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Marcus Sotiriou, Analyst At a Listed Digital Asset Broker global block
Cryptocurrency market capitalization dipped below $1 trillion over the weekend. Jackson Hole Symposium Federal Reserve Chairman Jerome Powell has reaffirmed the US central bank’s hawkish stance.
Meanwhile, the Securities and Exchange Commission has postponed a new decision on the launch of VanEck’s latest Bitcoin exchange-traded fund (ETF). VanEck was rejected for a spot Bitcoin ETF last November. The date on which the SEC makes its decision was changed from August 27th to October 11th. This coincides with when many predict the Ethereum merge will occur. If the application is approved and we can actually see the Ethereum Merge come to fruition, it could lead to renewed interest in the cryptocurrency market at a time when retail sentiment is at an all-time low.
Bitcoin whales may have started accumulating again, despite low retail interest and liquidity in the cryptocurrency market. According to data from Coinmetrics, the 30-day change in bitcoin held by bitcoin whales (addresses between 1,000 and 10,000 bitcoins) has gone from negative to positive over the past week or so. Bitcoin whales may have decided that $20,000 is a bargain in the long run.
