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Market Insights

London and New York Colour

Published July 8, 2024
1 mins read

Article by Elisha

Equities and Gold have been bouncing higher from the start of last week but crypto prices have gone the other way. What is going on?!

We did see actual heavy spot selling early last week, particularly around 3 – 4pm New York time. Perhaps this is the large supply mentioned in the headlines (the German government and Mt. Gox distributions) actually hitting the market.

However, the gap lower in prices occurred into the 4th of July US holiday and prices only found support the next day when the US came back in to buy (more than $143m net inflow for BTC spot ETFs on Friday).

Into the weekend, prices continued to chop violently on very thin liquidity with BTC trading in an unusually large 53.5k-58.5k range.

Is this a new norm where crypto prices gap in larger ranges due to poor liquidity outside of US hours? Or is this just a summer phenomenon with the market missing strong narratives, getting spooked by headlines and getting shoved around by large flows?

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