Market Overview: Bitcoin and Ether Prices Decline Following Musk-Trump Discussion

Latest Market Overview

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Current Prices

• CoinDesk 20 Index: 1,900 (−1.6%)
• Bitcoin (BTC): $58,871 (−1.5%)
• Ether (ETH): $2,644 (−1.0%)
• S&P 500: 5,344.39 (+0.0%)
• Gold: $2,463 (+0.0%)
• Nikkei 225: 36,232.51 (+3.45%)

Key Highlights

The digital asset market displayed a relatively calm demeanor following a recent high-profile discussion. During an anticipated X space conversation between Elon Musk and Donald Trump, the topic of cryptocurrency was notably absent. Bitcoin hovered around $58,750 during the European morning hours, reflecting a slight decline of just over 1% compared to the previous day’s trading. The broader cryptocurrency market, as indicated by the CoinDesk 20 Index (CD20), experienced a parallel drop.

The two-hour dialogue between Musk, the owner of X, and the Republican presidential candidate attracted an impressive audience of over 1 million listeners, generating significant interest from the crypto community. However, the lack of any mention of cryptocurrency was a disappointment. Interestingly, bettors on Polymarket had assigned a 65% probability to the likelihood of “crypto” being discussed, with over $600,000 wagered on that outcome.

In the short term, one bitcoin analyst predicts further losses for the asset. Alex Kuptsikevich from FxPro expressed in an email that Bitcoin is more likely to experience a decline of $5,000 from its current market price of approximately $58,500. He attributed this bearish outlook to Bitcoin’s inability to maintain gains above the $60,000 mark, particularly following the occurrence of a death cross—a bearish signal formed when the 50-day moving average crosses below the 200-day moving average.

Kuptsikevich noted, “Bitcoin has not managed to break above $60K and has faced selling pressure after attempts to surpass the 50- and 200-day moving averages late last week, which indicates seller dominance.” He further emphasized that the 14-day relative strength index (RSI) no longer indicates oversold conditions, suggesting the potential for another downward move, consistent with the prevailing selling pressure observed above $60,000.

In terms of market inflows, recent data from SoSoValue reveals significant movements. On Monday, daily net inflows into U.S.-listed spot ether ETFs reached $4.93 million. Notably, Grayscale’s two funds reported no inflows, while Fidelity’s FETH saw $3.98 million in inflow. Franklin Templeton’s EZET recorded $1 million, and Bitwise’s ETHW achieved a positive flow of $2.86 million. Conversely, VanEck’s ETHV was the only fund to post an outflow, amounting to $2.92 million. Meanwhile, bitcoin ETFs collectively attracted a substantial daily inflow of $27.87 million. Among these, Grayscale’s GBTC experienced an outflow of $11.7 million, while Bitwise’s BITB faced a more significant outflow of $17 million.

Chart of the Day

– Omkar Godbole