bitcoin It has been hit hard by the recent negative events and statements and experienced declines.
So much so that in April it went up to $ 31,000. BTCretracted by about 16%. BTC, which saw below $ 25,000, rose above $ 26,000 with the rise experienced over the weekend.
Bitcoin’While technical indicators show a bullish signal, analysts speaking to Coindesk stated that some developments may lead to a bull path in BTC.
Firstly DXY examining the relationship between Bitcoin and Crypto intelligence firm Jarvis Labs the decline in the dollar BTC Said it was good for him.
“DXY also fell last week, losing for the third week in a row. Any drop in the dollar is good for Bitcoin.
Therefore, BTC and risk assets experienced the strongest bull runs in DXY bear markets.
Also, DXY’s days above 100 seem to be numbered, as the Fed did not raise interest rates this month.”
Second largest asset management company in the world BlackRock’s spot Bitcoin ETF CF Benchmark analyst Ken Odeluga stated that the application created a positive atmosphere for the market and said that this application was a positive surprise to the market, which has been battered by the constant flow of bad news in the last 12 months.
“This filing shows that the institutional appetite for Bitcoin-based products remains strong after the dire bear market we experienced in 2022.
BlackRock’s ETF filing is a very welcome positive development and puts further pressure on the SEC to clarify its crypto stance.”
Third, the crypto asset management company pointed out that Bitcoin is not among the tokens that the SEC qualifies as securities. Matt Hu, CEO of Blofin He stated that this situation causes investors to see BTC as a safer haven.
“The SEC has sued leading crypto exchanges Binance and Coinbase. While the lawsuits claimed that many altcoins were securities, he did not mention Bitcoin and Ethereum (ETH).
Regulatory risk is mainly focused on altcoin investors, with limited impact on BTC and ETH holders.
But if the SEC succeeds in its lawsuit, all altcoins can be considered securities and need to be regulated according to securities standards.
This means that altcoin trading will be decentralized. Also, if this happens, liquidity will be more concentrated in BTC.”
*Not investment advice.
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