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After the halving: volatility in altcoins, Bitcoin holds, Ethereum falls

After the halving: volatility in altcoins, Bitcoin holds, Ethereum falls

Firms such as JP Morgan or Goldman Sachs warned days before the fourth halving that it would hardly be a bullish event, considering that previous events had decreased investors’ appetite for risk, painting a different picture.

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In the last 24 hours, the cryptocurrency market registers few significant movements. He Bitcoin (BTC) shows a slight reduction in these hours of the morning, although its balance on the last day remains positive and remains above US$66,000 (US$66,300). On the other hand, the Ethereum (ETH) registers a moderate fall, losing the threshold of US$3,200.

As for the rest of the ‘altcoins’, The situation reflects a trend similar to that of Ether. The sharp declines of around 10% in toncoin (TON) are striking, as are the losses of 2% in dogecoin (DOGE) or shiba inu (SHIB). Among the major altcoins, XRP is the only one showing a notable increase.

Reality continues to confirm the forecasts of the most cautious analysts: the ‘halving’ of the Bitcoin blockchain has not generated a notable boost in prices. Firms such as JP Morgan or Goldman Sachs warned days before the fourth halving that it would hardly be a bullish event, considering that previous events had decreased investors’ appetite for risk, painting a different picture.

Bitcoin: what data the market observes

Despite this, several cryptocurrency-related stocks have seen strong growth in the last day, partially easing fears of an abrupt short-term correction. Coinbase and MicroStrategy rose 7% and 12%, respectively, while some mining companies such as Riot or Hut 8 saw increases of over 15%.

Regarding future prospects, some analysts maintain a positive long-term stance despite caution for the coming days. QCP Capital, a cryptocurrency hedge fund, notes that previous halvings saw an exponential upward movement between 50 and 100 days after the halving.

From a technical point of view, Analysts highlight that Bitcoin remains within the price range between $60,000 and $72,000. As long as he does not exceed the upper part of this range, Molina points out that a correction is occurring within it.

Source: Ambito

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