- Bitcoin was trading above $61K during the Asian trading day, and Polymarket bettors are forecasting some price stability for the rest of the week.
- Traders are looking to Jerome Powell’s remarks at the end of the week for indications of where prices may go.
According to data from SoSoValue, Bitcoin ETFs saw a net inflow of approximately $61 million, which is the highest since August 8th when $192 million was recorded. Notably, BlackRock’s IBIT led with inflows totaling $92 million, while Bitwise’s BITB experienced outflows amounting to $25 million.
According to Polymarket’s predictions, there’s approximately a 2 out of 3 likelihood that Bitcoin’s price will stay over $60,000 by the end of the current week.
1. The PoliFi tokens remained unchanged, reflecting a lack of enthusiasm among traders. Conversely, the MAGA token tied to Trump decreased by 0.3%, based on CoinGecko statistics, with a trading volume of approximately $2.5 million. On the other hand, on Polymarket, Kamala Harris slightly edges Donald Trump in betting for the Presidential election, with a 50%-49% split, as the contract approaches $650 million.
Although there are currently few significant market triggers on Tuesday, some traders anticipate market fluctuations closer to Friday, as Federal Reserve Chair Jerome Powell is set to deliver a speech at the Jackson Hole symposium.
According to Abra Prime’s recent email, the upcoming Jackson Hole symposium has sparked anticipation in financial markets this week. The main topic of discussion will be Monetary Policy. In particular, the conversation is centered around Bitcoin Exchange-Traded Funds (ETFs) and their relationship with the stock market.
“Abra predicts that Bitcoin’s price movement will be sideways or horizontal over the coming week before Jackson Hole, with the price fluctuating between approximately $56,000 and $62,000. The highest trading activity is expected to occur around $58,000 to $60,000.”
According to Bloomberg, Powell is anticipated to announce a shift towards reducing lending rates in the coming month. This move has often boosted optimism among traders due to easier access to capital, which can stimulate growth in riskier industries. Nevertheless, there are still some pessimistic views regarding the decision to retract proposed Bitcoin ETF options.
In the last 72 hours, both NYSE and NASDAQ have pulled back from their plans to offer Bitcoin ETF options, which could slow down broader acceptance for now, according to Augustine Fan, head of insights at SOFA.org. He made this statement via Telegram. Furthermore, TradFi (Traditional Finance) is being cautious about purchasing ETFs tied to Ethereum due to uncertainties regarding the legalities of staking, which may be why Ethereum has underperformed Bitcoin in the past week.
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2024-08-20 10:26