Bull Traders Absent in Current Crypto Market

Welcome to Extreme Investor Network, where we provide you with the latest updates and insights on the stock market, trading, cryptocurrency, and more. Today, we’re diving into the exciting world of Ethereum and Litecoin.

Ethereum has been testing its 200-day Moving Average (MA) near $3100 for the fourth consecutive day. While it has not broken through yet, we’ve seen bullish candles forming for the third day in a row. This could indicate a potential upward trend in the near future. On the other hand, Litecoin is also showing positive momentum, despite facing pressure from expected payments to Mt. Gox creditors.

In the world of cryptocurrency news, Bitcoin recently experienced its most significant correction since late 2022, dipping below the 200-day moving average (200-DMA). This correction has led to unrealized losses for many short-term speculators, with Glassnode estimating losses at $595 million, the highest since the 2022 cycle low.

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Excitingly, Anthony Scaramucci, the founder of SkyBridge Capital, has high expectations for Bitcoin, predicting it to reach $100K by the end of the year. One potential catalyst for this growth could be the upcoming payment of $16 billion to clients of the bankrupt crypto exchange FTX. Scaramucci believes that a significant portion of these funds will flow back into Bitcoin.

On another note, German authorities recently made a significant transfer of 5,103 BTC (equivalent to $299.8 million) to trading platforms. The German Federal Criminal Police Office (BKA) still holds 18,860 BTC (approximately $1.11 billion) in its wallet, raising questions about their future plans with these assets.

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Stay tuned to Extreme Investor Network for more exclusive insights and expert analysis on the stock market, trading, and all things finance. Happy investing!

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