ETF Ethereum Officially Traded, What Is The Potential For The Advanced Increase In Bitcoin?
JAKARTA - Bitcoin (BTC) performance in the past week has shown impressive performance with a price increase of more than 12 percent.
In fact, Bitcoin had reached its weekly highest point at around 68,295 US dollars (Rp1.1 billion) on Monday, July 22.
According to Tokocrypto trader Fyqieh Fachrur, one of the main factors that support this bullish momentum is the anticipation of the launch of Ethereum's first ETF trading spot in the United States.
However, when ETF Ethereum officially traded on Tuesday, July 23, why did Bitcoin and the overall crypto market remain stable?
According to Fyqieh, the BTC rally recently encountered obstacles around the level of 68,200 US dollars (Rp1.1 billion) indicating that investors and traders were selling at that position.
According to him, market participants will try to push BTC below $66,000 which could trigger a significant decline.
"This decline is caused by several main factors, such as the return of Bitcoin by Mt. Gox. The concern that the excessive supply of BTC could affect prices in the market is quite reasonable," said Fyqieh.
In addition, he added, the US government recently transferred US$4 million worth of BTC to Coinbase Prime, sparking speculation about possible sales
Short-Term Impacts And Future Prospects
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In the short term, Fyqieh predicts that the decline in BTC prices is largely due to concerns about the excessive supply of BTC due to Mt. Gox's refund and speculation regarding US government transactions. The launch of BTC's shorting-focused ETF could also contribute to market volatility.
However, Fyqieh added, "Despite market instability in the short term, solving major problems such as Mt's refund. Gox could be positive for the overall crypto market. With the completion of the refund, the market could gain greater stability and potentially increase in the future."
Investors need to consider market dynamics and the ongoing macroeconomic situation, such as the results of US elections and potential changes to government policies towards crypto.