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If you haven’t heard the news, Bitcoin is rocking its highest price since May 2022. In a time where major moves weren’t expected, it has suddenly gone well back up. When we say up, we don’t mean the regular price jumps that put it close to $30,000. This time, the
Late last night, Bitcoin went on a major run that seemingly had no fuel behind it. But, the price jump occurred due to some fake Bitcoin ETF news. While optimism around Bitcoin ETF’s has grown considerably lately, there’s been nothing on that front so far. On Tuesday, some media outlets
No good or fresh news on the Bitcoin price front. The debilitating price drops continue with slight shoots up that aren’t enough to get Bitcoin over the $27,000 hump. It’s clear that the market isn’t headed in the right direction, and despite some positive signs, it seems there’s always some
Millions of Bitcoin holders around the world have been put on high alert considering Bitcoin’s latest run. After a three-week low, it has managed to cap things off with a new surge that hit over $27,500 in the past 24 hours. There’s been a positive trend developing in the past 7 days, and with the return of volatility, the crypto hopeful have their fingers crossed for a bull run.
It comes at just the right time as the pioneer cryptocurrency dropped over 11% of its value last month. While it’s not out of the woods yet, the most recent developments are certainly positive, showing that there’s still hope for a greater surge this autumn or winter.
Positive Price Movement
All the technical are pointing to a positive price movement. The key resistance is currently at $29,200. This has been the point of acquisition for nearly 2 million addresses. Of course, the market sentiment plays a major part in the price movement. But, in the past few weeks, Bitcoin has had a great rebound, going up by nearly 10% from lows of around $24,900 to current highs in the mid-$27,000s.
It has created a lot of buzz in the crypto community as the volatility has kind of stalled in recent times. If we take a deeper dive into the stats, there are some interesting insights. Over 31,3 million Bitcoin addresses currently hold more than $12 million BTC. These are in the green. On the other hand, 16.02 million addresses hold nearly 6.5 million BTC which are in the red. The highest concentration of loss-making addresses falls within the $43,260-$67,400 price range. But, the highest concentration of loss-making coins were bought in the range between $27,280 and $30,330. This range corresponds to the cryptocurrency’s latest prices.
The Surge Continues
Bitcoin’s price surge continues and traders and investors couldn’t be happier. Right now, the focus is on reaching $29,200. That’s the resistance level that over 2 million investors hope to reach. All eyes are on the crypto space as action unfolds, and the sentiment will be the ultimate decider.
Major crypto analyst firm Santiment has a positive forecast ahead. It bases its opinion on the high Tether supply on crypto exchanges which has reached 24.1%, its highest point since March. This trend coincides with an overall decrease of Bitcoin and Ethereum supplies on said exchanges. It shows that investors prefer to retain their assets instead of trading them at the moment.
The rising USDT supplies and shrinking BTC and ETH supplies can be connected to foresee a potential uptick in future markets. Bitcoin’s recent surge in unique addresses also plays a part in positive price developments. This metric hasn’t made an appearance since April this year. It shows increased engagement with the Bitcoin ecosystem and supports Santiment’s optimistic sentiment.
It seems that we’re in for a very interesting autumn and winter. September is nearly over, but that doesn’t mean it won’t end wildly with a bull run. We hope that happens soon enough, as the crypto market needs it direly.
According to Mizuho analyst Dan Dolev, we’re currently seeing a strategy decoupling between Bitcoin’s price and Coinbase volumes. Dolev is questioning the viability of Coinbase’s 145% rally this year. Historically, Bitcoin’s price and Coinbase volume have had a very strong relationship. Almost 95% of retain accounting is for trading revenue, a reality check might follow soon.
In Q4 2021, Dolev pointed out that COIN volumes and the average Bitcoin price were at $550B and $55K respectively. In Q4 2022, Bitcoin dropped to a new low of $18K. However, it almost doubled that price by mid-2023. On the other hand, COIN volumes kept dropping.
Potential Investor Fatigue?
According to Dolev and other experts, this could be a potential sign of investor fatigue. Unlike in the past, FOMO is no longer the reason for investors to trade Bitcoin when prices are on the rise. Early on Tuesday, COIN gained almost 3% while Bitcoin rebounded from Monday’s sell-offs. At the moment, the price has swayed back in the mid-$25,000s, after a late Tuesday rally that saw Bitcoin jump over $26,000.
There’s a major reason for the market slump on Monday. Everyone’s afraid that FTX will unload some of its leftover $3.5 billion crypto assets, which could spur a major selloff. At least that’s what investors think. Analysts say that these fears are overblown. The selling pressure is much smaller than previously thought.
FTX could seek to unload its remaining assets at a court hearing scheduled for next Wednesday. However, according to experts, things aren’t that black and white. FTX’s crypto stash venture investments have lockups that prevent selling the assets. If the assets are approved to be sold, there would be limitations on the sales that’ll cushion the impact such a sell-off could have on the market.
What happens more likely is that the chatter dies down next week, and we’re heading toward a calm market. There’s no indicator about a bull run happening anytime soon, so we should wait and see what winter brings. After the initial scare, the market has rebounded nicely, with Bitcoin heading back close to pre-Monday’s $26,000 levels.
More Selling Pressure Soon
The calm crypto market with no new developments is probably going to last for a while. Analysts say there’s more selling pressure soon. Other events than the FTX crypto sales may put downward pressure on the crypto market prices. Pressure could come from Mt. Gox’s trustees and the American Silk Road Bitcoins.
The US authorities are slowly selling out the 50,000 BTC claimed from crypto marketplace Silk Road last year. The Mt. Gox hack where 850,000 BTC were stolen years ago has not seen a lot of action, with only a tiny part recovered. Victims might be able to reclaim their assets last year, although the schedule and structure of these sell-offs are unknown.
Of course, these are decisive forces in the formation of crypto market prices, and will certainly have some kind of an impact. We hope it’s not a negative one as the prices don’t need further drops.
It’s been months and we’re still waiting for that bull run that everyone promised. Not only there’s no bull run in sight, but crypto prices have been dropping for weeks. Bitcoin is locked in the mid to high $25,000s, which doesn’t exactly suggest an improvement. It has failed to break past that point, and even when it did, it was only for a short while.
But, there might be a glimmer of hope on the horizon. A glimmer that could turn into very bright lights. We all know that China is not a fan of crypto due to the plans for a digital yuan. There’s been a witch hunt on digital assets and mining in the country in the past couple of years, but the latest news coming from the country may shake up the industry very soon. A top court in China has just moved to open Bitcoin and crypto trading in Hong Kong, and according to many experts, it’s the catalyst we’ve all been waiting for.
Trying to ‘Bury’ the USA Economically
This game-changing move comes out all of a sudden, but according to experts in global trades and economy, it’s part of a larger plan. China doesn’t want a war with the USA, even if it backs Russia. It’s trying to bury the US economy, suddenly opening up to cryptocurrencies after the 2021 blanked ban.
Since then, many Chinese courts have established that virtual assets have property rights. That’s been the case this time too. A People’s Court in China just published a report on virtual assets, determining that they’re legal property protected by law. This court operates independently and is not subject to any administrative or public interference. Its main cases are criminal, administrative, and civil, with the addition of economic disputes.
According to the report, laws on crimes involving digital assets should be based on both criminal and civil law. These cases need to be treated separately from others in order to achieve a balanced protection of personal property.
These new developments are seen as the beginning of something beautiful. Many are hoping—and some experts are sure—that it’s the catalyst we’ve been waiting for to jumpstart the elusive bull run. Bitcoin’s volatility has returned for a bit, but compared to years ago, it’s still not at that level. With Hong Kong clearly looking to establish itself as a center for digital assets, this could all change as soon as this month.
Bitcoin ETF Conversion Coming Soon?
Other events are likely to have a huge impact on Bitcoin’s price this month and moving forward. For example, Grayscale has just won its court proceedings against the SEC, asking for a quick meet up to discuss plans for the first spot-exchange traded fund. Yesterday, the company’s lawyers sent a letter to the SEC, requesting a meet to discuss the regulator’s recent court loss. The company believes the SEC doesn’t have any grounds for delays, so we could finally see the first Bitcoin spot ETF very soon.
As soon as that happens, expect the crypto prices to go up. With China’s continued involvement and Hong Kong’s goal to become a crypto tech hub, we’re one step closer to the bull run we’ve waited for so long.
Finally, some good news for Bitcoin’s price. While it has only been a short run, Bitcoin has managed to rally and hit a two-week high after a court backed Grayscale’s ETF. It has been in the works for quite a while now, and after the first Bitcoin ETF went live in Europe, good news are brewing for US’ first Bitcoin ETF right now.
It’s not just a rumor, but a real thing. The SEC’s first deadlines to approve the Bitcoin ETF are coming next week. According to analysts, the SEC will approve the first batch of spot Bitcoin ETFs, but it will also most likely exercise the right to an appeal. Either way, it has managed to cause a BTC price uptick, which showed there’s still juice left even if it lasted for a short time.
The Return of Bitcoin Volatility
The volatility return is good news as Bitcoin was kind of stuck in the $28,000 price range for a long time. There weren’t any movements this or that way, and the return of price volatility is good news. The catalyst was GBTC’s conversion to a spot Bitcoin ETF as well as the SEC’s plans to approve spot ETFs next week. More importantly, it shows that there’s a lot of life left in the crypto market after it went stale for a couple of months.
Bitcoin’s price and good ol’ volatility are making a return, and many traders are excited about it. As soon as the news hit the world wide web, the price went up for nearly $1,700 in just half an hour. It upended the stale trading environment which has been going on for months, with snap losses in mid-August that had everyone concerned.
It all started when the US Court of Appeals for the District of Columbia Circuit stated that the SEC was wrong to reject Grayscale’s application for a spot Bitcoin ETF. This denial was arbitrary and capricious due to SEC’s inability to explain the different treatments of similar products. We’re talked about this crucial SEC inability for a long while, and the court thinks the same. Thanks to its decision, Grayscale’s petition has been granted, and the order vacated.
What this means is that the SEC will need to approve the first batch of spot Bitcoin ETFs as soon as next week. It’s a historic moment that sent Bitcoin’s price flying and enabled some good vibes on the crypto market in general that rattled the staleness off.
What’s Next?
Things won’t happen overnight – that’s for sure. According to Michael van de Poppe, CEO of trading firm Eight, the court’s decision will have a major positive impact on all the existing ETF applications. It may even push Blackrock’s application up the pecking order which will cause tectonic moves on the market. He predicts a start of a bull cycle with this news, which was obviously based on the hugely volatile price uptick.
One thing’s for sure – the SEC is slowly losing ground and times will start changing for the best. As soon as the first batch of Bitcoin spot ETF’s go live, we expect the market to go green once again.
Everyone’s hoping that Bitcoin’s price slide ends soon. However, that doesn’t seem to be the case. The price has dropped last week and even further down the drain this week. These aren’t huge drops, but they are just enough to shake up things in a negative way. Bitcoin investors and enthusiasts are waiting for positive news every week, but that hasn’t been the case recently.
With Fed rate hikes and piling negative finance news, the end of the price slides might not be near. That’s what recent on-chain analytics suggests, but it might be a case of the night being the darkest before dawn.
Absence of a Positive Catalyst
The simplest and most reasonable explanation for the negative Bitcoin price slides is the absence of a positive catalyst. Early on Tuesday, Bitcoin’s price slid down 1%, while some altcoins such as Solana, XLM, and MATIC dropped down 4%. The broad CoinDesk market is also down by almost 2%. Ethereum was underperforming on Tuesday too, having dropped 2.2%. There were some slight greens on the market early today, but not enough too make a big difference.
Overall, the crypto market is in a slump and there doesn’t seem to be an improvement in sight. Recent US economic data have taken down any chance of the Fed making a sharp turn in its monetary policies. Crypto bulls are looking for something to hold on too, but no chain metrics show positive news. All hopes are pinned on the upcoming spot Bitcoin ETF, which can shake things up in a positive way.
So far, there have been several applications for a Bitcoin spot ETF send to the SEC. However, there’s yet a decision to be made, with no guarantee we’ll see one this year. Everyone thought that US will have the first ETF, but the initial one was actually issued in Europe just weeks ago. In the short run, traders hope that there will be a positive ruling in Grayscale’s lawsuit versus the SEC over the agency’s denial of Grayscale’s attempt to convert GBTC to a Bitcoin spot ETF.
No Wishful Thinking
Some traders have been seeing the most recent events as a chance to buy the dip. It rings true for some, but others are saying that the price will slide further, allowing you to buy an even better dip. We know that El Salvador’s tech-savvy president will surely do so, but investors might stay put for a while.
Pro traders use sophisticated instruments such as futures and options to make returns at crypto exchanges. Wishful thinking seems to have died down, and there’s not much positive light on the horizon. It seems that the crypto market is in a limbo right now, with a focus on dropping prices rather than hikes. We’re not that sure you should buy the dip right now. Bitcoin has kind of settled into the $26K groove right now, and things may get uglier before they get better.
It’s better to stay put for the moment before making any moves.
