July 1st Cryptocurrency Market Update
July 1st Cryptocurrency Market Update
Date: Jul. 01, 2021, 04:01 PM KST
[Bitcoin Decline]
While Bitcoin is struggling to settle at $35,000, JP Morgan's strategist Nikolaos Panigirtzoglou said in a CNBC interview on the 29th (local time) that institutions have lost interest and some have shifted to negative attitudes, saying “institutional interest in Bitcoin and other cryptocurrencies has dried up and even turned negative in May 2021. It’s probably close to flat at the moment. The most important thing to notice is that institutional interest started slowing down in April 2021, before the May correction. We started seeing flows from Bitcoin products to physical gold ETFs which means that some of the institutional investors started pulling money out of the Bitcoin market in April 2021,”
Cryptocurrency data analysis company Glassnode also said in a recent report that the transaction price of Grayscale's Bitcoin Trust (GBTC) remains lower than the net asset value (NAV). This means that it is cheaper to buy GBTC than to buy Bitcoin itself. Similarly, the Purpose Bitcoin ETF and the 3iQ Digital Asset Management QBTC ETF, both Canadian-based Bitcoin ETF products, have dropped by 8,037 BTC over the past month.
However, JP Morgan strategists predicted that Bitcoin's volatility will regain stability within the next few weeks. They claimed that in April, funds moved from Bitcoin derivatives to Ethereum derivatives, but recently it has become the opposite again. Bitcoin's dominance has re-strengthened.
Cryptocurrency data analyst Willy Woo also said in his podcast 'The Bitcoin Forecast’, “we’re not seeing the normal bear market metrics. People are coming in. We’ve got new users at near all-time high. The user growth is near all-time high on the network. We’ve got all the little guys coming in to buy and stack. People that have holdings of less than one Bitcoin are buying Bitcoin furiously.”
According to cryptocurrency media outoutlet The Daily Hodl, Willy Woo said that the “price right now is going sideways bearish. It’s like chopping along sideways bearish. It looks like what we call a Wyckoffian accumulation price pattern.”
Meanwhile, BitWise’s CIO Matt Hougan said in a recent interview, “I think crypto investors realize that the path to a bigger crypto future lies through institutional adoption and the pathway to institutional adoption lies through regulatory clarity… People think that regulation is bad for crypto. It’s actually the single biggest driver of the bull market. More regulatory clarity means good things for crypto.”
[New York Stock Exchange]
The New York Stock Exchange closed at a mixed index amid profit-taking sales and investors' employment indicators due to high-point burdens.
The Dow Jones 30 industrial average closed at 34,502.51, up 210.22 points (0.61 percent) on the New York Stock Exchange. The S&P 500 index rose 5.70 (0.13%) to 4297.50 and the tech-heavy Nasdaq index closed at 14,503.95, down 24.38 points (0.17%).
In particular, the S&P 500 index closed at an all-time high, rising 14.49% in the first half of this year alone. The Dow and Nasdaq also rose 12.73% and 12.54% in the first half, respectively.
[Expert Opinion]
Recently, there has been a positive analysis in the global market that Bitcoin could rise to $40,000 in the future.
CoinTelegraph said Bitcoin, which fell sharply over the weekend, rebounded for two consecutive days this week, restoring traders' trust. According to pseudonymous trader Rekt Capital, “So far, this current period in the 2021 cycle is very similar to the 2013 mid-cycle correction. A Bitcoin Monthly Candle Close above ~$34500 would mean that BTC will continue to respect historical Mid-Cycle tendencies.”
He predicted that Bitcoin's recovery seems positive according to an analysis using the Wyckoff Method created by technical analyst pioneer Richard Wyckoff in the early 1930’s, and claimed Bitcoin could rise by $10,000 to reach the middle of $40,000 if there were no major variables.
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