Prices: Bitcoin, which was trading near $29.2, has resisted the influences of recent macroeconomic events, but may find its missing catalyst in a possible spot BTC ETF, said Mao Shixing, co-founder and CEO of custodian Cobo. Crypto markets aren’t reacting the same way they once did to macroeconomic events, with Bitcoin moving just -0.74% and 1.16% respectively to recent inflation and GDP data. When a large number of ETFs are approved, from the perspective of traditional asset allocation or risk aversion, directly purchasing ETFs from these brokerage banks means a substantial amount of funds will flow into major assets like Bitcoin and Ethereum, Mao said.
Boris Revsin, managing partner of Tribe Capital, an investment firm with over $1.6 billion in assets under management, believes decentralized finance (DeFi) projects could recover some of their former glory as more infrastructure gets developed in more open markets outside the U.S. I expect DeFi to have a major resurgence towards the end of this year or early next year, Revsin said.
Coinglass data shows that in the last 12 hours, $15.45 million of shorts have been liquidated in comparison to $10.73 million in longs. Bitcoin is currently trading below the lower range of its Bollinger Bands, indicating that its price could move higher – albeit just slightly.
Crypto markets have likely priced in Wednesday’s anticipated Federal Reserve interest rate hike, and traders may be eyeing an upside target of $30,000 level, above the current support of $29,000.