Bitcoin
Bitcoin Prices Approach $65,000 and Hit Lowest Level Since Mid-May
Bitcoin prices have fallen to almost $65,000 today. (Photo illustration by Chesnot/Getty Images)
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Bitcoin prices retreated today, falling to their lowest level in nearly a month as several factors combined to fuel its latest declines.
The world’s most prominent digital currency fell to $65,005 this afternoon, according to Coinbase data sourced from TradingView. At this point, the cryptocurrency had been trading since at least mid-May.
When asked to explain this latest price development, analysts highlighted several factors, ranging from recent decisions by the Federal Open Market Committee to developments in futures markets.
The Fed’s Potential “Policy Mistake”
The FOMC may have erred earlier this week when it opted to leave the target range for the federal funds rate unchanged and predicted it would cut the rate just once in 2024, according to one market watcher.
“There is a strong emerging narrative of ‘did the Fed make a policy mistake’ as on Wednesday they kept rates at recent highs and postponed projected cuts for the rest of the year, just as several indicators of inflation and economic growth. to light,” Seth Ginns, managing partner and head of net investments at CoinFundstated through comments sent via email.
Independent analyst Armando Aguilar also weighed in on this matter, explaining how this has affected sentiment around bitcoin and the broader digital currency markets.
“The FED leaving rates unchanged at 5.25-5.50% and anticipating fewer rate cuts this year has dampened hopes of BTC rising toward new ATH levels,” he said via email.
“Instead, rising fears of high interest rates have contributed to fewer capital flows into crypto investment products,” Aguilar added.
“Going from three rate cuts to potentially just one, traders have weighed in on expectations about expected rate cuts weighing on assets like cryptocurrencies.”
Impact of the FOMC on real yields
Ginns elaborated on how the Fed’s recent decisions could impact real yields, which are yields adjusted for inflation.
“Bitcoin
Bitcoin
it has a strong inverse correlation with real income”, he emphasized.
“So if the Fed holds rates and inflation is slowing, real yields will rise, which is bad for bitcoin,” Ginns pointed out.
“The Fed has made it very clear that it does not want real yields to rise, so we expect it to become more dovish in public appearances in the coming weeks if we see continued data on weaker inflation.”
Crypto Futures Market
Several analysts have commented on how recent changes in futures positions have affected both bitcoin and crypto markets in general.
“Open interest data on cryptocurrency exchanges shows large accumulation of long positions after ETH
Ethereum
Approval of ETF Spot”, Julio Moreno, head of research at CriptoQuantsaid via Telegram.
However, “a few days ago, prices started to fall due to profit taking, and then an influx of new short positions fueled today’s decline.”
Greg Magadini, Director of Derivatives at Digital Asset Data Provider Amberdataalso offered his opinion on the matter.
“Following the positive ETH ETF sentiment, we saw a large increase in crypto futures open interest, but since then the macro environment has become more aggressive due to strong employment and the recent FOMC rate decision and press conference” , he said in an email.
“The market is now only looking for a rate cut in 2024. This, combined with the realization that recent Bitcoin ETF inflows may be due to ‘basis trading’ rather than direct Bitcoin investments, we are seeing headwinds for higher prices,” said Magadini.
He elaborated, indicating via Telegram that “the macro environment has turned aggressive and people who bought futures on the SEC ETF decision are now stuck as sellers.”
“Furthermore, inflows into the BTC ETF are not as directly bullish as initially assumed, since it appears that many of these inflows are paired with short CME futures,” Magadini added.
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and SOL.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.
How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.
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Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.
The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.
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