The Securities and Exchange Commission (SEC) has undergone a change in management, with Gensler resigning from his position. In the interim, Mark Uyeda will take over as the leader of the SEC until Paul Atkins is confirmed by the Senate. This news is seen as positive, as Mark has a critical stance on cryptocurrencies and has been supportive of the approval process for Bitcoin ETFs, paving the way for a new era in the market.
Currently, there have been 104,276 ETF applications, with a focus on cryptocurrencies. While Bitcoin and Ethereum have already received approvals, more ETF approvals are necessary for institutional and professional investors to safely enter the cryptocurrency market. Altcoin ETFs are particularly significant at this time. Applications have already been made for various cryptocurrencies such as SOL, XRP, LTC, DOGE, and even Trump Coin.
Once these ETFs are approved, investors who are interested in greater profit opportunities in altcoins will have more options to choose from.
Insights on DOGE and SOL Coins
Ali Charts has shared a graph indicating a potential downward wedge for DOGE, suggesting a new breakout towards $0.39. However, the overall risk appetite for cryptocurrencies remains weak at the moment, even if DOGE reclaims the $0.4 threshold, which could potentially steer it back towards $1.
Investors, who were eagerly waiting for substantial moves despite Trump’s actions, have chosen to remain on the sidelines. The disappointment caused by misleading reports suggesting that crypto-related decisions would be included in initial executive orders cannot be ignored.
Trader Tardigrade noted that the SOL Coin chart shows an exploding megaphone pattern, indicating that the price will soon continue to rise to $312. As of now, SOL Coin remains stagnant at $256. This stagnation is expected to catalyze a significant breakout in all altcoins, especially since Bitcoin is once again reaching six-figure levels.
Consolidation at new highs in altcoins could enhance risk appetite, which has yet to fully kick in with Bitcoin reaching these six-figure marks.
