Crypto traders anticipate approval of two Bitcoin ETFs, send BTC soaring past $61k

Cryptocurrency traders have been enjoying a bullish heaven spurred by news related to a couple of Bitcoin exchange-traded funds awaiting approval from the United States Securities and Exchange Commission. The two ETFs that could soon start trading on Wall Street are managed by respected investment banking firms, and news of this potential approval sent the price of Bitcoin soaring past the $61K mark on Friday.

BTC is not the only token that benefited from the ETF update. As is usually the case whenever Bitcoin goes on a bullish rally, the rest of the cryptocurrency market followed, and this bullish sentiment extended to privacy tokens such as NuCypher, Orchid, and KEEP. The king of the secure tokens, Cardano, has been trading below expected levels because of ransomware gangs taking advantage of its privacy features in order to ply their wicked trade. For this reason, it is not surprising to see investors piling up on the three aforementioned tokens, which enjoy a pretty clean track record thus far. However, investors, especially those from small and medium sized companies, need to be more careful. For now, the majority of these tokens are largely unregulated and vulnerable to manipulation, especially if traders decide to engage in pumping the price. Moreover, as crypto’s popularity in retail and business sectors continue to grow, the number of fake coins (a term for what we call fake tokens or cryptocurrencies) and fraudulent companies are also on the rise. It is now more important than ever to be fully transparent when trading any cryptocurrencies for businesses.

Why aren't traders interesting in Cardano at this moment? As it stands right now, the ADA price is trading at fairly low levels with regard to its 24-hour trading volume of $9.86M. After dipping to a low price yesterday, the ADA price bounced back above on the back of news about the upcoming launch of improvements to the Cardano network. The current price level appears to be providing decent resistance and support for ADA investors. From a technical perspective, ADA has failed to hold the expected support level so far this year.