crypto dreams finally bite reality: first spot Bitcoin ETFs approved

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want these updates as soon as we post them, follow us on Twitter.

quick weekly news

crypto dreams finally bite reality: first spot Bitcoin ETFs approved

After years of anticipation and a chaotic false announcement, it’s finally official: the SEC has greenlit 11 spot Bitcoin ETFs, opening the doors for mainstream investment in the world’s largest cryptocurrency.

The list of approved applicants reads like a who’s who of finance, with major Wall Street players like BlackRock (BLK), Franklin Templeton (BEN), Fidelity Investments, and VanEck rubbing shoulders with established crypto firms like Grayscale Investments (GBTC), Ark 21Shares, and Bitwise Asset Management.

While SEC Chair Gensler emphasized investor caution and distanced the agency from endorsing Bitcoin, the approval itself signifies a significant victory for the industry. Analysts predict a surge in Bitcoin inflows, with estimates ranging from $14 billion in the first year to $2.4 billion in the first quarter alone.

fake Bitcoin tweet spurs FBI investigation, but real ETFs got approved

Fake Bitcoin tweet sparks investigation: The SEC revealed it’s teaming up with the FBI to probe a misleading tweet claiming Bitcoin ETF approval. The tweet, sent from the official SEC X (formerly Twitter) account, was quickly deleted and confirmed to be unauthorized.

While the false announcement caused market fluctuations, the real news is that the SEC has officially approved 11 spot Bitcoin ETF applications, opening up a regulated investment path for the world’s biggest cryptocurrency.

Despite the approval, SEC Chair Gensler emphasized the commission doesn’t endorse Bitcoin itself, only the regulated investment products. This approval marks a significant step for Bitcoin and paves the way for easier and more direct access to BTC for millions of investors.

Vitalik Buterin suggests 33% gas limit hike for Ethereum, aiming to reduce transaction backlog

Ethereum co-founder Vitalik Buterin has thrown his weight behind a potential gas limit increase, suggesting a modest bump of 33% to improve network throughput. During a Reddit AMA, Buterin pointed out the gas limit hasn’t been adjusted in nearly three years, the longest such stretch in Ethereum’s history.

This “modest” increase, from 30 million to 40 million, aims to tackle the network’s growing congestion and improve transaction throughput.

The proposal has sparked debate within the Ethereum community, with some welcoming the potential for faster transactions and others expressing concerns about potential risks.

Overall, Buterin’s suggestion highlights the ongoing challenge of balancing Ethereum’s scalability with its security and stability. The community will likely continue to discuss and refine the proposal before any potential implementation.

Elon Musk’s Martian money musings: Bitcoin on Mars, maybe?

Elon Musk, ever the unpredictable innovator, took the crypto community on a Martian money rollercoaster this week. Initially rejecting Bitcoin for Mars due to its slow transactions, he later backtracked under an X (formerly Twitter) post titled “ARK 21Shares Bitcoin ETF (ARKB) Approved,” suggesting limited use with a local Martian network.

Musk’s Mars vision, centered around a 2050 colony, fuels the need for a Martian currency. But Bitcoin’s hour-long transaction times pose a challenge. He proposed a localized network, potentially aided by the Lightning Network, to address this.

Bitcoin experts disagreed on the feasibility, with some arguing its current form could handle the Martian distance. Meanwhile, speculation swirls about Musk’s future plans for X, his “everything app,” potentially integrating cryptocurrencies.

The verdict? Bitcoin’s Martian future remains uncertain, but Musk’s open mind keeps the conversation buzzing. The journey to interplanetary commerce just got a little more interesting.

setting ATR trailing stops

The Average True Range (ATR) is a key technical analysis indicator used to gauge market volatility. Traders employ ATR to anticipate potential price movements, aiding in the strategic placement of Stop Loss and Take Profit targets, as well as in implementing trailing stops.

Unlike basic stop losses, a Trailing Stop “moves with the market”, giving trends room to breathe. Think of it as a buffer that adjusts based on volatility.

Here is a rule of thumb to apply: Set your trailing stop 3x the 14-day ATR below highs (uptrend) or above lows (downtrend). For instance, if the 14-day ATR is $2, your Trailing Stop would be $6 from the current price. 🎯

⚠️ Remember: High volatility = wider buffer, so choose a risk level you’re comfortable with.

Give ATR Trailing stops a try, but first delve deeper into the very foundation – our in-depth analysis of the Average True Range.

We hope this digest was valuable and informative for you! If you want to be the first to receive new crypto insights and stay up-to-date with the market, follow us on Twitter or Telegram. Become a better trader with the Good Crypto app!