Market Colour 31/05/2024
- BTC: Despite strong inflows from Spot BTC ETFs over the past two weeks, BTC struggles to find upward momentum. QCP & Bitfinex analysts believe that BTC price is hampered by Mt. Gox’s liquidation uncertainty that will hit the market by October 2024.
- ETH ETFs: After the 19b-4 forms were approved on May 23rd, the SEC has asked issuers to hand in their S-1 forms by 31st May in order to commence trading. VanEck were the first ones to submit their S-1 filings followed by BlackRock and Grayscale who submitted their fillings in the past 2 days. Bloomberg analyst predicts trading to commence on July 4th.
- PolitiFi Memecoins: This sector continues to draw attention as Donald Trump becomes the first former President to be convicted of criminal charges. Trading volume of various Trump-related memecoins have surged since the conviction with STRUMP falling 25% in the last 24 hours. Analysts predict that this sector will continue to draw attention until the US elections are completed in November 2024.
