Bitcoin tries to consolidate above $37,000 at the beginning of this week’s trading with the absence of real catalysts
The markets witnessed weak liquidity, especially in the last two sessions, with the American markets on holiday.
Bitcoin fell slightly this morning by approximately 0.4%, still trying to consolidate above the $37,270 level. While Ethereum’s declines were slightly more, by approximately 0.85%, it is also trying to maintain levels above $2040. While the markets witnessed weak liquidity, especially in the last two sessions, with the American markets on holiday.
While we do not see what might stimulate more broad movements in the markets, whether on the upside or downside. However, the markets appear to have overcome the negative sentiment that came with the return of regulatory concerns to the forefront, whether after the lawsuit faced by the crypto exchange, Kraken, or after the conviction of the CEO and founder of the exchange Binance.
Instead, Bitcoin touched further record levels not seen from April 2022, at $38,400. It seems that the markets are still maintaining their positive sentiment, which is mainly fueled by hopes for the imminent launch of Bitcoin spot ETFs.
This positive investor sentiment also appears to have been reflected in the discount to Grayscale Bitcoin Trust’s (GBTC) net asset value shrinking to its lowest level since 2021 at 8%. This also comes with optimism about the possibility of the Securities and Exchange Commission (SEC) approving the conversion of GBTC into a spot ETF.
In the news today, stable cryptocurrency technology may witness further adoption, this time with the initial memorandum of understanding concluded between the company issuing the stable currency USD Coin (USDT) and the giant financial group, SBI Holdings. The agreement aims to provide users and businesses with liquidity from the stablecoin and comes as a continuation of the issuing company’s expansion in the Asian market.