Bitcoin sell pressure may hit zero in July thanks to Grayscale’s giant 16K BT...
The biggest single unlocking day will flush sellers from the market in July, opening up both volatility and bullish potential. Institutional Bitcoin (BTC) investors are in the spotlight as an upcoming major cashout date sparks talk of fresh price volatility.As noted by popular Twitter commentator Loomdart and others this week, attention is focusing on buyers and sellers of the Grayscale Bitcoin Trust (GBTC) as Bitcoin hovers near $40,000.July means BTC price volatilityA giant in the institutional Bitcoin space, GBTC has over $24 billion in assets under management. It is not available....
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One of the major highlights of Grayscale’s victory over the US Securities and Exchange Commission (SEC) was its positive effect on Bitcoin’s price. However, renowned economist Peter Schiff has explained why Grayscale’s win may not be good for Bitcoin in the long run. A GBTC ETF ‘Bearish’ For Bitcoin Schiff tweeted that the GBTC fund becoming a spot ETF (Exchange-traded Fund) is “actually bearish” for the flagship cryptocurrency as he said this move could potentially increase Bitcoin’s “tradable supply.” Related Reading: Party In The USA: Ripple Gets Ready To Properly Celebrate Triumph....
Bitcoin miners are selling at a level unseen since July 2019 when BTC price topped out at $14,000. According to data from CryptoQuant, miners appear to be selling large amounts of Bitcoin (BTC). Historically, heightened selling pressure from miners marked a local top and led to sharp, prolonged corrections.BTC/USDT 1-hour chart. Source: TradingView.comWhy are Bitcoin miners selling?In May 2020, on-chain analyst Willy Woo said that there would be two sources of unmatched selling pressure in the market after the block reward halving. Woo pinpointed Bitcoin miners and cryptocurrency exchanges....
Bitcoin’s surge above $40,000 and the breakouts from select altcoins may be signals that the bottoming process has begun. Bitcoin (BTC) has risen above the psychological resistance at $40,000 following a series of positive news flow over the past week. The first bit of bullish news that impacted the price of Bitcoin was a tweet from Tesla CEO Elon Musk who said the carmaker wil accept Bitcoin payments if more than 50% clean energy is used by Bitcoin miners with a “positive future trend.”Another piece of news that may have boosted the recovery in Bitcoin was Paul Tudor Jones' suggestion....
Payments giant Paypal says its customers can now buy, sell and hold bitcoin and other virtual coins with the company’s online wallets. The company also says its customers will able to use cryptocurrencies to shop at the 26 million merchants on its network starting in early 2021. A report quotes the company’s President and Chief Executive Dan Schulman saying they hope “the service will encourage global use of virtual coins and prepare its network for new digital currencies that may be developed by central banks and corporations.” “We are working with central....
The U.S. Securities and Exchange Commission (SEC) will announce its decision on the Bitcoin-linked spot Exchanged Traded Funds (ETFs) proposals filed by investment giants Bitwise and Grayscale. The Commission is expected to make this announcement on the former by July 1st and on the latter by July 6th. Related Reading | Here Are Bitcoin And Ethereum’s […]