The Bitcoin ETF has 3 days left till the deadline and as apprehension intensifies, it seems the Bitcoin prices have hit a low for this month hovering at the $1160 mark a far cry from the $1256 seen earlier this month. The Bitcoin ETF could seal the future for Bitcoin. However investing now is seen as a huge gamble, one which could pay off immensely considering over $300 million in liquidity is predicted to flood in to Bitcoin markets.
As seen below we have dropped 5% in the past day but this is considered a superficial change amid news surrounding Bitcoin currency. While there is no reason to sell currently, much of the current drop has been attributed to the $2 million of missing liquidity seen in the past few hours from china especially.
To conclude Bitcoin prices have fallen around 5% over the past 48hours as the high of $1206 tracks back slowly to another stable level of $1160 which has considerable support. Analysts anticipate prices to be made or broken by the ETF approval which will hopefully come in by Sunday. Some consider approval to be by default yet the possibility that the deadline does pass is there, and could force Bitcoin prices to retract to pre bubble levels wiping the large bubble seen so far this year. Currently it seems that the Chinese exchanges are causing a period of turbulence as users have less access to exchange services amid exchange services waiting for approval from regulators before withdrawals are processed. This has kept a significant volume absent from current trade reflecting the small decrease. Currently it isn’t recommended to purchase more Bitcoin amid the deadline being so close for ETF.
You can purchase Bitcoin via Nigeria’s leading exchange, NairaEX offering market premiums on Bitcoin and delivering within a matter of hours!