Bitcoin Dips Below $64K as U.S. Equity Selloff Stalls Crypto Rebound
A stock market correction is the biggest risk for the crypto market, but a renewed downturn would be a buying opportunity, an LMAX Group strategist said.
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Joel Kruger
A stock market correction is the biggest risk for the crypto market, but a renewed downturn would be a buying opportunity, an LMAX Group strategist said.
Bitcoin could rally 10%-15% more in case the SEC approves spot bitcoin ETFs, LMAX strategist Joel Kruger noted.
Bitcoin cratered almost 10% below $41,000 early Wednesday around the time Matrixport’s report about warning of a spot BTC ETF decline, but it was more likely due to a leverage flush as the market overheated, a K33 analyst said in an interview.
Bitcoin endured its worst daily drawdowns in 4 months, dipping over 7% to nearly $40,000. $XRP, $LINK, $ADA declined 8%-10%.