Powell’s Remarks
FED Chairman Jerome Powell delivered his speech before the House of Representatives Financial Services Committee in the US yesterday. Powell said that after interest rates were kept unchanged at the last meeting, interest rate hikes may come in future meetings in order to control prices, but that this should be done at a controlled pace. In response to a stablecoin question in the Q&A session, Powell said that while they see their stablecoins as a type of money, leaving control of stablecoins may create regrets in the future.
ETF Applications Continues
Invesco Files Application for Spot BTC ETF
Invesco reapplied to the SEC, which it applied to list the spot Bitcoin ETF in 2021, with the announcement yesterday after 2021. Invesco manages approximately $1.4 trillion in assets and filed its application together with Galaxy Digital, as it did in 2021.
Valkyrie Spot Files for Bitcoin ETF
Cryptocurrency fund manager Valkyrie, 4. has once applied for a spot BTC ETF. The company stated in its application form that the ETF will be listed on Nasdaq and will be called BRRR. Valkyrie is known as one of the oldest companies in the BTC ETF process. 2 listed in the US. Valkyrie also owns the BTC futures ETF. The company also owns the Valkyrie Bitcoin Miners ETF (WGMI). WGMI is a fund based on valuations of companies whose profits and revenues depend on Bitcoin mining.
WisdomTree Spot Files for Bitcoin ETF
WisdomTree, an investment firm that manages $70 billion in assets, was one of the companies that applied for the Spot Bitcoin ETF. WisdomTree also filed applications in 2021 and 2022 but were rejected by the SEC.
Ripple Receives Payment Service License from Singapore
Ripple succeeded in obtaining approval in principle from the Singapore monetary authority for a Major Funding Institutions license in Singapore. The license will allow Ripple to provide digital payment token products and services within Singapore. At the same time, the license will allow Ripple to provide On-Demand Liquidity service, enabling financial institutions within the country to use XRP as a bridge currency to carry out international money transfers.
Stablecoin Market Cap at Lowest Levels
According to data provided by CCData, the market capitalization of stablecoins has reached its lowest level since September 2021. It fell by 0.57% to 128 billion dollars with the mobility experienced in June. We also see that the market dominance of stablecoins has fallen to 11% after the 16.6% ATH level seen in December.
BITCOIN(BTC)
Bitcoin is priced at $ 28,810 with a 0.35% gain in value as of today morning hours. The ETF news and the positive outlook on the technical side in Bitcoin continue to drive the price higher. After the 25,000 re-test, we returned to the 31,000 region, which was the peak level we caught in April, as the rise and ETF news coincided at the same time. In Bitcoin, we can say that the primary target level in the rise that started with the re-test following the TOBO formation on the weekly chart is above the 35,000 level, but of course this does not have to happen immediately and for now our primary expectation level is to break the 31,000 resistance.
ETHEREUM(ETH)
ETH, which gained 1.24% as of morning hours, is priced at $ 1903. With the rise in Ethereum after the upward break of 1780, it advanced to the $ 1930 region, the resistance level of the horizontal channel movement it had previously realized in 4 hours, and faced a selling pressure from here. We can say that the first support level in Ethereum may be in the 1870 region, and if it breaks, the 1850 level will be critical.
AVALANCHE(AVAX)
AVAX, which gained 0.46% as of morning hours, is priced at $ 12.95. AVAX broke the middle band of the descending channel movement on the 3-day chart with the rise following the horizontal channel movement broken on the hourly chart and managed to rise up to the $ 13 level. We would also like to say that the next target zone in AVAX is 13.80-14.20, which we show in green.
CHAINLINK(LINK)
LINK, which gained 3.02% as of morning hours, is priced at $5.72. After breaking the resistance level of 5.42, the resistance level of the horizontal movement in LINK, we see that the price rose to 5.82, the target level of the horizontal movement, but could not break it and a profit-taking sale started from here. In LINK, 5.60 is the next support level and in case of a possible upward breakout, 6 dollars and then 6.20 regions will be critical.
