Bitcoin, Ethereum, Dogecoin Trade Mixed As ETF-Induced Rally Pauses: Analyst Predicts Strong July For King Crypto Amid Vanishing 'Crypto Death' Fears
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies traded mixed on Monday evening following a week-long rally driven by several crypto-related ETF applications in the U.S. The SEC approved the nation's first leveraged Bitcoin futures ETF offered by Volatility Shares. Crypto analyst Michael Van de Poppe signaled a surge in institutional interest in Bitcoin, while Markus Thielen, head of crypto research and strategy at Matrixport, predicted significant gains for Bitcoin in July.
June 27, 2023 | 2:39 am
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POSITIVE IMPACT
Crypto analyst Michael Van de Poppe signaled a surge in institutional interest in Bitcoin, while Markus Thielen, head of crypto research and strategy at Matrixport, predicted significant gains for Bitcoin in July.
The approval of the first leveraged Bitcoin futures ETF by the SEC and the surge in institutional interest in Bitcoin, as signaled by crypto analyst Michael Van de Poppe, are positive indicators for the short-term price direction of Bitcoin. Markus Thielen's prediction of significant gains in July further supports this outlook.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
On-chain analytics firm Santiment reported high volatility for Ethereum with bulls and bears fighting over the $1,900 price point. The largest non-exchange addresses continue to accumulate Ethereum while the top exchange addresses are at their early levels.
The high volatility for Ethereum and the ongoing battle between bulls and bears over the $1,900 price point make it difficult to predict a clear short-term price direction. However, the continued accumulation of Ethereum by the largest non-exchange addresses could be a positive sign for the asset.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin traded mixed on Monday evening, with a decrease of 1.64% to $0.064.
Dogecoin's decrease of 1.64% to $0.064 indicates a negative short-term price direction. The mixed trading of major cryptocurrencies, including Dogecoin, suggests uncertainty in the market.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 100