Ethereum
Headwinds toppled Bitcoin and Ethereum
At the same time, Ethereum sends a very worrying technical signal. Timid attempts to break out of a consolidation around $3,800 were replaced by a very impressive sell-off. The second-largest cryptocurrency fell below previous local lows at $3,650. The next potentially important support zone could be $3,300, an important pivot zone from March.
Crypto News
The number of bitcoins in IBIT, a spot ETF from BlackRock, has exceeded 300,000. The capitalization of the fund has reached $21 billion, making IBIT the leader among spot ETFs in terms of capitalization.
The volume of open short positions in MicroStrategy shares has tripled over the past six months to $6.9 billion. Shorts are counting on a correction after the company’s capitalization jumped 5.5 times last year. MicroStrategy owns 214,400 BTC worth approximately $15.25 billion.
Former BitMEX CEO Arthur Hayes called for buying Bitcoin (and later altcoins) as the rate cut cycle begins. Last week, the ECB and the Bank of Canada lowered their key rates by 25 basis points. According to him, “the crypto-bulls are waking up and are about to start ripping the skin off the profligate central bankers.”