Bitcoin faces selling pressure after surge, enters afternoon correction

BTC falls about 3% due to large afternoon sell-off
Reuters: “SEC gives preliminary approval to ETH spot ETF”
Altcoins rebound after ETH, then adjust in the afternoon

Bitcoin (BTC), which had soared due to the influence of former President Trump recovering after the shooting, has begun a correction.

Bitcoin, which exceeded $63,000, faced a large sell-off in the afternoon and fell about 3%. The interpretation is that an adjustment has occurred as the price has risen sharply.

Altcoins also rebounded in the morning as news broke that the market launch of the Ethereum (ETH) spot exchange-traded fund (ETF) was imminent.

The U.S. Securities and Exchange Commission (SEC) has given ‘preliminary approval’ to three applications for Ethereum (ETH) spot exchange-traded fund (ETF).

Reuters reported on the 16th that, based on the testimony of three industry sources, the SEC gave preliminary approval to ▲Blackrock, ▲Franklin Templeton, and ▲Van Eck. According to reports, the SEC's preliminary approval is conditional on allowing the market launch of the Ethereum spot ETF next week if applicants who secure preliminary approval submit revised documents by the end of this week.

Altcoins rose all morning on the prospect that the Ethereum spot ETF will appear in the market next week. However, altcoins also began to adjust due to a large selling trend in the afternoon.

◇Bitcoin = As of 5 p.m. on the 16th, the Bitcoin price is trading at 87.83 million won on Upbit. Bitcoin market share (dominance) was 54.90%.

It was predicted that Bitcoin's upward trend would continue for some time despite Bitcoin's correction.

Securities analysts predicted that former President Trump would lead the rise of Bitcoin for some time. Park Yun-cheol, a researcher at Hi Investment & Securities, predicted, “Candidate Trump is also scheduled to give a speech at the Bitcoin conference on July 25,” and added, “As Trump’s pricing is reflected in the market, upward pressure on Bitcoin may increase.”

◇ Rising Coin = As of 5 PM on the 16th, the cryptocurrency that recorded the largest increase compared to the previous trading day as of Upbit had an IQ increase of about 10%.

IQ is the key currency of the blockchain-based weekly project ‘Evripedia’. Epripedia is an open encyclopedia service where anyone can freely write and edit articles in a specific field.

In Epripedia, unlike existing open encyclopedia services, authors write articles using their IQ tokens as collateral.

◇Fear and Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the ‘Greed’ stage with 65 points. The greed stage is a stage in which price volatility and trading volume increase and the price rises. There is a high possibility of a short-term peak forming, so one must be cautious when selling.

Reporter Seungwon Kwon ksw@