Dear Readers,
As we all know the crypto markets tumbled in last couple of weeks owing to the news that the Mt. Gox reimbursements that scheduled in July and coupled with German Government's BTC Sell off.
The greater fear off pushed down the market in which a shocker wave was established among the investors.
But the big players pushed this heavy and had bought the coins in the lower price.
We have been writing this continuously in our articles not to get carried away and move out all your sentiments and fears.
As a investment disciplines we need to over come all the sentiments and feelings.
We need to see the market from outside as much as possible and if you see market inside it will be a great head ache with trigger your feelings much.
After the news and with the absorption of all this events, the crypto market started to move again while BTC has taken its long time support!
The CPI data was good in US. Inflation was under control which also supported the market to bounce back.
It is said that Mt Gox has started reimbursement of the BTCs.
The Crypto-exchange Kraken confirmed it has received the BTC transfers from Mt Gox.
Arkham Intelligence, a renowned blockchain analytics platform, reported a substantial transfer of Bitcoin from a Mt. Gox trustee wallet. On the morning of July 16, approximately 48,641 BTC, valued at $3.1 billion, was moved.
The Kraken exchange users have recently got the news related to the long-awaited Mt. Gox reimbursement. They received emails that Kraken has successfully received the Mt. Gox reimbursement funds and will distribute them to users within the next 7 to 14 days. In the recent times, the Mt. Gox trustee had actively shifted funds from cold wallets to hot wallets under its control.
With the data available from Arkham Intelligence, Mt. Gox currently holds around 138,985 BTC, valued at roughly $8.93 billion.
We will also foresee a similar but the double the value of BTC transfers from the HTX Crypto Exchange as well probably in October -November 2024. So prepare for that too.
The US Presidential elections will be in November and the Donald Trump is taking lead is also positive for the market as he has now taken a pro-crypto stand and actively batting for the cryptos throughout his campaign. The shot incidents in Pennsylvania also gained his lead and attracted various support from the leading industrialists including Elon Musk turned out to be a Trump Supporter now.
Coinbase exchange has emerged as a major force in political donations this year US Presidential Elections.
The ETH ETF AMcs including the BlackRock, Franklin Templeton, and VanEck are set to launch Ether ETFs by next week, as Reuters reported that the final step is for these firms to submit their final documents to the SEC by the end of this week.
As the ETH ETF would most likely to be traded at this end of this month and this will make various inflows of money into the crypto markets. This is highly anticipated a push to all the altcoins.
Bitwise also projects that of a $15 billion in inflows for these new funds within the next 18 months.
At the time of writing this article the global crypto market value is at $2.37 Trillion, a 1.48% decrease in the past 24 hours.
BTC is trading at $64694, (1.54%) while ETH is trading at $ 3423 (-1.66%).
The fear greed index is at 57/100 much improved from last week which is showing as neutral.
Let's have a check and stay invested in the cryptomarket.
