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Bitcoin price rose to $68,256 in the last 24 hours, boosted by the ETH ETF listing. However, MTGOX’s new transfers reversed the trend. The removal of MTGOX returns, one of the biggest FUDs in crypto, on such a bullish day is both good and bad. While negative in the short term, the optimism of these days may be temporarily priced in the long term. Moreover, the end of the MTGOX incident is a clear positive in the medium and long term.
Crypto Experts’ Comments
Bitcoin is hovering at $66,670 as of writing and fell to $66,256 in the last 24 hours. There is a clear $2,000 difference between the low and high. Today, with the opening of the US markets, ETH ETFs will start trading on exchanges, and we will monitor the first day’s volume moment by moment.
QCP Capital experts wrote the following in their recently published assessment:
“The market’s reaction to the ETH Spot ETF launch was muted, and investors are waiting to see if they follow the ‘buy the excitement, sell the news‘ model. For comparison, after the BTC ETF launch, it fell to $38,000 but saw an all-time high two months later.
US Government and Mt Gox.
– The US Government transferred 58,742 BTC to Coinbase this morning and currently holds a total of 213,239 BTC (~$14.2 billion USD).
– Mt Gox also moved a total of ~47.6k BTC to other wallets, including Bitstamp.
Options Market
– While spot prices remain calm, the options market paints a different picture. The July 26th vols had an impressive rally of 8 vols, and the RR dropped by 3 vols, indicating caution is needed on the downside.
– The options market seems to expect more downside movement in the near term, exacerbated by the US Government and Mt Gox news.
The potential for the ETH Spot ETF to initially not affect prices, combined with potential selling pressure from the US Government and Mt Gox, could keep prices low until they gain momentum towards the elections.”
Bitcoin Predictions
Next week, there is a Fed meeting, and on Friday, personal consumption expenditure data will be released. Recent inflation-related data was positive, but the Fed is waiting for more confirmation to cut rates. On the other hand, the selling pressure on BTC due to the ETH ETF launch is relatively good because of the supply. Otherwise, BTC could have tested below $50,000.
In crypto, we all know that major events are priced in late. Perhaps months from now, as cryptocurrencies break new all-time records, we will talk about the major events that were not priced in today.
