By Marcus Sotiriou, Analyst on the publicly listed digital asset dealer GlobalBlock
The crypto market cap fell again beneath $1 trillion over the weekend, after the Jackson Gap symposium the place Federal Reserve chairman Powell reaffirmed the hawkish stance of the U.S. central financial institution.
In the meantime, the Securities and Alternate Fee has delayed yet one more resolution on VanEck’s newest bid to launch a spot Bitcoin exchange-traded fund (ETF). VanEck was beforehand denied a spot Bitcoin ETF in November final yr. The date which the SEC will make their resolution has been modified from August twenty seventh to October eleventh, which coincides with when many predict the Ethereum Merge will happen. If the applying will get permitted and we do truly see the Ethereum Merge come to fruition, this might result in renewed curiosity within the crypto market, at a time when retail sentiment is at yearly lows.
Regardless of retail curiosity and liquidity within the crypto market being low, Bitcoin whales might have began to build up once more. Information from Coinmetrics exhibits that the 30-day change in Bitcoin held by Bitcoin whales (addresses with 1k-10k Bitcoin) has turned from detrimental to optimistic up to now week or so. Bitcoin whales may very well be deciding that $20,000 is a superb cope with a long-term outlook.