Bitcoin, Ethereum, Dogecoin Drop Slightly After BitGo Abandons Prime Trust Takeover

Major cryptocurrencies slightly tumbled on Thursday evening following BitGo’s decision to halt the acquisition of rival Prime Trust.

What Happened: After rallying for two days on news of spot Bitcoin ETFs, the price of Bitcoin seems to have hit a standstill. 

The recent filings of spot Bitcoin ETFs with the Securities and Exchange Commission (SEC) by three major financial services companies, including BlackRock, the world’s largest asset manager, has given a boost of confidence to investors who were reeling following the SEC’s lawsuits against Binance and Coinbase earlier this month.

BitGo, a cryptocurrency custodian, has decided to withdraw its acquisition of Prime Trust, a rival firm. This comes after earlier negotiations had confirmed a tentative agreement for the purchase of Prime Trust for an undisclosed sum. 

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There was speculation at the time that Prime Trust was facing bankruptcy, hence the acquisition move by BitGo.

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At the time of writing, the global crypto market capitalization stood at $1.17 trillion, a decrease of 1.12% over the last day. 

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The US stock market on Thursday saw a rise after a three-day losing streak as investors returned to buying tech stocks. The Nasdaq Composite index surged by 0.95%, and the S&P 500 climbed by 0.37%, both closing at nearly the highest points of the session.

See More: Best Crypto Day Trading Strategies

Analyst Notes: “Crypto short-sellers did not want to bet against BlackRock’s Bitcoin ETF filing, as that might be triggering optimism the SEC might finally be ready to grant an ETF approval, ” said Edward Moya, Senior Market Analyst at OANDA. 

He added, “Bitcoin momentum could make a run towards the mid-$30,000 region, but if the central banks globally remain hawkish, that could kill risk appetite. ​ “

According to crypto analyst Michael Van de Poppe, the recent surge in Bitcoin price is likely the first true impulse in this cycle. The 200-Week Moving Average (MA) and Exponential Moving Average (EMA) are providing strong support and a significant bounce is observed, coupled with growing institutional interest. “I’m expecting [a] continuation towards $38,000-42,000.”

Pseudonymous analyst Dave the Wave predicts a promising future for Bitcoin. In a tweet, he suggests that Bitcoin’s value could potentially soar up to 420% from its current price. 

Backing up his claim with data, Dave the Wave provides a chart projecting a Bitcoin price of $157,512 by the year 2025. The chart is based on his logarithmic growth curve, which estimates Bitcoin’s long-term highs and lows throughout its lifetime while disregarding short-term market volatility. 

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users

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