Market is so dead futures trading is impossible to profit...
I need some action up or down whatever to work with, like I'll go long if there is a pump signal too... But nope long isn't a good option but a dump is really weak at the same time.
Only thing left to play is the Mt. Gox July payouts, to creditors paid with $BTC and $BCH . This month is July so it might already be in process.
Now it is up to the recipients whether they sell or not, but considering how their BTC was held since 2013 and the price back then was what, 2k?
To compensate for their legal fees and what not I am sure it will be dumped. The German government selling wasn't even that impactful. BTC dumped to 53k as they started dumping, but when they actually did dump major amounts, BTC stagnated.
So either this presumptuous dump was fear or it was necessary correction since 72k spike, and people blame it on the German government. In reality this dump had many reasons to be justified, or even inevitable.
The market constantly bets that interest rates will be cut, when Powell clearly mentioned several times that their goal is 2%. Until then there is no cut. Because even while sustaining this high interest rate, inflation has prolonged for an abnormally long period.
This is most likely due to the fact that the US government's spendings is not in line with FED's monetary policy. Joe Biden is just spraying money so the FED is cleaning it up.
If Trump gets elected, national debt will reduce, and inflation will decrease. However one thing to keep in mind is the current situation is way off traditional economics. Even if there is a rate cut, the sudden stop of money printing from US may cut liquidity.
Interest rate is usually inverse with stocks and crypto price, because loaning is easier. More money injected and market goes to a bubble. But in the recent case, interest rates are high yet stocks are peaking. Where is this money coming from?