Bitcoin

Impact

<ul>
 <li>FTX CEO Samson Mow expects that the Bitcoin regulation is directly proportional to its price as the asset faced turbulence in the past five months.</li>  
 <li>Massive redemptions from Bitcoin related ETFs such as $104 million from Fidelity’s FBTC have contributed to Bitcoin price meltdown.</li>  
 <li>The bearish sentiment for Bitcoin is formed through the TradFi market crash coupled with significant ETF outflows.</li> 
</ul>    
<p>Bitcoin, the world’s leading cryptocurrency by market capitalization, recently experienced a significant drop, falling 5.4% within just 24 hours and slipping below the $62,000 mark.This has raised the concern of investors and analysts on when and why the stock has started falling as illustrated below. As for this confusing market behavior,<a href="https://cryptonewsland.com/bitcoin-advocate-samson-mow-highlights-surging-demand-and-potential-conflict/" target="_blank" rel="noopener noreferrer nofollow"> Samson Mow</a>, a Bitcoin supporter and the CEO of JAN3, a company that aims to promote the Bitcoin usage, has some ideas on that.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/Excellion/status/1819550585395486799
 </div>
</figure>  
<h2 class="wp-block-heading" id="h-etf-outflows-aggravate-the-drop">ETF Outflows aggravate the Drop</h2>  
<p>Besides the TradFi market crash, the Bitcoin slump has been aggravated by massive redemptions from Bitcoin-linked exchange-traded funds <a href="https://cryptonewsland.com/etfswap-etfs-presale-crosses-2-million-raised-only-one-day-left-hurry/" target="_blank" rel="noopener noreferrer nofollow">(ETFs</a>). FBTC from Fidelity was worst affected with a single day’s net redemption of $104 million. Establishments include Grayscale ‘s ETF which recorded withdrawals of $45.94 million and Blackrock’s International bond Smoothing Investment Trust (IBIT) withdrawals of $42.81 million.</p>  
<p>This ETF selling places Bitcoin in a continuation of investors’ aversion to market issues, an aspect that creates a bearish environment for Bitcoin.</p>  
<h2 class="wp-block-heading" id="h-impact-of-tradfi-market-crash-on-bitcoin">Impact of TradFi Market Crash on Bitcoin</h2>  
<p>Consequently, Mow attributed current Bitcoin slippage to declining TradFi markets as the primary reason for the decline of its value. On Friday, key stock market indexes fell sharply and stock prices of top technology firms were no exception. This appears to have placed this pressure on Bitcoin to pull out from the $65,190 level to as low as $61,100 in the broader financial markets. While bare minimum relief was given to BTC taking it back to $61900, the pattern is clearly bearish.</p>  
<p>The integration between Bitcoin and other financial markets has emerged to be quite strong, such that many now view Bitcoin as a macroeconomic instrument. Mow’s analysis brings out this growing link asserting that the recent market swings are directly responsible for Bitcoin’s fluctuating price.</p>  
<h4 class="wp-block-heading" id="h-read-also">Read also</h4>  
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/bitcoin-advocate-samson-mow-highlights-surging-demand-and-potential-conflict/" rel="noopener noreferrer nofollow">Bitcoin Advocate Samson Mow Highlights Surging Demand and Potential Conflict</a></li>  
 <li><a href="https://cryptonewsland.com/binance-research-compares-recent-performance-of-tradfi-vs-defi/" rel="noopener noreferrer nofollow">Binance Research Compares Recent Performance of TradFi vs DeFi</a></li>  
 <li><a href="https://cryptonewsland.com/what-caused-bitcoins-sudden-15-decline/" rel="noopener noreferrer nofollow">What Caused Bitcoin's Sudden 15% Decline?</a></li>  
 <li><a href="https://cryptonewsland.com/skyline-digital-makes-tradfi-accessible-on-web3/" rel="noopener noreferrer nofollow">Skyline Digital makes TradFi accessible on Web3</a></li>  
 <li><a href="https://cryptonewsland.com/makerdao-success-amid-tradfi-collapse-boosts-defi-cause/" rel="noopener noreferrer nofollow">MakerDAO Success Amid TradFi Collapse Boosts DeFi Cause</a></li> 
</ul> 
<p>The post <a href="https://cryptonewsland.com/bitcoin-sinks-to-61k-samson-mows-analysis-on-tradfis-ripple-effect/" rel="noopener noreferrer nofollow">Bitcoin Sinks to $61K—Samson Mow’s Analysis on TradFi’s Ripple Effect</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Bitcoin Sinks to $61K—Samson Mow’s Analysis on TradFi’s Ripple Effect

Table of Contents

Crypto News Land

Other articles published on Aug 5, 2024

The Bitcoin bottom is not in — BTC traders set price targets in low $40K range

How to Buy Ethernity Chain Coin?

Crypto Market Sees Major Losses

Crypto Market is Crashing but Long-term Traders are Buying the Dip – Top 5 Altcoins to See Huge G...

PAAL AI (PAAL) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Can Fed Rate Cuts Save Crypto Market Meltdown?

Join our free newsletter for daily crypto updates!