The market of cryptocurrencies suffers an attack again this Tuesday. Bitcoin falls 0.5% and stands at US$68,200, while Ethereum loses 0.5% and remains at US$3,800.
The falls are also moderate in altcoins: the biggest decline is in Dogecoin at around 2.8%. While only Solana (3%) and Chainlink (4.3%) registered increases.
Why cryptocurrencies are falling
These setbacks occur after it became known that the Mt. Gox bitcoin exchange transferred about 140,000 BTC, valued at about $9 billion, to a unknown address as part of refund plans to the company’s creditors. Portfolio activity shows that the movements were made in 13 transactions, the first movements of Mt. Gox assets in more than five years.
The one that in its day largest bitcoin exchange in the world closed in 2014 after it was revealed that he had lost hundreds of thousands of bitcoins in a hack. Creditors have since awaited the repayment of their holdings, a development that is seen as adding significant selling pressure to BTC markets in particular and cryptocurrency markets in general. It should be remembered that the company delayed the deadline to pay creditors by one year until October 31, 2024.
On the other hand, the market is not taking into account the approval of exchange-traded funds (ETF) of ETH spot in the United States. However, analysts highlight that the approval denotes a clear change in the position of regulators such as the Securities and Exchange Commission (SEC) towards the cryptoasset market, which could benefit cryptocurrencies in the long run. .
“This development has surprised many, as it was not expected to be achieved so soon. This news reflects a change in regulatory perception towards digital assets, underlining the evolution of the market and the growing acceptance of digital assets in the traditional financial sphere,” explained Javier Molina, senior markets analyst at eToro.
This strategist recalled that there are several “details” that remain to be known, such as the associated fees, specific ticker symbols and the exact timeline for its entry into the market. “However, the important thing is that ETH is not a security and that facilitates its inclusion in investment funds and so on. In addition, the political hostility towards the crypto industry in the United States is decreasing, which could open new opportunities for the sector,” he says.
This approval, Molina added, not only has local implications, but also “global”, as it sends “a strong message” to other jurisdictions about “the seriousness and permanence of the cryptoasset market.”
What will happen to the price of Bitcoin
By technician, the bitcoin remains trapped within the “grand channel” marked by $60,000 and $72,000 and waiting for “new catalysts” that will move prices to one side or the other. “The ETH ETF helped attempt a new attack at $72,000 to end in failure and return to support levels of 66,200. Right now, it is time to surpass 68,200 and 71,000. As supports we leave 66,200 before going for the 63,800. Below we have 60,000 dollars and only if 57,000 are lost will we think about a major correction.”Molina concluded in Bolsamanía.
Source: Ambito
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