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Following a 10.7% weekly drop, Bitcoin nudges up 0.3%, steadying over $26,000. The wane in Bitcoin ETF anticipation and global economic factors contribute to price stability. Meanwhile, Ether's ETF prospects gain momentum.
The retreat in Bitcoin's value could be attributed to a cooling off of the hype surrounding Bitcoin exchange-traded funds (ETFs) in the US.
James Butterfill, the Head of Research at CoinShares, an alternative asset management firm in Europe, believes that the surge in prices during June, prompted by BlackRock's application for SEC approval of a Bitcoin ETF, caused a noticeable spike. However, Butterfill notes that the market now realizes that an immediate SEC approval for a Bitcoin ETF is unlikely.
As a result, Bitcoin's current prices have stabilized, reaching levels observed before the ETF application announcement.
The recent sharp decline in Bitcoin's value is said to be influenced by several factors. The CoinShares report shows that low trading volume, volatility in Bitcoin, concerns over China's ailing economy, and a rise in US treasury yields have contributed to the decline.
Butterfill suggests that the forthcoming months will present a blend of opportunities and challenges for the market. The expectation is that the US Federal Reserve will avoid further rate hikes in September, potentially providing a boost to Bitcoin's prospects. However, investors eagerly await the SEC's decision on the Grayscale ETF and BlackRock applications in September, with potential postponements leading to possible investor disappointment.
In addition to Bitcoin, Ether, the second-largest cryptocurrency, has experienced a modest increase of 0.8% to reach a value of US$1,683. Nonetheless, Ether remains 8.5% lower over the past week. Bloomberg reports that the US SEC could approve several ETFs based on Ethereum futures by October 2023, citing unnamed sources. Investment firms such as Volatility Shares, Bitwise, Roundhill, and ProShares have all applied for Ethereum ETF licenses.
Among the top 10 cryptocurrencies (excluding stablecoins), prices have been mixed over the past 24 hours, but all have recorded weekly losses. In the last 24 hours alone, the cryptocurrency market has seen a total liquidation of US$24.91 million, representing a significant decrease compared to the daily losses observed during the previous week's market downturn.
Photo: Kanchanara/Unsplash
