The leading cryptocurrency has been fluctuating around $60,000 for the past few hours, which is not a good sign. With the announcement of the start of MTGOX refunds, recent BTC sales have begun in the US and Germany. This trio of FUD continues to keep concerns about further declines in cryptocurrencies alive. So, what is the current situation?
Latest Developments in Cryptocurrencies
The $9.4 billion BTC refund was announced to start in July by the MTGOX trustee. Approximately 127,000 Mt Gox creditors will be refunded $9.4 billion worth of BTC. This supply, which has been forced to stay away from sales for 10 years, is now about to enter the exchanges. Investors remain cautious due to this excessive supply and the decrease in interest in the ETF channel. This opens the door to new attempts below $60,000.
Spot ETH ETF
According to analysts at the crypto research firm K33 Research, ETH ETFs that will be listed soon may perform better than Bitcoin. Analysts believe that a new wave of demand will start in the markets, similar to the BTC ETF process. If K33 analysts Vetle Lunde and David Zimmerman are correct, we could see a better environment for altcoins in the second half of July.
US Data Released
US jobless claims data has been released. ADP came in at 150,000, while the expectation was 163,000. This lower-than-expected data gave investors morale for the data to be released on Friday. If the employment data on Friday also comes in weak, this could be perceived as a signal for easing interest rates in line with Powell’s statements yesterday.
Jobless claims came in 4,000 above expectations. This higher-than-expected announcement was in favor of cryptocurrencies.
Binance and USDC
Late yesterday, the Binance exchange announced a one-month zero-fee campaign for the EUR/USDC pair. Binance, which once fought against USDC and took on the Coinbase exchange, is now stepping back.
We may see the popularity of USDC, the first global stablecoin to receive operating permission in the European Union, increase even further.
