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The cryptocurrency market is really down
Why is the cryptocurrency market still down?
While Powell made dovish remarks and the stock markets of the United States, Japan, Taiwan and other countries continued to set new historical highs, the cryptocurrency market continued to be down, which puzzled many people. There may be three reasons for this phenomenon. The first is that the market has different opinions on when the Ethereum spot ETF will be passed and how much new funds it can bring.
The second is that under the wave of AI, speculative hot money is more inclined to flow into the stock market rather than the cryptocurrency market. Youwei Yang, chief economist of BIT Mining, pointed out a few days ago that there is only a certain amount of hot money in the market, and now all this hot money is invested in the field of AI. Before there are some convincing narratives or constructive progress in cryptocurrencies, it may only continue to trade sideways and wait for major market shocks.
The third is the concerns about the huge selling pressure faced by Bitcoin. The bankrupt exchange Mt.Gox announced last month that it would start the Bitcoin repayment process and repay 142,000 BTC and 143,000 BCH to creditors since July. It is expected to complete the repayment process before October this year. At the same time, the US and German governments transferred a large amount of previously seized Bitcoin to the exchange at the end of June, which has caused market concerns.
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