Bitcoin rebounds on White House cryptocurrency conference expectations

Cryptocurrencies including BTC rebound on low-price buying pressure during the session
The White House "to hold a meeting with major industry figures in 7 days"
Market sentiment improves...Altcoins rise more than 2% during the session
Arthur Hayes "BTC will hit $70,000 and $250,000 by the end of the year"

Cryptocurrencies, including Bitcoin (BTC), which had been in a downtrend, rebounded during the session on May 5 in anticipation of the White House cryptocurrency meeting to be held on the 7th (local time).

Cryptocurrencies have been declining due to the expansion of the trade war by U.S. President Trump and the resulting liquidation of the futures market. As the cryptocurrency market continued to decline, low-price buying pressure flowed in during the session on the 5th. The impending White House cryptocurrency meeting is seen as having stimulated investor sentiment.

The White House will hold a 'Crypto Summit' cryptocurrency meeting on the 7th, where the President's Cryptocurrency Working Group and major cryptocurrency CEOs in the U.S. will gather to discuss U.S. cryptocurrency policy and regulatory direction. In particular, the government's cryptocurrency stockpiling strategy mentioned by President Trump on the 2nd is expected to be discussed in detail at the meeting.

On the 5th, Bitcoin rose about 1%, and many altcoins that had been in a downtrend also recorded an increase of more than 2%.

◇Bitcoin = As of 4 p.m. on the 5th, based on Upbit, the price of Bitcoin is 13,137 million won. Bitcoin's market share (dominance) was 61.24%.

According to on-chain analysis platform Glassnode, the long (bullish) and short (bearish) betting ratio in the Bitcoin futures market was 64.17% and 35.83%, respectively.

Arthur Hayes, CEO of BitMEX, forecast that Bitcoin's price could drop to around $70,000 in the short term.

Hayes posted a lengthy article titled 'The Kiss of Death' on the paid professional news posting platform Substack, explaining that President Trump is staging various shows, including cryptocurrencies, as a means of raising funds to realize his desired policy goals, and that this has exposed the cryptocurrency market to high volatility.

Hayes pointed out the high investment enthusiasm in the cryptocurrency futures market and the high leverage caused by the excessive issuance of the U.S. dollar and President Trump's actions, and said that Bitcoin could drop to $70,000.

However, he argued that Bitcoin could rise to $250,000 by the end of this year due to low-price buying pressure and demand for hedging assets due to the decline of the dollar in the asset market.

◇Rising Coins = As of 4 p.m. on the 5th, based on Upbit, the cryptocurrency that recorded the largest increase compared to the previous trading day was Bitcoin Cash (BCH), which rose about 10%.

Bitcoin Cash is a cryptocurrency created by a hard fork of Bitcoin, led by Chinese mining companies such as Bitmain on August 1, 2017, as a result of the Bitcoin SegWit.

Bitcoin Cash can store more transaction details than the existing Bitcoin, and it complements the shortcomings of Bitcoin with lower transaction fees and faster processing approvals.

◇Fear and Greed Index = The Digital Asset Fear-Greed Index provided by Alternative is at 20 points, maintaining the 'Fear' stage. The Fear stage (20-39) is a stage where cryptocurrency price volatility and trading volume are high, and prices are declining. The possibility of forming a short-term bottom is high, so caution is needed when buying.

The Cryptocurrency Relative Strength Index (RSI) provided by Glassnode is 51.1, recording a 'neutral' state. RSI measures the relative strength of the upward and downward pressure on the price of a specific asset, and indicates the degree of overbought and oversold of the asset.

Reporter Kwon Seung-won ksw@blockstreet.co.kr