3 Key Events Impacting on the 9 July Cryptocurrency Market
The cryptocurrency markets have been unstable recently. Other significant cryptocurrencies are seeing a similar trajectory as Bitcoin, which is finding it difficult to maintain over $55,000. In light of this volatility, investors are revising their trading plans, and they eagerly anticipate any new developments in the days ahead. Bitcoin’s strong support and resistance levels are being actively watched, even though regulatory news and macroeconomic factors may have an overall sway over the prognosis for cryptocurrency markets.
- The daily net inflow of Bitcoin into wallets connected to centralized exchanges is displayed on the chart.
- Exchanges saw a net outflow of more than 68,000 BTC on Friday—the largest amount since late 2022.
- For long-term holding strategies, outflows are interpreted as an indication of investor bias.
Bitcoin Regains Stability Over $57,000 Amid German Government Asset Recovery
After falling as low as $55,000 on Monday, Bitcoin stabilized over $57,000 late in the U.S. day when a German government agency regained ownership of more than $200 million worth of the asset from multiple exchanges. Bitcoin was up 1% on the day, at roughly $57,400 in the European morning.
Spot Bitcoin ETFs Receive $300 Million Net Inflows, Led by BlackRock and Fidelity
On Monday, spot bitcoin ETFs saw net inflows of around $300 million, the highest since the cryptocurrency’s peak trading of over $70,000 in early June. With net inflows of around $180 million, BlackRock’s IBIT topped buying activity, followed by Fidelity’s FBTC. According to research released on Monday by investment firm CoinShares, some investors might be seeing the decline in the price of bitcoin as a purchasing opportunity.
Bitcoin Mining Difficulty Hits Lowest Since Pre-Halving Levels
As of June 5, the mining difficulty of Bitcoin dropped from 83.6 TH/s to 79.50 TH/s, a level last observed in March, one month prior to the halving, according to data compiled by Coinwarz. As per CryptoQuant, this is one of the biggest declines in difficulty since the bankruptcy of the cryptocurrency exchange FTX, which caused a more than 10% decline in the price of Bitcoin in just one week. A decline may benefit smaller miners and help farms that had to close because they could no longer meet costs.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment