Bored Apes Are Going High

There are seemingly some growth efforts in the crypto market this week, as Bitcoin surged to $31,000 per coin, very close to $31,500, which is 52 weeks high. It quickly rolled back to $30,300, but it is going up again.

Such a nervousness was forced by several factors, as investors are afraid to miss the crypto rally, when the Securities and Exchange Commission (SEC) may affirm Black Rock claim to launch spot Bitcoin ETF. On the other hand, investors are afraid of SEC’s Gary Gensler raid against crypto market, which can hamper Bitcoin at $31,500 per coin. It Gensler would divert the BlackRock claim Bitcoin may return to its $25,000 – 26,000 per coins seen in June, when the Bitcoin-ETF public race has started. Well, the BlackRock has chances to succeed. Former SEC Chairmen Jay Clayton said approving a Blackrock Bitcoin-ETF would be “hard to resist” if the interested companies prove the safety of the product.

Clayton seems to be a fair judge. Mr. Gensler instead, is been told not to play too long and rise above the game. SEC has about 5 weeks to decide, while Bitcoin may move towards $34,000-36,000 per coin.

Bored Ape Yacht Club NFTs (BAYC) are seen recovering after hitting 20-month lows at 28.4 ETH. This week its prices rose to 34.0 ETH, or by 19.3% in a week. This positive upside move could be extended. NFT’s are derivatives of cryptocurrencies and reacts to their exchange rates with a time lag of 5 months.

So, a BAYC is not really priced in into Bitcoin rally that added 84% since December 2022. Thus, we may see positive upside of the BAYC towards 45.0-55.0 ETH in the coming 6 weeks.