Bitcoin, Ethereum, Dogecoin Rise As Investors Weigh Spot ETF Impact: Analyst Says Scenario For King Crypto Is 'Rejection' At $46K And Then Correction To Below $40K
Portfolio Pulse from Mehab Qureshi
Cryptocurrencies Bitcoin, Ethereum, and Dogecoin saw gains on Tuesday evening. Analysts weigh the impact of spot ETFs on Bitcoin, predicting a potential rejection at $46K and a correction below $40K. Grayscale Bitcoin Trust transferred 8,730 Bitcoin to Coinbase Prime, hinting at possible sales due to its share price decline. The global cryptocurrency market cap increased slightly, while the S&P 500 and Nasdaq Composite saw declines. Investors await December retail sales data, which could impact economic growth perceptions. Ethereum's price dominance over Bitcoin has grown, with a significant increase in new ETH addresses and a decrease in supply on exchanges.
January 17, 2024 | 2:50 am
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Grayscale Bitcoin Trust transferred a significant amount of Bitcoin, potentially indicating the need to sell due to a decline in share price.
The transfer of a large amount of Bitcoin by Grayscale Bitcoin Trust to Coinbase Prime could suggest that the trust is selling Bitcoin to manage its share price, which may negatively impact investor sentiment and the price of GBTC in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80