Prominent Analyst: Bitcoin and Crypto Aren’t Heading Upwards, Big Drop Before Big Rally
Although the crypto market saw a resurgence on Wednesday, with assets like Bitcoin posting 5 percent gains, the market remains in “purgatory,” where analysts aren’t too sure where prices will move next.The Tracker One ETN May Be Good News, But Bitcoin Isn’t Heading UpwardsAs reported by NewsBTC on Thursday, a Swedish Bitcoin exchange-traded note (ETN) recently became available for US investors. While ETNs should not be mistaken with the similarly-named ETF, many individuals and industry leaders likened this new investment vehicle to the long-awaited, heavily-contested ETF proposal. As Bloomberg noted, the Bitcoin Tracker One ETN is a “soft opening of sorts for a crypto ETF.”The similarities between the two forms of investment resulted in rampant speculation that the introduction of Bitcoin Tracker One to the U.S. market would drive up prices. But alas, the market stayed relatively still even as this set of news hit headlines, posting a mediocre performance that could
Like this article? Take a second to support us on Patreon!