Crypto Daily – The Bitcoin price has decreased 2.3% so far on Friday, and has fallen through the ascending trendline of the last 18 days. Is this a short-term fakeout, or is this the beginning of the feared descent to the $70,000 level?
Crypto market sentiment is still dominated by fear. The contagion from the traditional market, such as Thursday’s third of a percent drop in the S&P 500, and a 0.5% decrease in the Nasdaq, is working its way through to crypto. Bitcoin is down 2.5% on Friday so far, and the price has lost the recent local uptrend on the short-trend time frame.
This downward pressure on the Bitcoin price is in the face of a ninth straight day of net inflows for the U.S. Spot Bitcoin ETFs, which do appear to point to much better sentiment, at least among the clients of Blackrock (NYSE:BLK) et al.
Michael Saylor’s Strategy announced the purchase of a decent chunk of Bitcoin on Monday, adding another 6911 BTC, which takes the company’s holdings over 500,000 BTC, which equates to 2.41% of the entire 21 million Bitcoin supply.
Gamestop, the largest retailer for gaming on Xbox and PlayStation, has recently announced that it will follow the Strategy playbook, and buy Bitcoin. For a company that is arguably dying, using its large cash position, and a private convertible senior notes offering with which to buy Bitcoin, may end up saving Gamestop. So far, the market hasn’t taken well to the news, and Gamestop shares are down more than 22% since Thursday’s open.
