Bitcoin Pulls Back to $42K; Venezuela Shutters Petro Crypto Project

It’s unclear how a lot contemporary capital the brand new spot bitcoin exchange-traded funds (ETF) will appeal to, however vital funds from different crypto merchandise are anticipated to pour in, J.P. Morgan mentioned in a Thursday analysis report. The market response to the U.S. Securities and Alternate Fee’s (SEC) reluctant approval of spot bitcoin ETFs has been comparatively muted, with the main focus now shifting to how a lot capital these new ETFs will pull in, the report mentioned. “We’re skeptical of the optimism shared by many market members in the mean time that lots of contemporary capital will enter the crypto house on account of the spot bitcoin ETF approval,” analysts led by Nikolaos Panigirtzoglou wrote.