In an email interview, the Director of Capital Formation at Pythagoras Investments said
“Bitcoin remains volatile with the drawdown of 10% we saw this week, with the recent catalyst being driven by spot bitcoin ETF outflows from GBTC of about 300mm on March 20,”
He also said “The drawdown still remains in line with the expected range of 10-20% as we’ve seen historically that happens right before the BTC halving event. More volatility is expected to come going into the BTC halving,”
Bitcoin (BTC) reached $66k in the Asian trading hours of Friday. Market professionals are very clear that the rate of cryptocurrency will face more volatility in the near future.
Image Credit: Coindesk.com
Just before the trading of bitcoin and Ether today, Singapore-based QCP Capital sent a note indicating that “the market is consolidating within with bitcoin and ether trading in a “relatively tight range” and that the market “might take a break this weekend” after last weekend’s pre-FOMC volatility.”
The dealing house also observed the Grayscale Bitcoin Trust (GBTC) continued with the market’s outflows, with $358.8 million leaving the fund. QCP forecasts continuous 4 days more of net BTC outflow on spot exchange-traded funds.
