BTC Sell-Off Amidst Bullish Stock Market: Sideways Trend Likely
CryptoNewsTerminal Staff01 Aug, 2024
BTC Sell-Off Amidst Bullish Stock Market: Sideways Trend Likely
Despite a rally in the stock market due to the increased possibility of a Federal Reserve rate cut in September, Bitcoin (BTC) experienced a sell-off. Traders are closely monitoring the outflow of funds from Ethereum (ETH) spot exchange-traded funds (ETFs), as well as selling pressure from Mt. Gox and the US government. Analysts from QCP Capital believe that BTC is likely to move sideways until another bullish catalyst emerges. However, the recent discussion among US presidential candidates and senators regarding BTC as a reserve asset could potentially reshape the cryptocurrency industry's landscape.