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Bitcoin News Today: Trump, Mt. Gox, and US BTC-Spot ETF Flow Trends
By:
Key Points:
- Bitcoin (BTC) slipped by 0.10% on Saturday, July 27, ending the session at $67,834.
- Donald Trump delivered a speech at Bitcoin 2024, sending BTC briefly through $69,000.
- On Sunday, July 28, investors should consider supply-demand trends and US politics.
In this article:
Saturday: Market Overview
On Saturday, July 27, BTC slipped by 0.10%. Partially reversing a 3.12% rally from Friday, July 26, BTC ended the session at $67,834.
Donald Trump Sends BTC Toward $70,000
US Republican Party front-runner Donald Trump delivered his highly anticipated speech at Bitcoin 2024 on Saturday, July 27.
The former US President said he would build a national Bitcoin stockpile if elected US President. He also warned about the Democrats and Kamala Harris’s anti-crypto stance.
On the matter of crypto regulation and SEC Chair Gensler, Trump said,
“On day one, I will fire Gary Gensler.”
Trump’s pro-crypto speech followed Robert Kennedy Jnr’s pledge to build a Bitcoin Federal Reserve equal in size to its gold reserves.
Senator Lummis Introduces Bitcoin Reserve Bill
Senator Cynthia Lummis also spoke at Bitcoin 2024, presenting the Bitcoin Reserve Bill, stating,
“Over five years, the United States will assemble one million Bitcoin, 5% of the world’s supply.”
Adding,
“Bitcoin is transforming not only our country, but our world, and the United States needs to be the global leader.”
Senator Lummis is a prominent figure in the US digital asset space. In 2022, Senators Lummis and Kirsten Gillibrand introduced the Responsible Financial Innovation Act, proposing greater oversight powers for the Commodity Futures Trading Commission (CFTC).
An end to SEC Chair Gary Gensler’s reign of regulation through enforcement and crypto-friendly regulations would be a boon for the crypto market.
However, concerns about oversupply and falling US BTC-spot ETF market inflows possibly overshadowed the pro-crypto speeches.
Supply-Demand Trends: Mt. Gox Creditors vs. US BTC-Spot ETFs
On Sunday, July 28, Mt. Gox held 80,128k BTC, equivalent to $5.46 billion. Concerns about Mt. Gox creditors selling their BTC on receipt remain a BTC headwind.
A surge in BTC sales and lower US BTC-spot ETF market inflows could adversely impact supply-demand trends.
In the week ending July 26, the US BTC-spot ETF market saw total net inflows of $535.3 million compared with inflows of $1,241 million in the previous week. Based on last week’s flow trends, it would take ten weeks for the US BTC-spot ETF market to absorb Mt. Gox’s remaining holdings.
In recent weeks, Mt. Gox transferred 48,641 BTC ($3.10 billion) to Kraken and 5,106 BTC to Bitstamp.
However, creditors have yet to flood exchanges with BTC sell orders, limiting the impact of Mt. Gox’s transfers to the exchanges.
A surge in sales orders could adversely impact BTC price trends and signal a drop below $50,000. US BTC-spot ETF flow trends will be crucial if the crypto market experiences a BTC supply surge.
Investors should remain alert. Mt. Gox-related updates will influence BTC demand. Monitor real-time data and expert commentary to adjust your trading strategies accordingly. Stay up-to-date with our latest news and analysis to manage crypto market risk.
Technical Analysis
Bitcoin Analysis
BTC hovered well above the 50-day and 200-day EMAs, confirming the bullish price trends.
A BTC breakout from the $69,000 resistance level could signal a return to $70,000. A break above $70,000 would support a move toward the all-time high of $73,808.
US politics and Mt. Gox-related news require consideration.
On the other hand, a drop below $65,000 could signal a fall toward the 50-day EMA and the $64,000 support level. Buying pressure could increase at the $64,000 support level. The 50-day EMA is confluent with the support level.
With a 64.45 14-Daily RSI reading, BTC could move to $70,000 before entering overbought territory.
Ethereum Analysis
ETH hovered below the 50-day EMA while remaining above the 200-day EMA, affirming the bearish near-term but bullish longer-term price signals.
A rise above the 50-day EMA could give the bulls a run at the $3,480 resistance level. A breakout from the $3,480 resistance level could bring $3,600 into play.
US ETH-spot ETF market flow data require consideration.
Conversely, an ETH drop below the $3,244 support level could give the bears a run at the 200-day EMA.
The 14-period Daily RSI reading, 45.63, indicates an ETH fall below the 200-day EMA before entering oversold territory.
About the Author
Bob Masonauthor
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.
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