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Bitcoin (BTC) News Today: US Politics, ETF Inflows Drive BTC Turnaround
“We’re going to make sure that the future of cryptocurrency and the future of bitcoin is made in America. We’re going to keep it here, and a lot of it is going to be done right here in Florida.”
Trump, Vance and SEC Chairman Gary Gensler
Investors expect Trump to shorten the term of SEC Chairman Gary Gensler and end the era of regulation through enforcement that has plagued the U.S. cryptocurrency market.
This week, Trump announced Senator J.D. Vance as his running mate. Senator Vance has been critical of SEC Chairman Gensler.
In February 2024, U.S. Senators Vance, Thom Tillis, Bill Hagerty, and Cynthia Lummis sent Chairman Gensler a letter expressing concerns about the SEC. The Senators he wrote,
“Whether Commission staff deliberately misrepresented evidence or unknowingly presented false information, this case suggests that other enforcement cases brought by the Commission may be worth considering. It is difficult to remain confident that other cases are not based on dubious evidence, obfuscation or outright misrepresentation.”
For context, the SEC has filed a Motion to Reject Debt Box Charges After Judge Robert Shelby tidy SEC to demonstrate why it should not face sanctions for making false and misleading statements to the courts. Senators have written to the SEC chairman over the Debt Box case.
US Spot BTC ETF Market Gains Momentum
On Friday, July 19, the US spot BTC ETF market extended its streak of inflows to eleven sessions.
According to Farside Investors,
- Grayscale Bitcoin Confidence (GBTC) recorded net inflows of $20.3 million.
- Fidelity Wise Origin Bitcoin Fund (FBTC) recorded net inflows of $141.0 million.
- Bitcoin ETF bit by bit (BITB) recorded net inflows of $44.6 million.
- VanEck Bitcoin Trust (HODL) had net inflows of $41.8 million.
- Excluding iShares Bitcoin Trust (IBITS), the US spot BTC ETF market saw total net inflows of $267.4 million.
- From Monday to Thursday, IBIT saw total net inflows of $590.5 million.
Inflows into the U.S. spot BTC ETF market immediately eased investor concerns about oversupply from Mt. Gox, which is busy repaying creditors.
Mt.Gox and 141,000 BTC refund
Mount Gox will return approximately $9 billion in BTC to creditors after the collapse of February 2014.
Investors expect most lenders to lock in their profits upon repayment. As of February 2024, 141,000 were worth about $70 million compared to today’s value of about $9 billion.
Tuesday, July 16, Mt. Gox creditors envoy 48,641 BTC to Kraken, starting the repayment process. Kraken plans to fund creditors’ accounts within the next week.
Demand from the US BTC spot ETF market could be crucial for BTC’s uptrend. Weak demand could expose BTC to the risk of oversupply and a sharp drop below $50,000.
Investors should remain vigilant as Mt. Gox remains a headwind for BTC. Monitor real-time data and expert commentary to adjust your trading strategies accordingly. Stay up to date with our latest news and analysis to manage cryptocurrency market risk.
Technical Analysis
Bitcoin Analysis
BTC It has settled comfortably above 50 and 200 days EMAsending bullish price signals.
A breakout of BTC from $67,500 would support a move towards the $69,000 resistance level. A break above the $69,000 resistance level would put the March 2024 all-time high of $73,808 into play.
One must take into account the market flow data of US spot BTC ETFs, US politics and the chatter surrounding Mt. Gox.
On the other hand, a break below the $64,000 support level could give the bears a run at the 50-day EMA. A fall through the 50-day EMA could signal a drop to the $60,365 support level.
With a daily RSI reading of 64.20, BTC could break out of the $69,000 resistance level before entering overbought territory.