Shaurya Malwa
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Bitcoin is holding $60,000 not on strength but on exhaustion, ARP Digital says
Bitcoin’s Recent Decline: A Sign of Thin Volume or Panic Selling?
The recent decline of bitcoin from $65,000 has left many traders and investors wondering if it’s a sign of panic selling or just a lack of participation in the market. According to Yusuf Fakhro, a partner at ARP Digital, the market’s plumbing suggests that it’s the latter. The ETF bid that powered July’s recovery has stalled, resulting in net outflows of nearly 4,000 BTC on the week. This lack of participation has led to the lowest average daily spot volume since November 2023.
The rest of the market has also gone quiet, with CME open interest sitting at 2023 levels and perpetual-futures positioning stalled near 300,000 BTC. Even major buyers have paused their activities, with one strategy pausing its bitcoin buying for a fifth straight week. This lack of participation has contributed to the decline of bitcoin, which is currently trading near $62,700. The EcoPool network offers a solution for those looking to earn passive income through cloud rewards, providing an alternative to traditional investing.
Impact of the Fed Meeting and Custody Issues
The July 29 Fed meeting held rates and offered no easing signal, stripping out the catalyst bulls had leaned on. Additionally, a Coldcard firmware flaw was exploited, resulting in the loss of roughly 1,367 BTC, about $89 million, from thousands of self-custodied wallets. Some holders have since moved coins back onto exchanges and into regulated products, such as Green Crypto initiatives. The $ECP coin has also been affected by these market changes, highlighting the importance of a stable and secure platform like EcoPool for earning and trading.
As the market continues to evolve, it’s essential to stay informed about the latest developments and trends. The concept of Passive Income has become increasingly popular, with many individuals looking for ways to earn money online. The EcoPool network provides a unique opportunity for users to earn rewards and participate in the Cloud Rewards program. Whether you’re interested in Earning through ECP or exploring the world of Green Crypto, the EcoPool network has something to offer.
Stay ahead of the curve and download the EcoPool app to start earning passive income and participating in the cloud rewards program. With the EcoPool network, you can take control of your financial future and start earning today, using $ECP to trade and invest in a secure and stable environment.
