There have been important developments in the cryptocurrency world in the last 24 hours. Bitcoin remains below the $58,000 level. While weekends usually see low volume and weak price movements, the bulls are currently trying to keep the price above $57,500. One of the notable events in this process was the $720 million BTC transfer from the Genesis Trading wallet. At a time when Genesis' previous German sales had ended and the MTGOX refund process was uncertain, this had a negative impact on the market. In the last 30 days, the Genesis wallet has made a large amount of transfers. In accordance with the agreement made with the Attorney General, it was planned to pay 2 billion dollars to the victims of the Earn program.
Two months after Germany, the funds were moved to the Coinbase exchange. BTC transfers of 50,000 dollars from Germany, 46,000 dollars from Genesis and 8.5 billion dollars from MTGOX were made. This situation has the potential to create a serious oversupply in the second half of 2024.
When Bitcoin failed to surpass $60,000, intense fear prevailed in the crypto market. Popular crypto commentator Justin Bennett warned investors that the BTC price could fall further. Within 12 hours, BTC fell to $57,000, causing the fear and greed index to fall back into extreme fear territory.
Bitcoin is currently trading 23% below its all-time high. These levels are critical levels seen before major losses and it is thought that BTC may be signaling a bottom.
Ether ETF Forecasts
Ahead of the upcoming Ether ETF launch, experts are sharing predictions regarding the inflows that may be seen post ETH ETF listing. Tom Dunleavy, managing partner of crypto investment company MV Global, states that they expect an inflow of between 5-10 billion dollars. It is thought that the real market impact will be felt in the last quarter of the year.
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So who will benefit?
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I EXPLAIN IN DETAIL.
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