BTC takes a breather for two days in a row due to lack of positive news
In the market, “BTC falls, just rises and then adjusts”
ETH rises 6% on positive news from spot ETF
Van Eck predicts that “BTC will reach $70,000 next year”
Bitcoin, which had exceeded 60 million won with a frightening momentum, retreated to the 58 million won level due to the downward trend. Inside and outside the market, the main assessment is that it is a temporary adjustment due to a rapid rise.
While Bitcoin fell, Ethereum (ETH), the second largest cryptocurrency market capitalization, showed a rise of about 6% and exceeded the 3.2 million won level. Inside and outside the market, it is interpreted that the approval process for the Ethereum spot ETF is quietly underway in response to the rise of Ethereum, and that the accumulation of Ethereum by financial institutions as a result of this has acted as a factor in the upward trend.
◇Bitcoin = As of Upbit at 5 p.m. on the 8th, the price of Bitcoin (BTC) is recording 58.85 million won. Bitcoin market share (dominance) was 53.92%.
Bitcoin's price trend has taken a step back, but even if the price of Bitcoin temporarily fell, the current bull market was inevitable, and an even bigger rise awaits in the future, according to an analysis.
Global asset management company Van Eck claimed on the 8th through its official
Regarding the Bitcoin market next year, VanEck said, ▲economic recession in the U.S. ▲launch of Bitcoin spot exchange traded fund (ETF) ▲halving for the first time in 4 years ▲the US presidential election in November, etc., due to the combination of internal and external political, economic, and social changes, making it scary. It was analyzed that there would be an upward trend.
VanEck said, "The United States will face an economic recession in the first quarter of next year, but coincidentally, a Bitcoin spot ETF will be approved at this time. About $2.4 billion in funds could flow into the Bitcoin spot ETF."
He continued, “Afterwards, Bitcoin will face its halving, and the insufficient supply will minimize confusion that may occur in the market.” He added, “The U.S. presidential election will create various political events before and after, and the issue of changes in cryptocurrency regulation was mentioned during the election process, so the issue of changes in cryptocurrency regulation will be announced next year.” “Bitcoin price will break its all-time high in the quarter,” he explained.
◇ Rising coin = The cryptocurrency that rose most steeply on the 8th was MVL (based on Upbit), which rose by about 14%.
MVL is a blockchain-based integrated mobility ecosystem that connects various service areas in the mobility field. The vast amount of data of MVL users is managed through blockchain and is distributed transparently and fairly to users as MVL coins.
MVL tokens are used as rewards for transactions or platform data provision in the ecosystem.
◇Fear and Greed Index = The cryptocurrency fear-greed index provided by Alternative is 72 points, entering the ‘Greed’ stage. The greed stage is the stage where price volatility and trading volume increase, and is the stage where prices rise. There is a high possibility of a short-term peak forming, so one must be cautious when selling.
Reporter Seungwon Kwon ksw@
