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The king cryptocurrency continues to fluctuate after a rapid rise. What is the current situation? Investors who avoided quick sales missed out on gains despite altcoin movements.
Bitcoin (BTC) Fluctuates
BTC price climbed from $64,700 to $66,482 before dropping quickly. The launch of BTC ETF on the Australian exchange and the SEC’s early resolution of the Ethereum battle triggered the rise. The VanEck ETF, approved for trading on the Australian Securities Exchange (ASX), generated $1.3 million in volume on its first day. U.S. ETFs reached up to $4.5 billion in volume on their first days. Although it pales in comparison, more demand is always good.
Jamie Hannah from VanEck said;
“Despite the Australian market being much smaller than the U.S. and most of our flow being retail rather than institutional, we might follow a similar path.”
Bloomberg Intelligence Senior ETF Analyst Rebecca Sin said;
“The potential for virtual asset ETFs in the Asia-Pacific region could exceed $3 billion in the coming years.”
Bloomberg analyst Eric Balchunas expects the Ethereum ETF to be listed on July 2. K33 analysts predict a $4 billion inflow in the first 5 months.
Bitcoin Commentary
In the last few hours, MicroStrategy announced it bought nearly 12,000 new BTC. The drop following the rise mentioned earlier was largely due to this. When Saylor announces new BTC purchases, the BTC price usually drops. However, they are good at identifying dips for purchases.
BTC fell to $65,242, which was not good for altcoins. Those who took advantage of the short-term fluctuation made double-digit gains, but deeper dip buying opportunities may arise. One of the biggest FUDs is the billion-dollar sale risk from Germany. Potential bad news includes new sales by the U.S. government or new announcements regarding MTGOX claims.
