Bitcoin, Ether Coil as Crypto Traders in Limbo After Halving
Investors are still gauging macroeconomic factors, one observer said.
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Investors are still gauging macroeconomic factors, one observer said.
The defunct crypto exchange will distribute 142,000 BTC and 143,000 BCH to creditors later this year, 10 years after its implosion due to a hack.
Crypto-focused stocks also bounced higher, led by bitcoin miners Riot Platforms and Hut 8.
Large bitcoin investors substantially increased their holdings as prices dipped below $60,000 in early Friday’s panicky action on the crypto markets ahead of the asset’s much-anticipated halving event.
Bearish signals are looming over the crypto market these days and will almost certainly push prices down in the short term, well-known research analyst Markus Thielen said.
Large bitcoin investors haven’t started to buy the dip yet, suggesting that the correction may continue for a while, an LMAX Group strategist noted.
The initial euphoria for the spot bitcoin ETFs has seemingly dampened and reality is slowly kicking in with inflows recently unable to keep up with the still speedy pace of exits from Grayscale’s Bitcoin Trust (GBTC).
Investors may expect market weakness due to the tax season, Ryze Labs said in a report.
Major U.S. equity indices closed the day lower as faster CPI reading for March, will BTC was up 1%.
Contrasting Bitcoin derivatives with Ethereum’s tells us a story around the potential opportunity for a post-halving rotation.