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Cryptocurrency Market Volatility Amid U.S. Government Pressure
2024-07-31 09:00:08
Markets
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Cryptocurrency Market Volatility Amid U.S. Government Pressure

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Bitcoin and Ether prices decline as U.S. government-related selling pressure emerges. Bitcoin sees a 5% drop, while the broader crypto market dips 3.5%.

Outflows recorded in Ether and Bitcoin ETFs post-Trump speech enthusiasm wanes. Grayscale reports a substantial $20.4B outflow from its spot Bitcoin and Ether ETFs.

Trump's crypto pledges could tie BTC price to election outcomes. Analysts caution of market unpredictability ahead of the FOMC meeting and job data releases.

QCP Capital maintains a cautious outlook. The shifting dynamics hint at an uncertain period for the cryptocurrency market.

Related news on that topic:

Trump's Potential Endorsement of Bitcoin as Strategic Reserve ... Asset

Speculation arises as Trump's Bitcoin Conference keynote hints at endorsing bitcoin for U.S. strategic reserve, with experts predicting global adoption and price surge. U.S. Senator Lummis proposes funding a Strategic Bitcoin Reserve by revaluing Fed's gold, supported by former President Trump's endorsement. A Bitcoin Purchase Program, overseen by Treasury secretary, aims to acquire 1 million BTC over 5 years, stored in secure decentralized facilities. The proposal highlights bitcoin's political significance for the 2024 election and potential government efforts to utilize cryptocurrency assets strategically.

The Impact of Ethereum ETFs on the Crypto Market

The approval and launch of Ethereum ETFs by the SEC has garnered significant attention in the crypto market. Analysts predict billions in inflows and believe that Ethereum ETFs will not cannibalize Bitcoin ETFs, but may actually accelerate their growth. Key players such as Grayscale, BlackRock, and Fidelity have entered the Ethereum ETF space. Trading volumes in the first few weeks will be closely watched as an indicator of real demand. Spot Ethereum ETFs have already seen impressive trading volume, surpassing $1 billion on the first day of trading. Experts expect Ethereum ETFs to attract monthly net inflows of up to $1 billion. There is also speculation that Ethereum ETFs could potentially allow staking in the future. Despite the approval of Ethereum ETFs, the price of Ether has remained sluggish, potentially due to external factors such as elections and Mt. Gox selloffs. Overall, Ethereum ETFs mark a significant development in the crypto market, but risks and challenges remain, particularly in terms of self-custody and the decentralized nature of cryptocurrencies.

The press radar on this topic:

CoinDesk
30. Juli 2024 um 12:06

First Mover Americas: BTC Slides as U.S. Government-Linked Selling Pressure Looms

Finance
Politics
Bitcoin slides 5%, wider crypto market down 3.5% per CoinDesk 20 Index; Spot ether ETFs see $340M in net outflows, over $1.5B exiting Grayscale Ethereum Trust (ETHE), per Farside Investors; Trump's crypto pledges, including at BTC 2024 in Nashville, may tie BTC price to election, says Jefferies; Article originally appeared in First Mover, CoinDesk's daily newsletter.
CoinDesk
31. Juli 2024 um 06:51

Bitcoin, Ether ETFs Record Outflows as Trump Speech Euphoria Fades

Cryptocurrencies & blockchain
Finance
Politics
Crypto ETFs saw outflows as Trump speech euphoria faded. Spot bitcoin ETFs lost $18M, led by Grayscale's IBIT at $73M. Fidelity, Ark Invest, Bitwise and VanEck also saw outflows. Blackrock's IBIT was the only ETF with inflows of $75M. Ether ETFs continued a losing streak, with $100M in net outflows, led by Grayscale's ETHE at $1.84B in losses. BTC surged to $69K after Trump's Bitcoin 2024 conference speech, but fell 5% as U.S. Marshals shifted $2B in BTC, and major tech earnings loom. Traders..
The Defiant
31. Juli 2024 um 08:00

Grayscale Reports $20.4B Outflow from Spot Bitcoin and Ether ETFs

Cryptocurrencies & blockchain
Economy
Finance
Grayscale Investments has reported significant outflows from its spot Bitcoin and Ether ETFs, totaling over $20.4 billion. The Grayscale Bitcoin Trust ETF (GBTC) alone has seen a reduction of $18.86 billion since January, averaging a daily loss of $137.7 million. Meanwhile, the spot Ether fund experienced a $1.72 billion outflow in just five days. In contrast, competitors such as BlackRock and Fidelity have maintained positive balances. Despite the massive outflows, some analysts predict that..
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