Bitcoin, Ethereum, Dogecoin Spike After Franklin Templeton Files for BTC Spot ETF: Analyst Say If King Crypto Holds This Level, It Could Reach $30K Soon

Major cryptocurrencies experienced a significant surge on Tuesday evening, following a rapid decline and subsequent rebound in their prices. However, this volatile market movement has resulted in substantial losses for traders, with Coinglass data revealing liquidation losses amounting to a staggering $106 million in the past 24 hours.

What Happened: The market experienced a significant downturn on Monday, triggering the first round of liquidations. This was primarily driven by concerns surrounding FTX’s potential sale of its crypto holdings. Bitcoin witnessed a sharp decline, falling below $25,000, a level not seen since mid-June. Similarly, Ether recorded its lowest price in six months.

FTX is anticipated to gain approval for asset liquidation during its upcoming bankruptcy court hearing scheduled for Wednesday.

Franklin Templeton has announced its entry into the competitive cryptocurrency sector by filing an application for a Bitcoin exchange-traded fund (ETF).

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Currently, the global crypto market capitalization stands at $1.03 trillion, a 2.16% increase in the last day.

The Nasdaq Composite experienced a decline on Tuesday as a result of Oracle’s disappointing performance, leading to a downward pressure on tech stocks. On its first losing day in three, the Nasdaq slid 1.04% to 13,773.61, while the S&P 500 also experienced a drop of 0.57%.

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Analyst Notes: Crypto analyst Michael Van de Poppe provides key insights and updates on the current market situation.

Firstly, Franklin Templeton, a renowned $1.5 trillion asset manager, has filed for a Bitcoin Spot ETF. Their entry into the market signifies their interest in seizing a portion of the lucrative opportunities presented by cryptocurrencies.

Additionally, Gary Gensler, currently in a hearing, could shed light on the potential approval of an ETF on Ethereum. This could also address whether Ethereum is considered a security or not. Secondly, the upcoming CPI announcement holds significance for the market as it serves as an important indicator.

Now, what’s next for Bitcoin and what are must-hold levels?

It is evident from recent price action that a clear upward trend reversal has taken place. Of greater significance is the fact that Bitcoin has reclaimed the 200-week EMA, as illustrated in the accompanying chart.

“The levels at $25,300-25,600 are the absolute bottom levels which Bitcoin must-hold, preferably higher. If Bitcoin takes out $26,800, then we’re eager for $30,000 next,” Van de Poppe explains.