Bitcoin Rises, But Loses Strength: Mt. Gox Interferes in 'Trump's Rally'
Bitcoin (BTC) recorded a significant increase in value in a single day, reaching a high of $64,869 due to optimism surrounding a possible victory for Donald Trump in the upcoming US elections. However, this rally lost momentum when Arkham Intelligence, a blockchain analysis company, disclosed that the bankrupt cryptocurrency exchange Mt. Gox handled more than 91,755 BTCs.
This movement of BTCs generated a correction in the price of Bitcoin, demonstrating the market's sensitivity to large transactions and impact events. Furthermore, analysts began to speculate about new dates for the launch of ether ETFs, creating even more expectation and volatility in the market.
Spot Bitcoin exchange-traded funds (ETFs) operating on American exchanges recorded a positive net balance of US$300.9 million yesterday, marking the seventh consecutive trading session with more share purchases than sales. IBIT, a BlackRock fund, was mainly responsible for this flow, with inflows of US$117.2 million.
Bloomberg analyst Eric Balchunas commented on social media that the first ether spot ETFs in the US market should be launched next week. According to him, the US Securities and Exchange Commission (SEC) has already given feedback to issuers, indicating that the products should be available on exchanges from Tuesday.
The movement of Mt. Gox and speculation about ether ETFs show the constant dynamics and unpredictability of the cryptocurrency market. Investors should be aware of these movements and how they can impact their investment strategies. The cryptocurrency market remains a volatile environment where large transactions and news can cause significant price swings.
