Crypto Crisp: Bitcoin Leads the Market
Greetings from a sunny Copenhagen, where it feels like summer is just around the corner, and the warm weather seems to be spreading to the crypto market as well. Bitcoin has risen by approximately 4.5%, reaching $72,000, and Ethereum has seen an increase of nearly 4%, up to $3,620 during the same timeframe.
We would like to reiterate our optimistic outlook from last week, as highlighted in both Crypto Crisp and Crypto Moves #22. We are confident that we will see a significant uptrend in the coming weeks. This optimism is primarily based on the strong net inflows into Bitcoin ETFs, reducing exchange balances, growing anticipation of a U.S. Ethereum spot ETF, and, importantly, the upcoming fourth Bitcoin halving.
In our most recent edition of Crypto Moves, we delved into the fourth halving. We are expecting it to be a classic case of “buy the rumor, sell the news”. This is largely due to Bitcoin ETFs bringing unprecedented attention to the halving event. However, an immediate impact on the price has not been evident in the past, and we expect this time to not be any different. This leads us to believe that many investors, expecting a quick return from the halving, may decide to sell their Bitcoin and Bitcoin ETFs upon realizing that the effects are not immediate. The buildup to the halving is also why we think Bitcoin has been leading the market in recent weeks, after which attention will once again turn to the broader crypto market.
Bitcoin is at the forefront of the market, with other cryptocurrencies attempting to keep pace. We anticipate a continued upward trajectory until a shift occurs, particularly for Bitcoin, in the months following the upcoming Bitcoin halving.
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