Bitcoin price climbing above $26,000 brings profit to BTC-related stocks
Bitcoin price is known to have a bullish impact on other altcoins when it rises, but the cryptocurrency is seemingly affecting the stock market too this time. Companies affiliated with digital assets are enjoying gains as Bitcoin bounces, even as the rest of the market remains relatively calm.
At least $3.4 billion worth of crypto is likely to be sold by FTX so it can return fiat currency to its users instead of tokens, which should create an overhang for altcoins for the rest of the year, Matrixport said in a report Monday.
Ethereum with ticker ETHUSD is coming even lower as we have been warning in the past contents. We see ETH still in a deeper downward complex correction, ideally a flat correction, which can be now in final stages, as we see it trading in wave 5 of wave (C) of an (A)-(B)-(C) corrective decline. It means that there can still be a recovery from the near-term support.1500 area around the 61.8% certainly looks very interesting for completion of a five-wave drop in wave (C) wave. It's actually already in 5th of (C), so once current wave 5 of (C) fully unfolds, this is when support can be in place. A rise back above 1745 level would confirm the bullish turn.
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