey was able to move quickly to adapt to support this launch. [Guernsey's] flexibility and willingness to understand the complex detail has allowed the promoter to launch a fund vehicle that benefits from regulated fund status when other European jurisdictions are unable to do so," David Crosland, a partner in offshore law firm Carey Olsen said.
The new Bitcoin spot ETF in Europe is massive for the cryptocurrency and could change the market outlook for good.