10xResearch: A new BTC downtrend appears to be forming
Cryptocurrency research firm 10x Research analyzed that the Depository Trust and Clearing Corporation (DTCC) announced that starting from April 30, it will no longer provide any collateral for any ETF or other investment vehicle that contains Bitcoin or other cryptocurrencies as the underlying investment target. If the value of the asset is reduced, the underlying asset will be treated as a 100% write-down, which means that market makers will need to provide more margin. Bitcoin price is making lower highs and a new downtrend appears to be forming, 10x Research noted. Against this backdrop, the DTCC's announcement could have significant ramifications.
Release time
2024-04-27 12:02:47