Singapore-based cryptocurrency trading firm QCP Capital released its latest market analysis, noting that Bitcoin approached the $70,000 range before the opening of the United States stock market. This surge was driven by enthusiasm following a speech by Republican presidential candidate Donald Trump over the weekend. However, Bitcoin’s value dropped by more than $3,000 a few hours later, falling below $67,000.
The optimism was short-lived, as the United States government transferred 30,000 Bitcoin, valued at approximately $2 billion, while also holding an additional 39,000 Bitcoin seized from Ross Ulbricht, the founder of the Silk Road marketplace.
Simultaneously, according to the company, ETH performed well compared to Bitcoin following Donald Trump’s speech. Despite spot Ethereum exchange-traded funds (ETFs) experiencing outflows for the fourth consecutive day, ETHBTC has increased by 5% since the speech. Additionally, the volatility premium of ETH over BTC has expanded to about 8% for longer-term expiries, up from 4% last week.
The company attributes ETH’s strong performance to the market, possibly becoming less sensitive to headline outflow figures as investors rotate from the more expensive ETHE to the cheaper ETFs. This raises the question of whether ETH will see an increase once stable daily inflows resume.
The United States election headlines will remain a primary focus. However, important macroeconomic events are also upcoming, including the Federal Open Market Committee (FOMC) meeting on Wednesday, earnings reports from major technology firms like Apple, Amazon, and Meta throughout the week, and the release of unemployment data on Friday.
Bitcoin Indicates Bearish Trend, While Ethereum Experiences Volatility
Currently, Bitcoin is trading at $66,549, reflecting a decline of over 4.62%. Within the past 24 hours, it has reached a low of $65,997 and a high of $69,932, indicating a bearish trend following the gains over the weekend. Meanwhile, Ethereum experienced volatility over the past day, declining by over 1.49% to trade at $3,334. Over the last 24 hours, it recorded a low of $3,264 and a high of $3,383.
The global cryptocurrency market cap dropped by 3.50% to $2.39 trillion today. In contrast, the total cryptocurrency market volume increased by 37.95% to $78.26 billion, according to data from CoinMarketCap.
The post QCP Capital: Stable Daily Inflows From Spot Ethereum ETFs Could Boost ETH appeared first on Metaverse Post.
