Matrixport: Crypto Market Awaits Spark As Korean Volumes Remain Sluggish And US Election Approaches
In Brief
Matrixport indicates that the crypto market is in a state of anticipation as trading in Korea has slowed, while the US presidential elections approach.
Cryptocurrency service provider Matrixport released an analysis indicating that the cryptocurrency market is currently in a state of anticipation. Activity in cryptocurrency trading in South Korea has slowed, coinciding with the approaching US presidential elections.
Matrixport notes that South Korea is typically characterized by active altcoin trading. However, low trading volumes suggest that a sustained rally in altcoins is unlikely at this time. Historically, Bitcoin’s funding rate has been correlated with trading volume in Korea, where an increased funding rate often leads to exchange-traded fund (ETF) purchases by hedge funds looking to take advantage of price differences.
The firm highlights that both Bitcoin’s funding rate and Korean trading volumes, along with Bitcoin Spot ETF purchases, are currently below their levels from March 2024. As a result, the cryptocurrency market is still in search of a catalyst to spark renewed interest. The upcoming US presidential election could potentially serve as the catalyst needed to reignite market momentum.
Recently, Singapore-based cryptocurrency trading firm QCP Capital emphasized that the forthcoming US elections could serve as the next catalyst for Bitcoin and the wider cryptocurrency market. However, the firm expressed caution regarding the direction Bitcoin might take following the election. The firm pointed out that options expiring around the election date are currently trading at a 10% premium compared to other expiration dates. With market focus directed towards the election, any shifts in polling data or changes in the candidates’ campaign narratives could influence spot prices.
Bitcoin Surpasses $68,000 Mark, While ETF Inflows Approach $1B
As of the current writing, Bitcoin is trading at $68,218, reflecting an increase of over 1.70% in the last 24 hours. The cryptocurrency’s intraday low and high were recorded at $66,298 and $68,541, respectively. Notably, Bitcoin started the week positively, with Bitcoin ETFs experiencing substantial inflows of approximately $997.70 million in the past week, according to SoSoValue data. Additionally, Bitcoin‘s market capitalization stands at $1.35 trillion today, and its market dominance has risen by 0.22%, reaching 58.31%.
On a broader scale, the global cryptocurrency market capitalization saw a 1.45% increase, totaling $2.3 trillion today. Furthermore, total market volume increased slightly by 23.26%, reaching $55.36 billion, as reported by CoinMarketCap.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
