Bitcoin Adoption Gets a Boost on Multiple Fronts: Australian ETF Listing, Tooting Market Now Accepts BTC

Bitcoin (BTC) price consolidates but analysts eye potential upswing after key developments.

TL;DR

• The first Bitcoin spot ETF launched on Australia’s main stock exchange, marking a significant milestone for crypto adoption in the Asia-Pacific region.
• Several merchants at Tooting Market in South London are now accepting Bitcoin payments, potentially paving the way for wider BTC adoption in the UK.
• Despite recent price fluctuations, on-chain data suggests Bitcoin holders remain profitable, with a large portion of the circulating supply held “in profit.”

Australian Stock Exchange Welcomes First Bitcoin ETF

The Australian Securities Exchange (ASX) witnessed a historic moment with the listing of the VanEck Bitcoin ETF. This development follows the approval of similar ETFs in the U.S. and Hong Kong earlier this year, signifying a growing global acceptance of Bitcoin as an investable asset. The VanEck ETF, initially seeded with nearly $657,000, serves as a feeder fund for the established VanEck Bitcoin Trust in the U.S., currently valued at over $647 million.

London’s Tooting Market Embraces Bitcoin

Bringing Bitcoin adoption closer to everyday life, several merchants at the iconic Tooting Market in South London have begun accepting Bitcoin payments. This initiative, spearheaded by Bitcoin enthusiast Ashley Giles with support from Bridge 2 Bitcoin, transforms Tooting Market into a potential hub for Bitcoin use in the UK, similar to El Zonte in El Salvador. Industry experts believe this local effort sets a valuable precedent for wider Bitcoin acceptance across the country.

Bitcoin Holders Remain Profitable Despite Price Consolidation

A recent report by Glassnode reveals that Bitcoin investors continue to hold unrealized profits despite the coin’s recent sideways movement. This bullish sentiment is reflected in on-chain data showing over 87% of the circulating supply held “in profit,” indicating a cost basis below the current spot price. The Market Value to Realized Value (MVRV) ratio further highlights this trend, suggesting the average BTC coin holds an unrealized profit exceeding 120%.

BTC/USD Technical Analysis: Bitcoin Price Seeks Direction

While Bitcoin’s price has been consolidating around the $64,000 mark, analysts remain cautiously optimistic about a potential upswing. A breakout above the $65,650 resistance zone could trigger a recovery wave, similar to Ethereum’s recent price action. Key technical indicators to watch include the MACD momentum and the RSI levels. On the support side, $64,400 and $64,000 are crucial levels to monitor to gauge potential downside risks.

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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