ETFs
Bitcoin Continues to Fall Weekly as Spot BTC ETF Demand Cools
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Bitcoin (BTC-USD) is expected to fall 5.2% on a weekly basis, as strong demand supported by the creation of spot BTC ETFs earlier in the year has cooled.
“Bitcoin faces near-term headwinds as market fears sell off pressure from governments and Mt. Gox distributing Bitcoin to creditors, but these are likely exaggerated and temporary. This is a unique opportunity for long-term investors,” said Cory Klippsten, CEO of Swan, a Bitcoin financial services company.
The oldest cryptocurrency started the week on a subdued note, as it fell below the $60,000 mark on Monday. BTC, however, climbed back towards Tuesday’s mark and has since remained within the tight trading range of $60,600 to $62,100.
Monday’s fall came after an index of the 100 largest digital assets fell 5% in the week through Sunday, its biggest loss since April.
“The meme coin market has seen a general pullback this month as Bitcoin prices come under pressure,” said Lucy Hu, principal analyst at Metalpha.
Expectations of a rate cut by the Federal Reserve have prompted investors to shift away from risky assets to less risky ones, Hu added.
The price of Bitcoin has gradually fallen since the start of the month. The cryptocurrency has fallen 9% since the start of June.
BTC was not strongly impacted by the month of May personal consumption expenditure price index. Headline inflation and core PCE inflation slowed in May, as expected.
“Bitcoin’s relative volatility rankings saw higher spikes than the COVID-19-triggered crash, but similar ranges for the most part,” the SA analyst said. CFA Institute Contributors said.
As Bitcoin adoption grows alongside new regulations, perceptions of its volatility will continue to evolve, CFA Institute contributors added.
Notable news
- Bitcoin (BTC-USD) bull Peter Thiel said BTC likely won’t rise much from here.
- Coinbase Global (PIECE OF MONEY) said it has partnered with financial services and software-as-a-service company Stripe (BAND).
- The blocks (S.Q.) commitment to Bitcoin (BTC-USD) reflects a strategic vision for future gains, Amrita Ahuja, chief financial officer and chief operating officer, said in an interview.
- Marathon (MARA) began operating Kaspa (KAS-USD), a proof-of-work digital asset, for further diversify your portfolio of the calculation of digital assets.
- Robinhood Markets (HOOD) has been upgraded by Wolfe Research to outperform Peer Perform after meeting with HOOD CFO Jason Warnick.
- The Ontario Securities Commission Tribunal hold a hearing Thursday to review Riot platforms (RIOT) application for interim and/or permanent cease-and-desist orders in respect of Bitfarms’ (BITF) shareholder rights plan.
- U.S. Securities and Exchange Commission Chairman Gary Gensler said Tuesday that approval process for Ether (ETH-USD) spot exchange-traded funds are going “smoothly,” but timing remains uncertain.
- Exchange-traded fund investing directly in Ether (ETH-USD), once authorized for negotiation, likely to attract slower demand how to spot Bitcoin (BTC-USD) ETF, Bernstein said.
Bitcoin and Ether Prices
Bitcoin (BTC-USD) was down 2% at $60.3K as of 3:22 p.m. Friday, and Ether (ETH-USD) fell about 2% to $3,400.
