October 18, 2021

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Will it remain bullish or a correction looms? by Investing.com

© Reuters.

By Laura Sanchez

Investing.com – The cryptocurrency sector is trading mixed this morning. The record is rising and hitting weekly highs again, surpassing $56,000, levels not seen since the massive sell-off last May.

Analysts attribute the recent rally in part to institutional flows, buoyed by news that the Securities and Exchange Commission may approve the first publicly traded funds in the coming weeks. Market Watch.

SEC President Gary Gensler recently reiterated his support for a Bitcoin-backed futures ETF, which will invest in futures contracts based on Bitcoin rather than the cryptocurrency itself. However, the regulator has not yet approved any mutual funds that are backed or backed by bitcoin derivatives.

employment Cointelegraph They highlight that behind Bitcoin’s strength could be a poor performance of altcoins, leading to the anticipation of a ‘Bitcoin season’ before some sort of ‘altseason’ emerges later.

Soros Fund Management, the investment firm founded by famous investor George Soros, is also known to invest in Bitcoin.

“We have some coins, not a lot,” Dawn Fitzpatrick, chief executive of fund management at Soros, admitted to Bloomberg.

By Michael van de Poppe, Market Analyst and Collaborator with CointelegraphNow it comes to seeing if Bitcoin can adopt a period of consolidation in the coming days.

“If there is any corrective movement, we don’t think it will go down much,” the analyst says.

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