BTC Muted After Crypto Goes Unmentioned in Musk-Trump Interview

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The digital asset market went silent after crypto was not mentioned in the X-slot between Elon Musk and Donald Trump. BTC traded at around $58,750 on the European morning, down just over 1% from its price 24 hours ago. The broader crypto market, as measured by the CoinDesk 20 Index (CD20), fell by a similar amount. The two-hour interview between X-slot owner Elon Musk and the Republican presidential candidate drew over 1 million listeners and was highly anticipated by the crypto community, but cryptocurrency did not come up. On Polymarket, bettors priced in a 65% chance that “crypto” would be mentioned, with over $600,000 bet on the topic.

One bitcoin analyst sees renewed losses in the short term, with the price down $5,000 from its market price of around $58,500. “Bitcoin is likely to fall $5,000 rather than rise by the same amount,” Alex Kuptsikevich of FXPro said in an email. Kuptsikevich’s bearish view stemmed from bitcoin’s failure to hold gains above $60,000 following a death cross, a bearish intersection of the 50- and 200-day simple moving averages. “Bitcoin is not breaking above $60,000 and is facing selling after attempting to break above the 50- and 200-day MAs last weekend, indicating seller dominance,” Kuptsikevich said. He added that the 14-day relative strength index (RSI) is no longer showing oversold conditions, suggesting scope for another leg lower, consistent with the recent seller dominance above $60,000.

Data from SoSoValue shows that daily net inflows into U.S.-listed spot ether ETFs reached $4.93 million on Monday. While Grayscale’s two funds saw no inflows, Fidelity’s FETH saw $3.98 million in inflows, Franklin Templeton’s EZET saw $1 million, and Bitwise’s ETHW saw $2.86 million in positive inflows. VanEck’s ETHV was the only fund to see outflows of $2.92 million. Meanwhile, bitcoin ETFs saw total inflows of $27.87 million. Among them, Grayscale’s GBTC saw outflows of $11.7 million, while Bitwise’s BITB saw outflows of $17 million.

Chart of the Day

(Ethereum Gas Price Chart)

The average gas price for a low-priority transaction on the Ethereum blockchain has fallen below two gwei, the lowest level in the past five years and down from a high of 83 gwei in March.

This is a sign of decreasing activity on the Ethereum mainnet and weakens the bullish case for ether, the blockchain’s native token.

Source: Ethereum gas price chart

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– Omkar Godbole

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