Ethereum

FOMC

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 One widely followed crypto analyst is warning Ethereum (ETH) traders that an ETH exchange-traded fund (ETF) approval from the U.S. Securities and Exchanges Commission (SEC) is unlikely to happen soon.
 Crypto trader Michaël van de Poppe&nbsp;tells&nbsp;his 715,800 followers on the social media&nbsp;platform&nbsp;X that traders may have to wait a little longer for an ETH ETF.
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 “The Ethereum ETF is likely not going to be approved in May.
 However, the markets are undervaluing a potential approval in August, as Ethereum is still getting sold off.
 I think the chances of an approval in August is&nbsp;positive, through which I expect Ethereum to outperform.”
 <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-190710 size-full" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GMo8MYKW8AA_2A5?format=png&amp;name=900x900" alt="" width="1063" height="499">
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 Source: Michaël van de Poppe/X
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 According to Van de Poppe, the current turbulence of the crypto markets&nbsp;presents&nbsp;an opportunity for crypto investors.
 “You wanted to buy Bitcoin at &lt;$60,000.
 You wanted to buy Chainlink at &lt;$15.
 You wanted to buy any altcoin in a correction.
 However, now, emotions&nbsp;kicked&nbsp;in&nbsp;and&nbsp;sentiment expects another&nbsp;drop,&nbsp;while the opportunity is here.
 Maybe you don’t&nbsp;feel you&nbsp;want to, but this is the time.”
 According to Van de Poppe, he&nbsp;favors&nbsp;trading newer altcoins over the “old” ones.
 “Old coins continue to provide bad returns as Polygon (MATIC) is on a cycle low.&nbsp;
 It’s in the area of interest, but you should wonder whether it&nbsp;is going to&nbsp;generate a lot of returns or whether a new coin&nbsp;is going to&nbsp;yield higher upward returns.
 To me: I stick to new coins.”
 <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-190710 size-full" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GMo7jTQWoAAVsiQ?format=png&amp;name=large" alt="" width="1063" height="499">
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 Source: Michaël van de Poppe/X
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 MATIC is currently down 20% in the last month.
 The analyst&nbsp;concludes&nbsp;by noting the most recent Federal Open Market Committee (FOMC) data is helping fuel today’s Bitcoin (BTC) rally and a&nbsp;wider&nbsp;altcoin bull run.
 “Terrible economic data -&gt; DXY (US dollar index) down, additionally the case for quarterly earnings and rate cuts will increase and therefore risk-on assets rally.
 Bitcoin back to $61,600.
 FOMC was the low for the markets&nbsp;and&nbsp;the altcoin bull market has started.”
 <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 100%" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-190710 size-full" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GMqNFXjWMAE9PGf?format=png&amp;name=medium" alt="" width="1063" height="499">
 <figcaption id="caption-attachment-190710" class="wp-caption-text">
 Source: Michaël van de Poppe/X
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 BTC is worth $61,702 at&nbsp;time of&nbsp;writing, up 4% on the day.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/here-s-why-one-crypto-analyst-doesn-t-think-an-ethereum-etf-will-get-approval-despite-altcoin-bull-market-tbt87389.html">https://thebittimes.com/here-s-why-one-crypto-analyst-doesn-t-think-an-ethereum-etf-will-get-approval-despite-altcoin-bull-market-tbt87389.html</a>

Here’s Why One Crypto Analyst Doesn’t Think an Ethereum ETF Will Get Approval Despite ‘Altcoin Bull Market’

TheBitTimes

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