The Securities and Exchange Commission (SEC) has undergone a change in management, with Gensler resigning. Until Paul Atkins is confirmed by the Senate, Mark Uyeda will serve as the interim leader of the SEC. This development is seen as positive, as Mark is known for his critical stance on cryptocurrencies and has supported the approval process for Bitcoin.
Currently, there have been 104,276 ETFs applied for, paving the way for a new era. In terms of cryptocurrency ETF applications, Bitcoin and Ethereum have already received approvals, but more approvals are needed to allow institutional and professional investors to enter the cryptocurrency market safely. Altcoin ETFs are particularly important at this stage. Applications for ETFs have already been made for various cryptocurrencies such as SOL, XRP, LTC, DOGE, and even Trump Coin.
Once these ETFs are approved, investors who focus on altcoins for greater profit opportunities will have more options available to them.
In terms of specific cryptocurrencies, Ali Charts has shared a graph indicating a potential downward wedge for DOGE, suggesting a new breakout towards $0.39. Although reclaiming the $0.4 threshold could help steer it back towards $1, the overall risk appetite for cryptocurrencies remains weak at the moment.
Investors, who were expecting significant moves following Trump’s actions, are choosing to stay on the sidelines. The disappointment caused by misleading reports suggesting that crypto-related decisions would be included in initial executive orders is undeniable.
Trader Tardigrade noted that the SOL Coin chart shows an exploding megaphone pattern, indicating that the price will soon continue to $312. Currently, SOL Coin remains stagnant at $256. This stagnation is expected to catalyze a significant breakout in all altcoins, especially since BTC is once again approaching six-figure levels.
Consolidation at new highs in altcoins could enhance risk appetite, which has yet to fully materialize with BTC reaching these six-figure marks.