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June was not favorable for BTC, and investors did not get their expectations met in July. Historical data suggested gains after loss-filled Junes, but sometimes historical data can be misleading. At the time of writing, BTC was trading at $66,614, and experts are making current market predictions.
Current State of Cryptocurrencies
Altcoins experienced further price drops due to BTC’s decline. Those who shorted BTC above $69,000 profited again and have been making easy gains for months. The profitability of short positions in a rising trend is certainly demoralizing.
QCP Capital experts recently published their market assessment, stating:
“- Fueled by Trump’s weekend speech, BTC tested $70,000 before U.S. stock markets opened, but hours later, it dropped over $3,000 to below $67,000.
– Optimism was short-lived as the U.S. government transferred about $2 billion worth of 30,000 BTC while continuing to hold 39,000 BTC seized from Silk Road founders.
– Meanwhile, ETH performed relatively well compared to BTC following Trump’s speech, gaining 5% since then despite consecutive days of spot ETF outflows.
– ETH’s volatility premium over BTC also rose from last week’s 4% to about 8% for longer-term futures.
– Why the strength in ETH? The market may be becoming immune to headline outflow numbers due to a shift from more expensive ETHE to cheaper ETFs. This raises the question: Could ETH rise significantly when we see regular daily inflows?”
Will Cryptocurrencies Rise?
BTC ETF process reminds us that ETH prices should rise with the end of strong net outflows. QCP Analysts also highlight that ETH prices are expected to increase with the reversal of quick profit-taking. This could also trigger a BTCD weakening, leading to more money flowing into altcoins.
November elections remain a focal point for crypto. Tomorrow’s Fed meeting announcements are also crucial. Additionally, we will see fluctuations in U.S. stock markets throughout the week with earnings reports from giants like Amazon, Apple, and Meta. If the data is positive, crypto could gain upward momentum.
