Bitcoin Tests $66K as Analysts Expect More Volatility Before Calm

“Bitcoin remains volatile with the drawdown of 10% we saw this week, with the recent catalyst being driven by spot bitcoin ETF outflows from GBTC of about 300mm on March 20,” Semir Gabeljic, Director of Capital Formation at Pythagoras Investments, said in an email interview.

“The drawdown still remains in line with the expected range of 10-20% as we’ve seen historically that happens right before the BTC halving event. More volatility is expected to come going into the BTC halving,” he continued.CoinDesk’s Digitization Index , which measures the performance of digitization protocols like Ethereum Name Service , was the best-performing index during Asia trading hours, up 2.7%.

In a note sent out Friday morning Asia time, Singapore-based QCP Capital wrote that the market is consolidating with bitcoin and ether trading in a “relatively tight range” and that the market “might take a break this weekend” after last weekend’s pre-FOMC volatility. The trading house also noted that the Grayscale Bitcoin Trust continued to see steep outflows, with $358.8 million leaving the fund. QCP expects a fourth consecutive day of BTC spot exchange-traded fund net outflows., QCP says that the market is starting to price out the chances of a spot ether ETF being approved anytime soon.asking if an Ethereum ETF will be approved by May 31, which Fortune says is the Securities and Exchange Commission.

in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin Tops $66K as Open Interest Hit Record High; Bullish News From Pepecoin and NodeMonkes'CoinDesk Daily' host Jennifer Sanasie breaks down the biggest headlines impacting the crypto industry today, as bitcoin (BTC) crossed the $66,000 mark, inching closer to its lifetime peak of $69,000 set in November 2021. This comes as the value of bullish bets rose to a record-high of $27 billion, according to data from Coinglass.
Source: CoinDesk - 🏆 291. / 63 Read more »

This Happened on Coinbase’s Bitcoin Premium Index Before BTC Plunged to $66KCrypto Blog
Source: Crypto_Potato - 🏆 568. / 51 Read more »

Bitcoin & Bitcoin Cash Among Top Crypto Gainers as Crypto Prices Pump: What About Green Bitcoin?Crypto Blog
Source: Crypto_Potato - 🏆 568. / 51 Read more »

Bitcoin’s Cycle Top Is Near, But a 20% Correction is Necessary: AnalystsCrypto Blog
Source: Crypto_Potato - 🏆 568. / 51 Read more »

Bitcoin (BTC) Preparing for Next Parabolic Run, Say AnalystsRenowned analysts believe that Bitcoin is on verge of another monumental bull run
Source: Utoday_en - 🏆 295. / 63 Read more »

Bitcoin Post-Halving Returns Could Boost BTC Prices 200%: AnalystsCrypto Blog
Source: Crypto_Potato - 🏆 568. / 51 Read more »