![]() ![]() "With liquidity conditions remaining weak and the macro picture still uncertain, we wouldn't be surprised to see crypto assets become more volatile in the short-term, but any moves to the downside should be viewed as a buying opportunity for crypto assets and crypto-related stocks," Chase White, an analyst at Compass Point, said in a note Friday. Investors also have the decision on Grayscale's lawsuit - which contests the SEC's decision to deny the conversion of its Grayscale Bitcoin Trust to an ETF - as another key catalyst to look forward to this summer. The Ripple case also gives the industry hope that the SEC "takes its foot off of the enforcement pedal," Canaccord Genuity said. The increased regulatory clarity that comes from it could boost the likelihood of spot Bitcoin ETF approval, it added. crypto regulation" and provide a tailwind for the bitcoin price, Cantor Fitzgerald said Friday. Ripple is a "bellwether case" whose outcome will be "instrumental in shaping future U.S. In the meantime, market observers expect volatility, but say the trend is pointing towards strength. ![]() Investors tend to expect seasonal gains in the fourth quarter, which has brought bitcoin a 93.38% return on average since 2013. Bitcoin is about 95% off its 2022 low of just below $16,000, and it's only two weeks into July. Its average third-quarter gain going back to 2014 is just 4.67%, according to CoinGecko, and it's posted a positive third quarter for only four of the nine in its lifetime. Q3 volatility and GBTC on deck The third quarter of the year is historically the weakest for bitcoin. "Bitcoin clearly bottomed late last year, and now we're in something of both a recovery and accumulation phase," Lawrence added. The next one is expected to come in May 2024. It historically takes place about every four years and has set the stage for new bull runs. Something similar is playing out again this time around, and next year's halving will likely mark the beginning of the next rally." BTC.CM= 1M mountain Bitcoin has struggled to make a significant break above $31,000 for the past month The halving is an event that takes place when the reward for mining bitcoin is cut in half, as designed in the Bitcoin code, to reduce the supply of the cryptocurrency. "It wasn't until the bitcoin halving a year later, in the spring of 2020, that we saw a market recovery transform into a sustained rally. "In 2019, we experienced periods of strength, followed by pullbacks," said Andrew Lawrence, co-founder and CEO of custody firm Censo. Many traders are drawing similarities between bitcoin's behavior today and its moves in the lead up to the last halving, when the coin was still recovering from the big crypto crash of 2018. Investor confidence is at a new high, however, but it's more than an adrenaline rush. The dollar index, which usually moves inversely with bitcoin, also hit its lowest level in more than a year last week, and bitcoin didn't budge. And even though it rallied 4% after Ripple's partial victory Thursday, it gave all of those gains back the following day and finished the week just under the flat line - for its third down week in a row. It barely moved before or after CPI data was released this week - and for the third month in a row. ![]() Still, it just can't seem to break above $31,000. Personal Loans for 670 Credit Score or Lowerīitcoin has had no shortage of good news over the past month - from the BlackRock bitcoin ETF application, to the first case the SEC has lost in its efforts to regulate crypto by enforcement, and the somewhat comforting June inflation data. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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