The Hong Kong spot crypto ETF debut wasn't as poor as it was made out to be, a Bloomberg Intelligence ETF analyst noted.tumbled below $60,000 with what appeared to be a poor debut of spot ETFs in Hong Kong and interest rate fears giving traders plenty of reason to sell on Tuesday.
Traditional markets struggled as well after a spate of U.S. economic reports Tuesday morning had a stagflationary feel, showing slowing growth and speedier price pressures. The Nasdaq shed 2% for the day, while the S&P 500 fell 1.6%. "We continue to see evidence of the Fed needing to be leaning back to a higher for longer policy outlook, despite investor calls for more accommodation," Kruger said."With the U.S. dollar coming back into favor across the board, we are seeing this filter over into crypto assets as well.
Seasonal effects with lower interest during the summer months also point towards lower prices, K33 Research noted.September close would’ve seen a cumulative return of -29% in the past five years," K33 analyst Vetle Lunde said."Whereas a trader buying the October open and selling during the April close would’ve experienced a massive 1,449% return.
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