On Thursday, October 21, at the end of the day, bitcoin fell by 5.77%, to $ 62193, ether - by 2.60%, to $ 4052. Bitcoin lost $ 3,808 in a day, from ATH - $ 5,000. The sharp drop in the bitcoin rate began with a fix on ether, when buyers renewed a maximum of $ 4,375.
The SEC has given the green light to Bitcoin futures ETFs. ETF ProShares (ticked BITO) began trading on the NYSE on Tuesday, climbing to 43.94. ETFs have become a popular fund, approaching the limit on the number of futures contracts allowed by the Chicago Mercantile Exchange. Shares fell 5.8% on Thursday to $ 40.42. Several factors coincided here:
- news about the limits on the CME.
- Fixing in BTC / USD and ETH / USD pairs.
- Risk aversion due to concerns about the potential spread of the China Evergrande debt crisis.
On Friday, the pre-market price of BITO rose to $ 40.83. The BTC / USD pair recovered to $ 63,417 (the pullback was ~ 38.2% of the fall from 67,000 to 62,000). Although the daily bearish candle has absorbed the bullish bodies over the previous two days, the Up trend on the daily TF remains strong.
At the hourly TF, customers need to re-pass $ 64,300 and $ 65,750. The longer the price trades below the $ 64,300 level, the higher the likelihood of the continuation of the correction to $ 60,000.
China Evergrande Group postponed the default by paying the coupon on the bonds before the deadline this weekend. Tensions eased slightly, while demand for risky assets remained weak due to rising Treasury yields.
SP500 has renewed its all-time high. Index futures continue to rise. The dollar index has been trading sideways for a couple of days. Market participants are waiting for the opening of the American session.