The Securities and Exchange Commission (SEC) has undergone a management change, with Gensler resigning from his position. In the meantime, Mark Uyeda will be leading the SEC until Paul Atkins is confirmed by the Senate. This development is seen as positive news since Mark is known for his critical stance on cryptocurrencies and has supported the approval process for Bitcoin ETFs. This could pave the way for a new era in the crypto market, with 104,276 ETFs being applied for.
Currently, Bitcoin and Ethereum have received approvals for ETFs, but more approvals are necessary for institutional and professional investors to safely enter the cryptocurrency market. Altcoin ETFs, in particular, hold significant importance at this point. Applications for ETFs have already been made for various cryptocurrencies such as SOL, XRP, LTC, DOGE, and even Trump Coin. Approval of these ETFs would provide investors focusing on altcoins with more alternatives and profit opportunities.
Insights on DOGE and SOL Coins indicate potential price movements. Ali Charts shared a graph suggesting a potential downward wedge for DOGE, with a breakout towards $0.39. While reclaiming the $0.4 threshold could push it towards $1, the overall risk appetite for cryptocurrencies is currently weak. Investors, despite waiting for significant moves, remain on the sidelines due to disappointment caused by misleading reports regarding crypto-related decisions in initial executive orders.
Trader Tardigrade noted an exploding megaphone pattern in the SOL Coin chart, indicating an imminent price continuation to $312. However, as of now, SOL Coin remains stagnant at $256. This stagnation is expected to catalyze a significant breakout in all altcoins, especially considering that Bitcoin is once again approaching six-figure levels.
Consolidation at new highs in altcoins could enhance risk appetite, which has yet to fully materialize despite Bitcoin reaching these six-figure marks.
