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Peter Davis

An writer at FOMOdrive

  • Aug 28, 2023
  • 3 min read

Glassnode: crypto market hangover after bearish cycle

ETFs related to Bitcoin spot trading will not be approved by the SEC.

A new rally in the crypto market could be sparked by the authorization of these funds.

Donald Trump possesses up to $500,000 worth of cryptocurrency.

After three weeks of decline, there was an increase in investments in crypto funds.

PayPal has unveiled a cryptocurrency hub for a select group of users, allowing them to buy, hold, and sell digital assets.

Last week, CoinShares reported a surge in investments in crypto funds of $29 million, following three weeks of fund outflows. Specifically, investments in bitcoin rose by $27 million, while investments in Ethereum increased by $2.5 million. On the other hand, investments in funds that allow for shorting of bitcoin decreased by $3 million.

CoinShares suggest that the recent data on inflation in the US, which was slightly lower than expected, has caused an improvement in sentiment as it is unlikely that the Fed will raise rates in September.

Glassnode has observed that the cryptocurrency market is similar to the "hangover" periods that followed bear markets in past cycles, and they anticipate that this period of low volatility will continue.

Bernstein predicts that if a Bitcoin ETF is approved, it will bring in new capital to the crypto market, allowing both retail and institutional investors to get involved. This could potentially spark a new rally in the digital asset market.

John Reed Stark, a former SEC official, believes that it is unlikely for the current composition of the US Securities and Exchange Commission (SEC) to approve applications from large companies to launch spot bitcoin ETFs. He believes that this could only be possible if the Republicans win the US presidential election in 2021 and Gary Gensler resigns.

Michael Saylor, the founder of MicroStrategy, has stated that large corporations will invest in bitcoin in order to remain competitive in the future, but this should not be a worry for smaller investors.

PayPal, the payments giant, is introducing its own cryptocurrency storage service, but not all users will be able to access it. The company will be dealing with each user on an individual basis in order to launch the PayPal USD stablecoin.

Donald Trump, the ex-President of the United States, has revealed that he owns between $250,000 and $500,000 worth of digital assets that could be associated with collections of Non-Fungible Tokens (NFTs) issued on the Ethereum network in his name.

Txbit, a crypto exchange based in the Netherlands, has declared that it will cease trading and close down completely by mid-September, citing "unfavorable market conditions" as the reason.

Only 13% of the 291 applications from crypto companies submitted to the UK Financial Conduct Authority (FCA) since January 2020 have been approved.

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