The leading cryptocurrency has been fluctuating below $60,000 for the past few hours, which is not a good sign. With the announcement of MTGOX refunds starting soon, recent BTC sales in the US and Germany have begun. This trio of FUD continues to keep concerns about further declines in cryptocurrencies alive. So, what is the current situation?
Latest Developments in Cryptocurrencies
It was announced that the $9.4 billion BTC refund would 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 forcibly kept away from sales for 10 years, is now about to enter exchanges. Investors remain cautious due to this excessive supply and reduced interest in the ETF channel. This opens the door to new attempts below $60,000.
Spot ETH ETF
According to analysts from the crypto research firm K33 Research, the soon-to-be-listed ETH ETFs could outperform 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 and unemployment claims data have been released. ADP came in at 150,000, while the expectation was 163,000. The under-expectation data gave investors morale for the data to be released on Friday. If Friday’s employment data is also weak, it could be perceived as a signal for easing interest rates, in line with Powell’s statements yesterday.
Unemployment benefit claims came in 4,000 above expectations. This above-expectation announcement was in favor of cryptocurrencies.
Binance and USDC
Late yesterday, Binance announced a one-month zero-fee campaign for the EUR/USDC pair. Having once waged a war against USDC and taken on the Coinbase exchange, Binance is now stepping back.
We could see the popularity of USDC, the first global stablecoin to receive operational approval in the European Union region, increase even further.
