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Top digital currency that comprises of Bitcoin, and other virtual currencies also fell recently. It hit a six-day low to be specifically trading at $65000 or lower. Some opined that the Bitcoins Decline was as a result of Mt. Gox creditors selling bitcoins while others attributed the decline to market equating and seasonal factors.
Market Sentiment and Mt. Gox: And Last but Not Least – The Real Cause?
The CryptoQuant CEO Ki Young Ju reacted to that on his X account and stated that the Mt. Gox creditors did not cause it. To this, he aligned the fall to changes in the market trend stating that markets cycles go down as well as up.
Drop in Bitcoin
Timothy Peterson of Cane Island Alternative Advisors also echoed the said opinion, citing lack of performance could be as a result of the weekend. Typically, from the period July, August to September, Bitcoin has exhibited poor performance but is followed by October, which is famously known as the “Uptober. ”
Historical Trends
The investors performance that Peterson has found a downward trend in, is during these months of November, December, January, and February. But, this is normally succeeded by a period of recovery and growth in October.
Spot Ethereum ETFs
The situation in the market, according to Charles Edwards, founder of Capriole Investments, is explained by the appearance of spot Ethereum ETFs. He questioned that the timing part of the ETH ETF launch was not ideal and created more surrounding uncertainty.
Influence on Bitcoin and Ethereum
According to Edwards, Ethereum has been relatively unimpressive in its performance from the beginning of the current cycle onward. The introduction of the ETF has compounded this contributing to market and institutional insecurity.
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Disclaimer: The information provided by CryptopianNews is for educational and informational purposes only. It should not be considered financial or investment advice. Cryptocurrency markets are highly volatile and speculative, and investing in them carries inherent risks. Readers are advised to conduct their own research and consult with a qualified financial advisor before making any investment decisions.