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It hasn't been smooth sailing since the SEC decision on Bitcoin ETFs on January 10. Indeed, the price of Bitcoin (BTC) soared past $48,000 on January 11—its year peak so far—when spot BTC ETFs started trading. However, it has been a steep decline from here, retesting $38,000.
The decline in the price of Bitcoin can be largely attributed to profit-taking in Grayscale's GBTC by investors who had purchased the fund at a discount. However, there is light at the end of the tunnel—just around the corner—according to JPMorgan.
In a recently released report, investment bank JPMorgan says profit-taking on GBTC has largely concluded, and they expect limited further downside for BTC. This came as a relief to many, especially with high optimism for a bull market this year.
Meanwhile, analysts are bullish on InQubeta (QUBE), a new AI altcoin. Set to follow in the footsteps of tokens with a similar narrative, this top ICO is expected to skyrocket after its launch, making it one of the altcoins to watch.
InQubeta (QUBE) remains one of the most sought-after cryptocurrencies. As one of the new ICOs, its upside potential is matched only by a few, hence its early funding soaring past $8.5 million. That won't be all; it has been hailed as one of the most bullish narratives, standing at the intersection of AI and blockchain.
Its appeal extends beyond the crypto landscape to the fast-rising AI industry. Aiming to reshape the sector, it intends to transform its fundraising landscape and make the burgeoning AI market accessible to investors. To this end, it will build the first crowdfunding platform for AI startups through crypto.
In addition, its NFT marketplace seeks to provide seamless fundraising activities for tech startups and democratized access to investors. By minting investment opportunities as NFTs and dividing them into bits, startups can raise funds, and investors can become early backers of profitable AI ventures irrespective of their income.
The presale is in its seventh stage, and a token costs only $0.0224. It has been tipped as the best new crypto to invest in, with analysts predicting a 3,500% rally after launch.
Investor sentiment post BTC ETF was high, albeit fleeting. Following the SEC green light for 11 spot Bitcoin ETF applications on January 10, the market launched a day later. Still riding the excitement wave, BTC galloped past $48,000 on the first day of trading, but its rally was cut short.
In a remarkable turn of events, Bitcoin went downhill afterward, catching many by surprise and liquidating several long positions. The major catalyst for this dump can be attributed to Grayscale Bitcoin Trust (GBTC) redemptions.
It is to be recalled that Grayscale was one of the asset managers whose ETF applications were approved by the SEC. However, it had a head start over other applicants thanks to its existing Bitcoin Fund (GBTC), which was converted into a spot Bitcoin ETF. Aiming to cash in on their early investments, investors who had purchased the fund at a discount dumped it, leading to the BTC price falling.
But we might be catching a break soon. In a recently released report, JPMorgan reported that Bitcoin is likely to rise again soon. According to Managing Director Nikolaos Panigirtzoglou, "Given $4.3b has come out already from GBTC, we conclude that GBTC profit-taking has largely happened already."
With investor confidence rising, the bulls might be able to muster enough strength to force a rally. The coming days promise to be exciting and BTC remains one of the best cryptos to buy now.
Bitcoin might regain lost ground in the coming days. According to JPMorgan, profit-taking on GBTC has largely subsided, meaning further downside is limited. Meanwhile, InQubeta has emerged as the hottest cryptocurrency. Analysts tipped it for a 3,500% rally after its launch, and you can become an early holder by following the link below.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
