Altcoin
Reasons Why Bitcoin Is Struggling Despite Crypto Market Is Up On Wednesday
![](https://coin2049.io/wp-content/uploads/2024/06/Crypto-market-cap-reclaims-1-trillion-mark-as-Bitcoin-and-Ethereum-rally-1-1224x817-1.jpg)
Bitcoin price still struggled to regain its momentum despite a recovery noted in the broader crypto market today. The altcoins have reclaimed their position in the green today, following sluggish trading over the past week, and the rally was led by the second largest crypto by market cap, Ethereum.
Considering that, several investors are looking for potential reasons that why Bitcoin price is still struggling despite an upward momentum noted in the altcoins’ performance.
Reasons Why Bitcoin Price Is Struggling
Bitcoin ETF Outflows
Bitcoin price has struggled over the past few days, after witnessing a strong run in the last few months. Notably, the recent rally in BTC was primarily driven by the robust influx into the U.S. Spot Bitcoin ETFs, among other reasons, that have bolstered market sentiment.
In addition, several other market trends and bullish forecasts from the market pundits have also fueled confidence in the market. Having said that, the recent outflow in the U.S. Spot Bitcoin ETFs has weighed on the sentiment.
For context, the Spot Bitcoin ETFs have noted outflows for the last four days, totaling more than $700 million. On June 18, the outflux was $152.4 million, led by Fidelity’s FBTC recording $83.1 million and GrayScale’s GBTC noting $62.3 million outflux.
Other Concerns
This notable outflow has raised concerns of the investors while impacting the risk-bet appetite of the investors. In addition, the mixed outlook of the Fed officials with their policy rate plans has also continued to weigh on the sentiment, despite the latest data showing that the inflation is cooling in the U.S.
Having said that, the investors seem to be shifting their focus on the lower-priced altcoins for now, while seeking further clarity before entering the market. Besides, popular crypto market analyst Ali Martinez has previously said that Bitcoin needs to climb above $66,254 to avoid a potential drop to $61,000.
However, given the current range of BTC trading at $65,000, investors remain cautious.
Also Read: Bitcoin (BTC) Price Correction to $60,000 Coming As Per On-Chain Data
Why Is the Crypto Market Up Today?
The crypto market has shown upward momentum today, despite a dip in Bitcoin price, reflecting the growing confidence of the investors towards the crypto. Notably, the altcoin surge was led by Ethereum, as its price jumped after the U.S. SEC concluded its investigation on Ethereum’s security status.
This development is amid the soaring optimism over a potential approval of the U.S. Spot Ethereum ETF by the U.S. SEC by July 2. Bloomberg analyst Eric Balchunas has recently unveiled this potential timeline for the approval, sparking market optimism.
Macroeconomic Factors In-Play
The recent data showing that global inflation is cooling has also bolstered market sentiment. For context, the European Central Bank (ECB) has announced its first rate cut in years, boosting investors’ confidence.
On the other hand, the recent U.S. CPI and PPI data also showed that inflation is cooling. Although it still stays above the Fed’s 2% target range, it appears to have cooled off in May, raising bets over potential two rate cuts by the Federal Reserve. However, the positive data has failed to have any immediate impact on Bitcoin or in the broader crypto market.
In addition, the most recent data showed that the U.K. CPI inflation cooled to 2% in May from 2.3% in the previous month. For the first time in about three years, the figure came in line with the BoE’s target range, with investors anticipating a potential rate cut by the central bank.
Bottom Line
Although Bitcoin has struggled amid the recovery noted in the broader crypto sector, market pundits still remain optimistic about BTC’s long-term trajectory. For instance, Ali Martinez, in a recent X post, shared a potential timeline for Bitcoin to reach its top citing historical trends.
Martinez said that if Bitcoin’s performance mirrors the last three cycles’ movements, then Bitcoin could reach its top either in December 2024 or October 2025.
However, as of writing, Bitcoin price has wiped off some of its losses and exchanged hands at $65,300. It has touched a low of $64,066.96 in the last 24 hours. On the other hand, Ethereum price soared nearly 4% to $3,560, after touching a 24-hour high of $3,583.88.
Also Read: The Sandbox Expands Memecoin Chest With DOGE, PEPE, SHIB Purchase
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Spot Ethereum ETFs to Go Live on July 15, ETH Bull Run Ahead?
![](https://coin2049.io/wp-content/uploads/2024/05/spot_ethereum_etf_2.jpg)
As we proceed into July, the biggest question for the crypto community is when will the spot Ethereum ETF go live for trading. Nate Geraci, president of The ETF Store, predicts the Ethereum ETFs to go live by the 15th of July.
Geraci stated that with the revised S-1 submission for Ethereum ETFs to happen in July, the final S-1 approval from the SEC could arrive around July 12. Thus, July 15, Monday, would be the most probable day to begin trading Ether ETFs.
Wen spot eth ETF?
BBG sticking w/ mid-July.
Amended S-1s due July 8th.
Potential final S-1s by July 12th.
Would theoretically mean launch week of July 15th.
via @emily_graffeo @olgakharif pic.twitter.com/NG8xhtCP21
— Nate Geraci (@NateGeraci) July 3, 2024
Issuers to Address SEC Query On Spot Ethereum ETF
Last Friday, the US SEC returned the S-1 filings to issuers to address some minor questions. Sources familiar with the matter stated that the issuers have been already working on it. As we know, in May, the SEC approved the 19b-4 filings to list the Ether ETFs on exchanges. However, they can only go live for trading after the SEC approves the S-1 submissions.
Steve Kurz, head of asset management at Galaxy Digital, expected the Ether ETF approval in the next couple of weeks. Speaking to Bloomberg TV on Tuesday, July 2, Kurtz said:
“This is window-dressing, the SEC is engaged. We’ve been doing this for months now. We did it for the Bitcoin ETF, the products are substantially similar — we know the plumbing, we know the process.”
Now the bigger question in everyone’s mind is will the Ether ETF prove to be a strong catalyst to drive the crypto market higher?
Also Read: Why Are Ethereum Institutional Products Depleting Before ETF Launch?
Ethereum to Outperform Bitcoin
On Tuesday, K33 Research published a report stating that Ethereum would be outperforming Bitcoin post the ETF approval. As per K33, the launch of Ether ETfs would absorb nearly 0.75% to 1% of all ETH in circulation within the initial five months. This expectation is in line with that of Gemini which predicted $5 billion inflows within the first six months of launch. K33 senior analyst Vetle Lunde said:
“ETFs are a solid catalyst for relative ETH strength as the summer progresses and flows accumulate, and I firmly view current ETH/BTC prices as a bargain for the patient trader.”
The ETH/BTC ratio steadily declined from 0.056 after the Bitcoin ETFs launched, reaching 0.046 by May 24. However, unexpected news that the SEC would soon approve Ethereum ETFs boosted the ratio back up to 0.055.
Also Read: ETH/BTC Price Prediction: ETF Hype, FOMO and Ethereum Price Imminent Rally To $5,000
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Toncoin (TON) v Cardano (ADA): On-chain Data Show Gains
![](https://coin2049.io/wp-content/uploads/2024/07/TONCOIN-1-1-1-1.jpg)
The crypto market fluctuations continue to dominate the market while assets like Toncoin and Cardano move away from bearish sentiments. In the past week, most top assets traded sideways after exits recorded by institutional investors in the market. The status quo saw Bitcoin (BTC) price hovering around $61,000 before attempts at a rebound.
Toncoin and Cardano have shown promise ahead of the market outpacing top crypto assets by market capitalization. At press time, the market cap slumped 1.42% to $2.29 trillion with Bitcoin and Ethereum posting 24-hour losses. Major drivers of TON and ADA prices are bullish on-chain factors and key industry developments.
Toncoin Leads Asset Gainers
Toncoin soared 4.5% in the last 24 hours, leaving the wider market in the dust and adding to its recovery numbers. In the last seven days, TON moved up 8% wiping out previous losses. While most monthly numbers dropped for most assets, TON continued to soar hitting 22%. The asset flipped Dogecoin to become the 8th largest crypto by market cap inching closer to a new all-time high.
TON price stands at $8.05 taking its market cap to $19.8 billion while volumes are up 57% today. Last month, Toncoin tapped a new all-time high at $8.24 and remains 2.37% behind the mark. With rising bullish interest, some users expect the asset to break that level.
Toncoin recorded traction as Kazakhstan exchanges began trading the asset following regulatory approval. Similarly, Pantera Capital also increased its investment in Toncoin.
Cardano Attracts Growth
The community dubbed ETH killer jumped 3.5% to trade at $0.418 pushing its market capitalization to $14.9 billion. Weekly numbers were up 6% while daily trading volumes saw a slight increase. Overall, ADA’s recent bullish following anticipated network upgrades and a rise in on-chain volumes. The asset is tipped by bulls to breach the current resistance level despite market fluctuations.
Also Read: Why Are Ethereum Institutional Products Depleting Before ETF Launch?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
SEC Could Approve First US Ether ETFs by Mid-July: Bloomberg
![](https://coin2049.io/wp-content/uploads/2024/06/ethereum_etf.jpg)
The U.S. Securities and Exchange Commission (SEC) may soon approve the first American Ethereum ETFs. Asset managers remain hopeful for a decision by mid-July, even as the deadline for updated submissions has been extended to July 8. This development could mark a significant milestone following the enthusiastic reception of the U.S. spot Bitcoin ETFs earlier this year.
SEC Nears Approval for First US Ethereum ETFs
The SEC’s recent interactions with Ethereum ETFs applicants suggest a constructive dialogue, with the latest round of feedback involving only minor queries. In May, the commission had already approved an exchange proposal to list these products, signaling forward momentum. However, actual trading cannot commence without a separate, subsequent approval.
Financial giants like BlackRock Inc., Fidelity Investments, 21Shares, and Invesco are among those awaiting the green light for their Ethereum ETFs. While many details, such as fund fees, remain undisclosed, the anticipation builds on whether these Ether portfolios will mirror the demand seen in January when U.S. spot Bitcoin ETFs attracted $52 billion in assets.
Also Read: Robinhood Plans to Introduce Crypto Futures In US and Europe Very Soon
YieldMax Seeks SEC Nod for Ether ETF
YieldMax has recently joined other firms seeking SEC approval for an innovative Ether-based product. Their proposed Ether Option Income Strategy ETF, intended for listing on the NYSE Arca, employs a synthetic covered call strategy designed to capitalize on the volatility of underlying Spot Ethereum ETFs. This approach aims to generate profits and provide additional income and risk management for investors through the sale of call options.
Meanwhile, firms like Franklin Templeton and VanEck have already disclosed their ETF fees, which are competitively set at 0.19% and 0.20%, respectively. This transparency could set a precedent for others in the sector, aligning with investor expectations for clear and upfront cost structures.
As the SEC review process continues, the market response has been mixed. Ethereum price has recently declined, dropping about 1.48% to $3,411.87, although it has risen by 50% this year. The cryptocurrency sector’s volatility remains critical for potential investors and regulatory bodies.
Also Read: Tether Inks MoU With BTguru to Boost Crypto Freedom in Turkey
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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