BTC about to drop down, again!
Cryptocurrencies rallied over the weekend following the assassination attempt on the Republican presidential candidate Donald Trump. Experts expect the botched attempt to increase the odds of a Republican victory.
“As we near elections this fall, the cryptocurrency community has generally shown bullish responses toward pro-Trump news, due to his recent pro-crypto comments. It goes without saying that surviving an assassination attempt is perceived as pro-Trump news. Therefore, bullish responses have occurred,” the crypto intelligence firm Santiment said.
The price of Bitcoin rose 4.4 percent to $62,610 over the past 24 hours, after having dropped 5.5 percent over the past month, Trading View’s Bitcoin chart shows.
Another factor that dragged down the price of Bitcoin over the past weeks, but now is gone, is the massive sale of the Bitcoins seized by the German government. On Saturday, the government had sold off its entire balance of 49,860 Bitcoin, valued at $2.9 billion, according to Arkham Intelligence data. This relief might be temporary.
“The impending Mt. Gox liquidation could significantly impact the market between August and October. Up to $6 billion of the $9 billion could be sold, potentially influencing market dynamics This potential influx of sales could create challenging conditions for Bitcoin traders in the coming weeks…,” 10xResearch writes in its daily note.
A timid sun will shine over Bitcoin in the next hour or so signaling slightly bullish market conditions and possible buy opportunities. However, drizzle lingers over Ether, Binance Coin and Ripple’s XRP translating into bearish market conditions and potential sell opportunities.
Over a 1-day and 1-week time horizon, this drizzle will sweep over Bitcoin, while Ether should profit from a timid sun shining through the clouds.
Follow us for more crypto news and weather reports!
“As we near elections this fall, the cryptocurrency community has generally shown bullish responses toward pro-Trump news, due to his recent pro-crypto comments. It goes without saying that surviving an assassination attempt is perceived as pro-Trump news. Therefore, bullish responses have occurred,” the crypto intelligence firm Santiment said.
The price of Bitcoin rose 4.4 percent to $62,610 over the past 24 hours, after having dropped 5.5 percent over the past month, Trading View’s Bitcoin chart shows.
Another factor that dragged down the price of Bitcoin over the past weeks, but now is gone, is the massive sale of the Bitcoins seized by the German government. On Saturday, the government had sold off its entire balance of 49,860 Bitcoin, valued at $2.9 billion, according to Arkham Intelligence data. This relief might be temporary.
“The impending Mt. Gox liquidation could significantly impact the market between August and October. Up to $6 billion of the $9 billion could be sold, potentially influencing market dynamics This potential influx of sales could create challenging conditions for Bitcoin traders in the coming weeks…,” 10xResearch writes in its daily note.
A timid sun will shine over Bitcoin in the next hour or so signaling slightly bullish market conditions and possible buy opportunities. However, drizzle lingers over Ether, Binance Coin and Ripple’s XRP translating into bearish market conditions and potential sell opportunities.
Over a 1-day and 1-week time horizon, this drizzle will sweep over Bitcoin, while Ether should profit from a timid sun shining through the clouds.
Follow us for more crypto news and weather reports!
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