Weekly crypto sentiment brain-powered by the most authoritative experts from the trading network.
As usual, last week was quite eventful for our beloved Bitcoin: Winklevoss twins created The Virtual Commodity Association to confront the SEC’s Bitcoin ETF rejection while SEC went completely overboard with keep denying any following ETF proposals. But what happened, happened. Here are the most significant bitcoin stories from the previous seven days:
– On Monday two more miners announced their willingness to go through the IPO process. So in addition to Bitmain, Canaan and Ebang filed plans for floats in Hong Kong in May and June respectively.
– The next day Morgan Creek, a capital management company, controlling over $1.5 billion in assets, partnered up with Bitwise Asset Management to build the Digital Asset Index Fund as based on company’s management observations, pension funds and family offices are increasingly studying the possibilities to invest in this field.
– On Wednesday Yahoo Finance announced Bitcoin, Ethereum, and Litecoin Trading Integration.
– At the end of the week, a little bit of FUD was spread due to speculations on the potential crypto regulations tightening in European Union. European Union’s member states Finance Ministers are supposed to meet in Vienna on September 7th to discuss whether or not to tighten regulations on the industry and consider issues including the lack of industry transparency and the misuse of cryptocurrency for illicit purposes, like money laundering.
– Any headlines are good enough to make traders happy. Especially if those are as positive as the most of what we have seen this week. Overall sentiment based on all ideas published on TradingView within the course of the last 7 days is as follows: 59% of traders on the platform are bullish and 41% are bearish. 90% bullish, 10% bearish is the ratio among the top 10 bitcoin traders. Changes since last week are moderate, within 1-2% range, but still bursting with positivity. Top traders came up with more long ideas (+1% from the last week) and among all their ideas, 59% were bullish (+2% from the previous week).
– Even though the overall trading sentiment is a little bit over the top positive, not many TradingView users could beat platform’s pro user Intuit optimistic but persuasive predictions, based on Elliott wave pattern. His guess is that Bitcoin will go to $100k next year and smaller altcoins will see X100 gains. Check it out here.