Crypto Prices Crash, Ethereum ETF Delayed? Wiener AI Hits $7 Million in Presale
Cryptocurrency prices are crashing on Thursday, with Bitcoin (BTC) last down over 4% on the day in the mid-$57,500s and Ethereum (ETH) down a similar margin to the $3,100s as as markets digests news of spot Ethereum ETF delays.
UPDATE: We've got another amended S-1 from @BitwiseInvest for their #Ethereum ETF. Expect more from other issuers throughout the rest of the week. We're thinking these things could potentially list later next week or the week of the 15th at this point. pic.twitter.com/xqVlt9lSGy
— James Seyffart (@JSeyff) July 3, 2024
As per one of Bloomberg’s most widely followed ETF analysts, the ETFs could launch in mid-July.
Prior expectations had pointed towards a launch this week, which hasn’t ended up materializing.
Both Bitcoin and Ethereum hit their lowest levels since May on Thursday. BTC even dropped below its 200DMA for the first time since last October.
While Ethereum ETF delays may be having a modest market impact, other bearish factors are likely in play.
Firstly, 140,000 BTC tokens are set to be returned to Mt Gox creditors following years of delays. There are jitters that this could result in elevated short-term sell pressure.
Bitcoin miners are also thought to be selling coins at a higher-than-normal rate as they adjust to lower post-halving revenues. That is also causing short-term market headwinds.
[CRYPTOQUANT] #Bitcoin miners are capitulating by shutting down hardware and selling #BTC after April’s halving. Miner outflows have surged, hashrate is declining, and revenue per hash is near all-time lows pic.twitter.com/9R4GGRGXpW
— BecauseBitcoin.com (@BecauseBitcoin) July 3, 2024
If Bitcoin confirms a break below its 200DMA and May lows in the $56,000s, this could result in elevated technical sell
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