Following yesterday’s two way price action, Bitcoin and Ethereum are trading range bound with bearish bias today as new hit market that Japan’s Financial Regulator denied interest in Bitcoin ETF. Earlier this week, Bloomberg published an article stating that Japan FSA is considering green lighting Bitcoin ETF’s, however news hit market today that Japan’s FSA has denied making any such decision. According to article from cryptocurrency news website – cointelegraph, their representative in Japan got in touch with Financial Services Agency which then denied making any decisions relating to approval of ETF and had no idea on who was the source behind Bloomberg’s article.
Crypto Market Turned Dovish On FSA’s Latest Update
Traders are approaching crypto currency market with caution now that holiday recovery rally which gave Bitcoin and other Altcoins solid bullish boost has expired. Investors focus remains on Ethereum network upgrade widely known as Constantinople hard fork and its impact on the coin’s price action in market which has resulted in range bound price action in crypto markets. Bitcoin is now trading dangerously close to $4000 price mark with range bound price action having failed in its attempts to gain solid foot hold above $4100 price level. However given market’s positive reaction to crypto market despite lack of solid fundamentals, traders believe Bitcoin is forming next level of support at $4000 mark now that it has gained solid grip on $3500 mark.As of writing this article, BTC/USD pair is trading flat at $4040.6 down by 0.40% on the day. Meanwhile Ethereum is expected to continue trading sluggish as both retail traders and institutional investors are averse to placing any major bets ahead of hard fork. However crypto enthusiasts and day traders looking for quick product continue to bet on Ethereum as the coin seems to have found stable foothold above $150 mark despite lack of volatility and decent trading volume in market. ETHUSD pair is currently trading at $152.07 down by 0.56% on the day.