Many things are happening right now, influencing the crypto market to varying degrees. In this article, I’m going to share my thoughts about the situation for crypto right now.
Photo by Traxer
Many News
In the last few weeks, we have seen significant news that will impact the crypto space. I would say that the Donald Trump assassination attempt was the most shocking, but also the reason for the price of crypto going back to its previous ATH in the last few days.
You see, many people consider that this failed attempt to kill the ex-president of the US has reinforced his position to win the presidential elections in November, with the fact that Donald Trump is more crypto-friendly than Joe Biden. Trump has said that he will not allow the creation of a CBDC and supports Americans’ right to self-custody.
But the sudden decision by Biden to renounce seeking reelection is very important because now it will most likely be Kamala Harris running for presidency. However, we do not know her plans for crypto policies. Will she follow her president’s stance ? Will she change her position considering the very important amount of US crypto holders ?
Source: Triple A (2022)
Furthermore, this week is also the week of the Ethereum ETFs, which may lead to a “sell the news” event, just like the Bitcoin ETFs approval in January. However, the context is not the same, so there might be some surprises.
It was a great launch with more than $1 billion of trading volume, which is roughly 25% of what the Bitcoin ETFs did on their first day, just as analysts predicted.
Source: Twitter (X)
My Thoughts for the Future
There is a lot of uncertainty ahead, and the market doesn’t like it. Who will be the next president of the United States of America? What will be his or her views on crypto?
This will play a huge role in the direction of the crypto market. Uncertainty leads to prices ranging, while a clear positive feeling by investors will lead to prices going upwards.
Also, the Ethereum ETFs are important to follow. It’s important to note that just like Bitcoin ETFs, Grayscale had an Ethereum Trust fund with around 3 million $ETH (roughly $10 billion) that is now transformed into a Spot ETF. Important transfers are going to happen from this ETF to other ones due to the high fees of Grayscale’s old trust (2.5%).
That explains the high volume numbers we’ve seen for the launch.
The coming days are going to be interresting !
As always thank you for reading !
My favorite Crypto Faucet : Cointiply (referral)
Read exclusive articles on publish0x and if you want to support me for free you can sign in with this link
Disclaimer : This is not a financial advice, you need to do your own research !
