Bitcoin

Percent

In its weekly market report, Coinbase claimed that the downward pressure on Bitcoin and the overall cryptocurrency market has begun to fade. According to analysts, this could potentially pave the way for a more supportive trading environment.
The report emphasizes that many technical factors that negatively affect cryptocurrency performance have begun to decrease. A key development that has alleviated much of the downward pressure, according to analysts, is the completion of FTX's bankruptcy estate's sale of significant GBTC assets. Coinbase analysts cited a recent CoinDesk report that mentioned the bankruptcy estate divested 22 million GBTC shares.
The report also noted that net inflows into spot Bitcoin ETFs in the US averaged over $200 million per day last week, and total net inflows since January 11 have reached $1.46 billion.
Related News: <a href="https://en.bitcoinsistemi.com/analyst-il-capo-reveals-altcoin-he-expects-more-than-50-percent-surge/" target="_blank" rel="noopener noreferrer nofollow">Analyst il Capo Reveals Altcoin He Expects More Than 50 Percent Surge</a>
Coinbase analysts expect macro factors to become more important for cryptocurrencies in the coming weeks, which will be supportive of performance. The report emphasized that at the FED's last interest rate decision press conference, it was announced that the central bank's quantitative tightening program would be postponed to the next Federal Open Market Committee meeting on March 19-20. This indicates that the FED's monetary expansion cycle could possibly begin on May 1, while the end of the central bank's balance sheet reduction plans could begin in June.
The report concluded that the combination of reduced downward pressures on Bitcoin and the possibility of an interest rate cut in BTC coinciding with the halving event “could potentially support both Bitcoin and other tokens in Q2 2024.”
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/coinbase-analysts-say-downward-pressure-on-bitcoin-eased-explain-what-happens-if-halving-and-rate-cut-happen-simultaneously/" rel="noopener noreferrer nofollow">Coinbase Analysts Say Downward Pressure on Bitcoin Eased, Explain What Happens If Halving and Rate Cut Happen Simultaneously</a>

Coinbase Analysts Say Downward Pressure on Bitcoin Eased, Explain What Happens If Halving and Rate Cut Happen Simultaneously

Bitcoin Sistemi EN

Other articles published on Feb 2, 2024

Greed Takes Over Ethereum

PYTH, LINK lead crypto market gains, which tokens lost the most?

Ripple Stands Firm as Crypto Markets Fluctuate

Hack Shock to Bankrupt Cryptocurrency Exchange FTX! Hackers Stole 400 Million Dollars This Way!

54% of Ethereum tokens show pump-and-dump traits: Report

The Transformation of Consensus Mechanisms: The Impact of Proof-of-Liquidity on Blockchain Dynamics

Join our free newsletter for daily crypto updates!