Many cryptocurrencies are falling in price this week. The price of Bitcoin was rejected at $30,000 last Saturday and since then we have had a red candle every day. We briefly looked below $26,000 yesterday. Over $100 million was wiped out in the LONG TERM markets. What is the state of businessmen now?
In the United States, they strengthen with regulations. Marathon Digital, a publicly traded mining company, informed its investors this week that it has received a subpoena from the US Securities and Exchange Commission (SEC). It will explain whether it violated federal securities laws through related party activities. There are also concerns about the Greyscale GBTC Trust Fund. The latter, despite holding 627,522 bitcoins, has been at a loss for over a year. In addition, its parent company Digital Currency Group (DCG) is still struggling after the collapse of its subsidiary Genesis Capital. According to some analysts, even the current development of inflation in the United States can be misread.
Currencies tend to fall
In this environment, it is not surprising that the price of Bitcoin is falling this week. The weekly candle shows a decline of around 6% (so far, not yet the end of the week). But if you look at the marginal markets, it doesn’t look so bad. These are the markets where most professional traders move. According to OKX data, the stablecoin/BTC margin lending ratio has been falling this week. Due to the logic that these traders can only bet on the fall in the price of cryptocurrency, it can be judged that traders expect growth.
The condition of professional traders thus indicates a possible growth or sideways movement of the price. It’s the weekend and volume will be weak, but we can still get back to the $28,000 mark. I expect lower volatility. The biggest movement will come again on Sunday evening.
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