The bitcoin course has dropped. Is this the end of the bull market or just a correction?
The bitcoin course has dropped
The bitcoin course dropped again and it was a moment after registration of the new ATH at approx. 124,500 USD. Currently, 1 BTC pays $ 118,824.
There are many indications that the situation has calmed down and investors are waiting for reports from the meeting of Donald Trump and Vladimir Putin. If both presidents announce that they got along in the case of Ukraine, we can see the burst. I wrote more about it in the text Trump-Putin meeting. This will be the veins of markets!.
Ethereum is more expensive
The situation on the Ethereum market looks much more interesting. The ETH course is USD 4636.
The ETH/BTC pair is located at 0.039 BTC, and the ETH domination on the market is just over 14%.
ETFs ETH continued a lot of shopping this week. On Monday, they purchased Ether for USD 1 billion (this is a balance of purchases and sales), on Tuesday – for over half a billion USD, while on Wednesday – for over USD 700 million.
Basics for increases are still there. The Fed Watch Tool suggests a reduction in percentage rates. Through the Fed in September and as many as two or three cuts by the end of this year.
To calm down the geopolitical and macroeconomic situation, he will give us foundations for further increases.
Only data on the price changes in producers in the United States can worry. Since yesterday, we know that the US producer inflation increased in July by 3.3% (against 2.5% forecasts and 2.3% a month earlier), which can herald the CPI jump.
At the same time, data on the labor market can calm down. Only 224,000 were registered in the USA. new applications for an unemployment benefit (decrease from 226 thousand).
Yes, it’s just a correction!
Therefore, there are many indications that the current declines on the charts are just a correction of recent increases. ETFs are still buying ETH massively, Fed may return to the cuts of percentage from September, while today we can receive a sedative signal from the White House – assuming that Donald Trump will announce that he initially agreed the conditions of peace in Ukraine.
