The current data does not seem to indicate a rally in digital assets, unless there is a big event in the cryptocurrency universe.
Bitcoin falls below US$26,000. The crypto market is once again in a phase of declines, with the Bitcoin (BTC) trading below that barrier and hovering around $25,600while Ethereum (ETH) falls below $1,600 after losing that support this Monday.
He General market sentiment remains pessimistic. Despite any positive news, digital assets, especially the leading cryptocurrency, struggle to overcome their current levels and tend to return to negative territory soon. For example, last Friday, rumors that JP Morgan was developing a blockchain-based payment system They pushed BTC to 26,200, as Ámbito reported, but soon returned to trading near current levels.
The current data do not seem to indicate a rebound in digital assets, Unless a great event occurs in the universe of cryptocurrencies. According to CCData, the volume of spot cryptocurrency transactions on centralized exchanges fell 7.78% to $475 billion in August, while volume in derivatives fell more than 12% to $1.62 trillion, the second lowest since 2021.
Bitcoin: what to expect in the near future
Despite this, there are positive signs for the future. ARK Invest, led by Cathie Wood and promoter of BTC and ETH ETFs, signals an increase in sentiment towards Grayscale Bitcoin Trust conversion (GBTC) in a Spot ETF. According to ARK, GBTC’s discount to net asset value (NAV) has hit its lowest levels in about a year, falling to 18% from 24% last August. At its highest point this year, this discount was over 40%.
Furthermore, the recent advance of the United States Commodity Futures Trading Commission (CFTC) on decentralized finance (DeFi) companies still has not clarified its impact on the market.
Samer Hasnmarket analyst at XS.com, comments: “I think these legal developments, which now cover many aspects related to cryptocurrencies and their associated technology, will continue to shape the regulatory and legislative environment of this market, even if they may temporarily frustrate investors. However, further actions by authorities can help reduce uncertainty and restore confidence in the market in the future, providing clarity on what is legal and illegal.”
Regarding the rest of the market, the 1% falls in Cardano (ADA), 2% in Solarium (SOL) and 3% in Ripple (XRP).
Source: Ambito
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