Bitcoin

<ul><li>Coinbase&#39;s report highlights the challenging start to Q3 due to significant Bitcoin sales by the German government.</li><li>The German government&#39;s complete sell-off of Bitcoin holdings may ease some market pressure.</li><li>Coinbase anticipates Q3 volatility, citing weak market narratives and uncertainty around a potential spot ETH ETF.</li></ul>Coinbase&#39;s head of institutional research, David Duong, and analyst, David Han, released a weekly market <a href="https://www.coinbase.com/en-gb/institutional/research-insights/research/weekly-market-commentary/weekly-2024-07-12" rel="noopener noreferrer nofollow">report</a> detailing the crypto market&#39;s challenging start to Q3. The market&#39;s early difficulties are primarily due to significant Bitcoin sales by the German government. Although these sales are not massive compared to daily BTC spot volumes, they have put notable downward pressure on Bitcoin prices.The German government has completely sold off its Bitcoin holdings, potentially easing some of the market pressure. Additionally, repayments related to the <a href="https://cryptotale.org/mt-gox-transfers-5b-in-btc-after-5-years-to-unmarked-address/" rel="noopener noreferrer nofollow">Mt. Gox</a> incident, which began on July 5, have added to market uncertainty. Coinbase notes that uncertainty over the extent of BTC sales is more destabilizing than the sales, with significant creditors likely hedging.The economic backdrop adds another layer of complexity to the market. Coinbase highlights substantial evidence of a slowdown in the US economy, which it believes peaked in Q2 2024. <a href="https://cryptotale.org/u-s-marshals-service-partners-with-coinbase-to-manage-large-cap-digital-assets/" rel="noopener noreferrer nofollow">Coinbase</a> expects the Federal Reserve to cut interest rates on September 18, warning that while rate cuts might inject liquidity, they could also indicate a deeper economic downturn. This scenario may cause retail investors to be cautious about entering stocks or crypto markets if recession fears grow.<a href="https://cryptotale.org/coinbase-predicts-turbulent-q3-for-crypto-amid-economic-shifts/" rel="noopener noreferrer nofollow">Read more on CryptoTale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Coinbase Predicts Turbulent Q3 for Crypto Amid Economic Shifts

CryptoTale

Alte articole publicate pe 15 iul. 2024

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