Bitcoin Returns to $66,000 Despite Persistent Selling Pressure from Mt. Gox

Bitcoin Returns to $66,000 Once More Despite Mt. Gox’s Selling Impact

Bitcoin Returns– Bitcoin has rebounded to $66,000 after briefly dipping below $65,500 on Tuesday. However, ongoing selling pressure linked to Mt. Gox has dampened hopes for a sustained rally. Mt. Gox recently transferred more than $3 billion worth of BTC across various wallets, notably sending $130 million to Bitstamp, as per Arkham data. There’s a concern that creditors may promptly sell their received BTC, influencing bitcoin’s price. As of now, BTC hovers around $66,500, showing little change from 24 hours ago. The broader crypto market, reflected by the CoinDesk 20 Index (CD20), also saw minimal movement.

In the U.S., Ether ETFs debuted strongly with approximately $107 million in net inflows and over $1 billion in volumes. The BlackRock iShares Ethereum Trust ETF (ETHA) led with $266.5 million inflows, followed by Bitwise’s Ethereum ETF (ETHW) at $204 million. Despite earlier concerns about staking mechanisms, these figures surpassed expectations, although trading volume was lower compared to bitcoin ETFs’ debut.

Canaccord’s report highlighted Iris Energy’s strategic position in the bitcoin mining sector, noting its significant data center expansions and robust power capacity. The brokerage raised its target price for Iris to $15 from $12, maintaining a buy rating. Iris Energy’s pre-market trading on Nasdaq reflected a 3% increase to $11.23. Earlier challenges, such as criticisms about site suitability in Texas, haven’t deterred Canaccord’s optimism regarding Iris Energy’s diversified potential beyond bitcoin mining.

Trending crypto chart today

• The chart depicts the annualized three-month basis in ETH futures, representing the gap between futures and spot prices.
• Currently, ETH futures are trading at a much lower premium compared to the first quarter.This decrease in premium may discourage carry or basis traders from active participation.
• Consequently, there might be lower interest in U.S.-listed spot ETH ETFs.
• In contrast, spot BTC ETFs, launched in January, have been favored by carry traders aiming to capitalize on price differences between spot and futures markets.

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