Crypto Market Quite Calm After Musk and Trump Interview

CoinDesk 20 Index: 1,900 −1.6% Bitcoin (BTC): $58,871 −1.5% Ether (ETH): $2,644 −1.0% S&P 500: 5,344.39 +0.0% Gold: $2,463 +0.0% Nikkei 225: 36,232.51 +3.45%

Former President Donald Trump did not mention bitcoin (BTC) or crypto during his interview with X CEO Elon Musk last night. The wide-ranging interview, which lasted more than two hours, covered a variety of topics including illegal immigration, the economy, artificial intelligence and global warming. Polymarket bookmakers put the odds of “crypto” being mentioned during the interview at 65 percent, with over $600,000 being bet on the subject. Mentioning Bitcoin attracted a 69 percent chance of attracting around $330,000.

FxPro analyst Alex Kuptsikevich predicts that bitcoin’s price could fall another $5,000 in the short term from its current market price of $58,500. “Bitcoin is more likely to fall $5,000 than to rise by the same amount,” he said. The analyst’s view stems from bitcoin’s failure to extend its gains above $60,000 following the crossover of the 50- and 200-day simple moving averages in a bearish crossover known as a death cross. Kuptsikevich added that the 14-day relative strength index (RSI) is no longer showing oversold conditions, suggesting another bearish move, consistent with the sell-off above $60,000.

According to data from SoSoValue, daily net inflows into US-listed spot ether ETFs reached $4.93 million yesterday. While Grayscale’s two funds recorded no inflows, Fidelity’s FETH saw $3.98 million inflows and Franklin Templeton’s EZET saw $1 million inflows. Bitwise’s ETHW also saw a positive flow of $2.86 million. VanEck’s ETHV was the only product to record an outflow of $2.92 million. During the same period, bitcoin ETFs collectively recorded daily inflows of $27.87 million. Within this group, Grayscale’s GBTC saw an outflow of $11.7 million and Bitwise’s BITB saw an outflow of $17 million.

The average gas fee for a low-priority transaction on the Ethereum blockchain has fallen to below 2 gwei, a five-year low from 83 gwei in March. This is a sign of declining activity on the Ethereum mainnet, weakening bullish expectations for the blockchain’s native token, ether.Source: Ethereum gas price chart