Ethereum

Reserve Dollar

Bitcoin

Reserve

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
In a new market&nbsp;<a href="https://www.grayscale.com/research/market-commentary/june-2024" rel="noopener noreferrer nofollow">update</a>, the research team of leading cryptocurrency asset manager Grayscale predicted that the cryptocurrency market would be able to recover from the most recent crash "in the coming months."&nbsp;
Its optimistic outlook is based mainly on the "broadly supportive" macro backdrop. Grayscale has mentioned the possibility of the U.S. Federal Reserve rate cuts as well as the thriving U.S. stock market.&nbsp;
As&nbsp;<a href="https://u.today/bitcoin-bloodbath-key-reason-why-btc-is-getting-annihilated" rel="noopener noreferrer nofollow">reported by U.Today</a>, the price of Bitcoin crashed to $53,350, its lowest price point in nearly half a year, earlier this Friday on the Bitstamp exchange. Close to $700 million worth of crypto got wiped out within just 24 hours.&nbsp;
Grayscale's research team identified several sources of this extreme selling pressure. They include the start of&nbsp;<a href="https://u.today/bitcoin-plunges-as-mt-gox-starts-distributing-funds-to-creditors" rel="noopener noreferrer nofollow">Mt. Gox repayments</a>, the liquidation of Bitcoin holdings by U.S. and German governments as well as net outflows that were recorded by US-based exchange-traded funds in the second part of the month.&nbsp;
On top of that, the firm's analysts have pointed to miners selling more than $100 million worth of BTC in a month.&nbsp;
Despite these bearish headwinds, Grayscale believes that Bitcoin's fundamentals remain unchanged.&nbsp;
At press time, the cryptocurrency is changing hands at $56,433 after recording a relief bounce.&nbsp;
Grayscale's research team has also predicted that US-based spot Ethereum exchange-traded funds, whose final approval is&nbsp;<a href="https://u.today/heres-when-ethereum-etfs-are-going-to-launch" rel="noopener noreferrer nofollow">expected</a> to take place this month, will be able to attract "meaningful" net inflows.&nbsp;
The analysts have also spotlighted the weakness of the memecoin-heavy Consumer &amp; Culture sector, which ended up being the biggest underperformer of July.&nbsp;

Crypto Market Expected to Recover Soon by Grayscale

U_Today

Andre artikler publisert på 5. juli 2024

Nvidia, Meta, Microsoft, and Google Highlight AI Risks in SEC Reports

The Thunderstorm Event: RAIN's Daily Reward Mechanism Explained

Justin Sun’s Plan to Mitigate Bitcoin Market Volatility

New Airdrops July 2024

Qubetics Whitelist: The Launchpad for a Blockchain Phenomenon Challenging Internet Computer and T...

Bitcoin Crashes Below $53,500: Will $48,000 Support Hold?

Bli med på vårt gratis nyhetsbrev for daglige kryptooppdateringer!