Cryptocurrency market has been under strict scrutiny as Bitcoin struggles to maintain above $60,000 and investors remain cautious amid ongoing market uncertainty. The recent intensification of BTC sales in the United States and Germany has heightened anxiety in the market following the announcement of upcoming refunds by MTGOX.
Impact of MTGOX Refunds
The trustee of MTGOX announced that the $9.4 billion Bitcoin refunds will commence in July. The influx of a large amount of BTC into exchanges after a decade will significantly increase market supply. The impending news has made investors wary, especially considering the declining interest in Bitcoin ETF. This concern may pave the way for further breaking through the $60,000 mark. Visit NEWSLINKER for the latest tech news.
What’s Next for ETH ETF?
K33 Research analysts emphasized that the upcoming listing of ETH ETF may outperform Bitcoin. Analysts Vetle Lunde and David Zimmerman predicted that this could trigger a new wave of demand in the market, reminiscent of the trend with BTC ETF. If their prediction holds true, late July may be more favorable for altcoins.
Key Takeaways for Investors
Prepare for increased volatility in Bitcoin with the commencement of the $9.4 billion MTGOX refunds. Keep a close watch on the listing of ETH ETF as it may indicate a shift towards altcoins in the market. Monitor recent US economic data, especially employment and interest rate indicators, to understand the potential impact on cryptocurrency values.
Recent US Economic Data
Recent US jobless claims data showed numbers lower than expected, with the ADP report at 150,000 compared to an expected 163,000. This lower-than-expected data boosted market sentiment ahead of Friday’s release of employment statistics. If these also fall short, it may be interpreted as a potential sign of monetary easing, consistent with recent statements by Powell. An unexpected increase of 4,000 in jobless claims is favorable for the cryptocurrency industry.
Development of Binance and USDC
Binance announced a zero-fee activity for the Euro/US dollar exchange pair, reflecting a strategic shift after previous challenges with the US dollar exchange and Coinbase. This move may boost the prominence of USDC, especially as the first stablecoin to obtain operational approval in the European Union.
In conclusion, the cryptocurrency market remains highly fluid, and significant events may unfold in the coming weeks, impacting its trajectory. It is advisable for investors to stay informed about these developments in order to make wise decisions.
You can follow our news on Telegram, Twitter (X), and Coinmarketcap.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware of the high volatility of cryptocurrencies, therefore, there are risks and should conduct their own research.
