{"id":331104,"date":"2024-06-26T01:22:08","date_gmt":"2024-06-25T19:52:08","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=331104"},"modified":"2024-06-26T01:22:08","modified_gmt":"2024-06-25T19:52:08","slug":"is-the-bitcoin-bottom-in-heres-what-experts-say-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/is-the-bitcoin-bottom-in-heres-what-experts-say-crypto-news\/","title":{"rendered":"Is the Bitcoin Bottom In? Here’s What Experts Say – Crypto News"},"content":{"rendered":"
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On the rollercoaster ride that\u2019s Bitcoin\u2019s price, crypto-market participants may be wondering if the latest dip was stomach-churning enough, as the asset ratchets back up to $62,000.<\/span><\/p>\n

Bitcoin saw some relief on Tuesday, following an <\/span>especially precipitous day<\/span><\/a>. But the asset has mostly tumbled throughout the month of June. Swooping down from $71,000 amid a flash-crash weeks ago, the asset\u2019s price has plunged as much as 16% since nearing all-time highs.<\/span><\/p>\n

The descent became noticeable as investors digested hawkish tones from the Federal Reserve, Kaiko analyst Dessislava Aubert told <\/span>Decrypt<\/span><\/i> in a statement. Trimming rate cut projections to one this year after its June policy meeting, the Fed\u2019s move weighed on risk assets, she wrote.<\/span><\/p>\n

But that doesn\u2019t capture the full picture, with crypto-specific factors. Grayscale\u2019s Managing Director of Research Zach Pandl told <\/span>Decrypt<\/span><\/i> in an interview that Bitcoin\u2019s fundamentals have not changed within the past few days, and the pressure can be explained by three key factors.<\/span><\/p>\n

Outflows from spot Bitcoin ETFs, combined with the <\/span>selling of seized Bitcoin by the German government<\/span><\/a>, and <\/span>expected selling from Mt. Gox creditors<\/span><\/a> have created an \u201coverhang,\u201d he said.<\/span><\/p>\n

\u201cWe don\u2019t exactly know how long this will last, and we don\u2019t know how much selling there will be from Mt. Gox-related assets,\u201d Pandl said. \u201cBut because fundamentals haven’t really changed, I do think we can anticipate valuations to eventually recover once that has passed.\u201d<\/span><\/p>\n

The dynamic influencing Bitcoin\u2019s price can be compared to \u201clock boxes,\u201d according to Bitwise CIO Matt Hougan. In a <\/span>post<\/span><\/a> on Twitter (aka X), he explained that various crypto bankruptcies or seizures have historically taken Bitcoin off the market while reducing supply. But that\u2019s shifting.<\/span><\/p>\n

The latest event unlocking swathes of Bitcoin is the repayment of Mt. Gox\u2019s customers, who <\/span>lost 740,000 Bitcoin when<\/span><\/a> the exchange was hacked in 2014. Though Mt. Gox has moved around $9.6 billion in recovered Bitcoin recently, some analysts think much less will hit the market soon.<\/span><\/p>\n

Galaxy Digital\u2019s Head of Research Alex Thorne estimated that 6,500 Bitcoin could be \u201cdumped on the market\u201d if most investors who get Bitcoin back from Mt. Gox hold their assets. It\u2019s likely, he <\/span>wrote<\/span><\/a>, considering Mt. Gox\u2019s customers are early adopters who\u2019d have to pay capital gains.<\/span><\/p>\n

Aubert of Kaiko noted that there have been \u201cincreased selling pressures from large Bitcoin holders, such as miners,\u201d which doesn\u2019t bode well for the summer. The asset\u2019s volume has been historically low, and those two factors could exacerbate volatility in the market, she wrote.<\/span><\/p>\n

For crypto, there are still price catalysts on the horizon, Pandl of Grayscale said. When spot Ethereum ETFs are eventually <\/span>approved for trading this summer<\/span><\/a>, he suggested that could create a rising tide for the overall crypto market.<\/span><\/p>\n

\u201cThe potential for Ethereum ETF approvals is a big positive catalyst, potentially coming in the next several weeks,\u201d he said. \u201cSo, my outlook would remain constructive on the asset class, and I think these are reasonably attractive entry points for investors that have a longer time horizon.\u201d<\/span><\/p>\n

Beyond the crypto market, Wall Street\u2019s AI darling has faced recent headwinds too. After becoming the most valuable company in the world, shares in Nvidia have slipped 7% over the past week, trading hands at around $121.33 as the tech-heavy Nasdaq also retreated slightly.<\/span><\/p>\n

Edited by Ryan Ozawa<\/a>.<\/i><\/p>\n

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We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports On the rollercoaster ride that\u2019s Bitcoin\u2019s price, crypto-market participants may be wondering if the latest dip was stomach-churning enough, as the […]<\/p>\n","protected":false},"author":2,"featured_media":331106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-331104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/331104","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=331104"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/331104\/revisions"}],"predecessor-version":[{"id":331108,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/331104\/revisions\/331108"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/331106"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=331104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=331104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=331104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}