A widely respected cryptocurrency analyst has warned Ethereum (ETH) traders that approval of the ETH exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) is unlikely to happen anytime soon.
Cryptocurrency trader Michaël van de Poppe says With 715,800 followers on social media platform X, traders may have to wait a little longer for the ETH ETF.
“The Ethereum ETF will likely not be approved in May.
However, since Ethereum is still being sold off, the market is underestimating a potential approval in August.
“We believe the chances of approval in August are positive and we expect Ethereum to perform better with this.”
According to Van de Poppe, the current turmoil in the cryptocurrency market is due to gift This is an opportunity for cryptocurrency investors.
“You wanted to buy Bitcoin for less than $60,000.
I wanted to buy Chainlink for <$15.
You wanted to buy an altcoin with a correction.
But now emotions have run high and while sentiment is expected to fall once again, the opportunity is here.
Maybe you don’t want to, but now is the time.”
According to Van de Poppe, favor Trade new altcoins instead of “old” altcoins.
“As Polygon (MATIC) is in a low cycle, older coins continue to deliver bad returns.
It’s in the area of interest, but you have to wonder if it’s going to generate a lot of returns or if a new coin will generate higher upside returns.
To me: I stick with the new coin.”
MATIC is currently down 20% in the past month.
analyst conclusion We note that the most recent Federal Open Market Committee (FOMC) data is helping fuel today’s Bitcoin (BTC) rally and broader altcoin bull market.
“Horrible economic indicators -> DXY (dollar index) decline, additional quarterly results and the possibility of interest rate cuts increase, risky assets will rebound.
Bitcoin is back to $61,600.
The FOMC hit a market low and the altcoin bull market began.”
At the time of writing, the value of BTC is $61,702, up 4% on the day.
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