Over the past two days, Bitcoin fell continuously from $ 35,000 to $ 32,100 and then partially recovered. The market doesn’t have much news of falling prices. Information is being given that prices stricken by concerns about the disease may rise this summer. The impact of the epidemic directly on imports and exports, as well as the health of the economy, including the crypto market.
Noteworthy is a chart split on CryptoQuant that shows the correlation between the amount of BTC on the exchange and the BTC price.
The graph shows that the number of BTCs on the stock exchanges suddenly fell sharply towards mid-2020 and then continued to decline. And by the end of 2020, the price of BTC began to soar sharply past the old high of 2017 and hit a new high of more than $ 65,000. As can be seen, the BTC supply decreased, BTC was collected, which caused the BTC price to increase after a while. This is similar to the effect of the BTC halving, which also has a delay, the price of BTC only lasts a few months to be affected by this event.
Next, as the amount of BTC pushed onto the exchanges by investor sales increased to take profits, the price of BTC fell around the $ 30,000-40,000 mark. Since June to date, we’ve also seen a slight decrease in the amount of BTC on the exchange and a downward trend. The current BTC price range is said to be a good price for many investment institutions to buy BTC. If the BTC numbers keep dropping and the long-term confidence of the BTC price could have a strong reaction and growth.
Another piece of information is that the number of BTC short orders on the Bitfinex exchange suddenly increased by 255%, which corresponds to 5600 BTC within one day. Many investors believe that the higher the volume of short orders, the more opportunity the BTC price has to recover.
Grayscale’s July 17th GBTC staking event was also mentioned. There have also been many GBTC unlocks in the past, but this was noticed by the large number of unlocked shares of 16,000 BTC. However, this stock is unlocked for trading and is not directly converted back to BTC, so it does not directly affect the price of BTC.
Several theories have been put forward around the GBTC unlock event that could cause the price of BTC to drop in order for large investors to buy back BTC. Or the hypothesis that the price of BTC will go up so that GBTC owners can sell at a more profitable price. Here are some perspectives around the GBTC event. Generally, after the next bulk unlock, the following unlocks from GBTC will have a small amount.
According to the proposals, BTC ETF has not yet been approved. However, the pressure to have a BTC ETF is increasing. The number of proposals as well as the proposed company are increasing day by day.
Recently, the US SEC has further delayed the approval of SkyBridge’s Bitcoin ETF mutual fund.
In the near future, Circle will go public via SPAC behind the second-largest stablecoin USDC after USDT in the fourth quarter of 2021. The next few companies like Etoro, Kraken can go public. Or before that, Coinbase was successfully listed on the stock exchange.
The SEC’s approval for crypto companies to go public without approving a BTC ETF raises many questions. When crypto companies go public, people can invest in that company’s stocks. This is an indirect way to invest in crypto as the stocks of these companies are also affected by crypto price movement.
Now not only traditional investment companies, but also banks see the profit potential from the crypto market. Some banks have started offering related services like Visa, Paypal, etc. Recently, Bank of America Corp tacitly formed a new group specializing in cryptocurrency research, marking the final step.
“Cryptocurrencies and digital assets form one of the fastest growing emerging technology ecosystems,” said Candace Browning, global head of research at Bank of America. We are in a unique position to take the lead in our global research and analysis mindset for payment platforms along with extensive blockchain expertise.
The Chinese network has banned people from accessing Binance.com. However, if they use a VPN network, they can still access this floor.
Santander is the second UK bank to stop depositing funds on the Binance exchange. There was similar news yesterday about Barclays Bank. This is the decision of these two banks, the FCA announcement applies only to BML and not to Binance.com
A new law in Germany, which was introduced in April and passed by parliament shortly afterwards, allows investment funds to invest up to 20% of their portfolios in cryptocurrencies. If funds invested 20% of their assets in crypto, that would correspond to 350 billion euros (415 billion US dollars), based on the total assets under management of such funds in Germany.
A Mexican congressman said there will be a proposal for a crypto-related bill during the Talent Land conference after El Salvador accepts BTC as its national currency.
According to a local media report, Russian officials want to come up with a number of new changes that would allow the government to seize crypto assets. Igor Krasnov, Russia’s attorney general, claimed that the new law will essentially target cryptocurrencies used for illegal activities. In reality, however, when the digital currency is stored in a private wallet, the government cannot capture or withdraw it.
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