Digital assets do not react after the expected ‘halving’ of the Bitcoin blockchain.
The cryptocurrencies They still do not give bullish signals. Bitcoin It falls 0.6% in the last 24 hours but remains above US$66,000. For its part, Ethereum (ETH) advances 1.5% and stands at $3,200. The only notable altcoin is Solana (SOL) at 0.6%.
As we say, the Digital assets do not react after the expected ‘halving’ of the Bitcoin blockchain. Despite a notable drop shortly after the halving was completed, bitcoin has returned to trading in the price range in which it has been moving for more than a month and bulls and bears are still unable to tip the balance towards one or the other. other side.
The variables that look at the market
The reason seems to be, as some analysts explain, that The market is focused on the macroeconomic outlook. Markus Thielen, expert analyst in crypto assets and founder of 10x Research, pointed out in recent days that “a large part” of the rally in the queen cryptocurrency “has been based on erroneous expectations”, since the change of pace of the market has coincided with the rise in inflation and forecast of a Federal Reserve (Fed) tougher than expected in the coming months.
According to data from CME’s FedWatch tool, the consensus is for a first drop in prices. interest rates in September, although they give more than a 30% probability that the central bank will not cut official rates in that month either.
“Most of this bitcoin rally was driven by expectations that interest rates would be cut, and this narrative is now being seriously challenged. Our growing concern is that risk assets (tech stocks and cryptocurrencies, among others) are teetering on the brink of a significant price correction. Overall, we are bearish on risk assets“adds this expert. To this, he adds, we must add the doubts regarding the evolution of the conflict in the Middle East.
bitcoin cryptocurrencies
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The data the cryptocurrency industry looks at
In the crypto scene there does not seem to be any catalysts in the short term either. In fact, Standard Chartered joins the wave of analysts predicting that the Securities and Exchange Commission (SEC) will not approve spot ETH exchange-traded funds (ETFs) this coming year. month of May and will postpone its decision for a few months. However, the English bank hopes that they will end up receiving regulatory approval and that, as happened with the BTC spot ETFs, they will boost the prices of the largest ‘altcoin’ on the market.
Besides, Tether has announced that it will freeze wallets that use USDT to circumvent US sanctions on Venezuelan oil exports after a ‘Reuters’ exclusive that explained that the oil company PDVSA had increased its use of this ‘stablecoin’ after the reimposition of US sanctions. On the other hand, the Department of Justice has defended that Changpeng Zhao, former CEO and founder of Binance, must serve a sentence of 3 years in prison after pleading guilty in the agreement between the US Justice and the crypto market last November.
Source: Ambito
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