Bitwise Bitcoin ETF Decision set for May, BTC Prices Up 2.3 Percent

Dalmas Ngetich

1 year ago

2 mins read

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Bitcoin prices stable but bullish
Bitwise Bitcoin ETF application decision date put off to mid-May

It will be until mid-May when the US SEC decides on Bitwise Bitcoin ETF. Like the SolidX and VanEck application, this ETF is backed by Bitcoins secured by a third party custodian. Meanwhile, Bitcoin (BTC) prices are stable inside Mar-29 high-low as bulls build momentum towards $4,500.

Bitcoin Price Analysis

Fundamentals

For the second time, the US SEC is putting off their decision on whether Bitwise Bitcoin ETF application meets their requirement and ready for investors. By doing so, the asset management firm joins a long list of applicants including VanEck, SolidX, and CBoE a joint application which the community says stand a change of getting the green lights from the US regulator.

Submitting their file in January, the San Francisco firm plans to roll out a physically backed ETF and after 45 days, the SEC was supposed to make their decision tomorrow. However, the regulator says their decision will be made public in mid-May. Bitwise Bitcoin ETF will track the performance of the world’s largest digital asset from the Bitwise Bitcoin Total Return Index. The index draws prices from trusted cryptocurrency exchanges.

Differentiating itself, their Bitcoins will be stored in a cold wallet by an institutional grade third-party custodian for security and accountability purposes. Should the fund check all the requirements then the NYSE Arca shall list the ETF will Bitwise Index Services will be tasked with producing and servicing the world’s first Bitcoin ETF approved by the strict SEC.

Candlestick Arrangement

After weeks of lower lows, this week’s performance is encouraging. Not only will it close the week on a high, adding 2.3 percent but in line with our last BTC/USD trade plan, Bitcoin prices will for the first time closed above a five-month liquidation trend line.

In a typical bullish breakout, such will encourage participation now that prices are stable above $4,000. Besides, bulls of Mar 5 are now live. This is because of Mar 27-29 upswings thrusting prices above Mar 16. As a result, our short-term longs are valid with targets at $4,500.

Technical Indicators

Despite these encouraging gains, Feb 24 losses are conspicuous. Once there is a high volume break above $4,500 reversing this slide, risk-averse can trade can begin ramping up. Accompanying this break above should be high volumes exceeding recent averages of 6.5k, Mar 29—8k and preferably Feb 18—37k.

Chart courtesy of Trading View

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.