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Cryptocurrencies: Bitcoin returns above $68,000 and Ethereum’s prospects amaze the market

Cryptocurrencies: Bitcoin returns above $68,000 and Ethereum’s prospects amaze the market

Crypto analysts expect Bitcoin not to fall sharply after its recovery and anticipate strong rises for Ethereum.

Reuters

Bitcoin managed to return to above US$68,500 this Thursday June 30oday accumulates an increase of 1.04% in 24 hours. In the month it accumulates an increase of close to 10%, although it is still far from its brightest moment in May, when it reached US$70,000.

While, Ethereum It rises in the week and marks an increase of 0.4% in that time range and is positioned at US$3,783, so that in the month it accumulates an advance of almost 25%.

What’s next for Bitcoin

Analysts expect that, in a scenario of low selling pressure, due to the low profitability that Bitcoin is giving (around 3%) compared to the 69% it yielded in March, it could remain in the US$70,000 area and they trust that This would allow you to reach higher levels..

This comes after Bitcoin suffered a sharp drop on May 28 as several wallets moved 107,547 BTC worth almost $7.3 billion to an unknown wallet, with more transactions arriving every hour. This responded to a defunct cryptocurrency exchange’s plan to return BTC holdings to creditors before October, analysts explained.

This is the Mt. Gox bitcoin exchange, which transferred about 140,000 BTC, valued at about $9 billion, to a unknown address as part of refund plans to the company’s creditors. Portfolio activity shows that the movements were made in 13 transactions, the first movements of Mt. Gox assets in more than five years.

Good outlook for Ethereum

On the other hand, it is striking that the market is not taking into account the approval of exchange-traded funds (ETF) of ETH spot in the United States. However, analysts highlight that the approval denotes a clear change in the position of regulators such as the Securities and Exchange Commission (SEC) towards the cryptoasset market, which could benefit cryptocurrencies in the long run. .

And on the other hand, analysts are confident that the recent positive verdict on ETFs has raised expectations of an increase in prices. They do not rule out that this event will cause the price of Ethereum reach between US$15,000 and US$22,500 in this cycle. This forecast implies a possible 500% gain from current levels.

And they explain that this is because the approval of the Ethereum ETF is one of the most important bullish events for that cryptocurrency and its entire ecosystem.

Source: Ambito

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