Regarding price movement, Soloway said he expects Bitcoin to ‘flush out’ back to $20,000 by the end of the year before rallying again, mainly powered by increased adoption of the maiden crypto. I would just caution people is that that it doesn’t usually work out that way,” he added. “Not only about the recession, but have we ever had a halving where the FED has a tight end aggressively and is not lowering interest rates and printing money in quantitative easing, and that’s another thing. He pointed out that while there are expectations for the halving to serve as a catalyst, this event occurs within a distinct macroeconomic environment potentially marred by an impending recession. Bitcoin halving cautionĬurrently, the market is anticipating the Bitcoin halving to trigger a Bitcoin rally potentially however, the strategist holds a differing opinion. Cardano Cardano USD shed 4.05 to 27 cents, and. paying trillions of dollars in interest on its debt, the potential consequences of rising yields on the broader economy could indirectly influence cryptocurrency markets. All large cryptocurrencies were down during morning trading on Wednesday, with Uniswap Uniswap USD seeing the biggest move, tumbling 5.42 to 5.67. debt and the challenges it poses to the nation’s financial stability. government, potentially impacting Bitcoin and other assets.įurthermore, Soloway reminded investors of the substantial U.S. If this level were to be breached again, it might lead to heightened selling of bonds by the U.S. He noted that back in October, during a market downturn, yields peaked at 3.3%. Soloway linked this potential scenario to the historical correlation between yields and Bitcoin’s performance. He pointed out that if the 10-year yield were to surpass the 3.3% threshold, it could potentially create additional pressure on Treasury bonds and trigger selling by the U.S. #2 Government bond yieldsĪdditionally, Soloway advised Bitcoin investors to closely monitor government bond yields, particularly the 10-year Treasury yield. This move is particularly significant given the firm’s positive track record with the Securities and Exchange Commission ( SEC). Buy Solana Market Market stats Market cap 9.7B Volume (24h) 413.3M Circulating supply 406. It’s noteworthy that the market recently received a boost after BlackRock (NYSE: BLK), the world’s largest investment management firm, applied for a spot Bitcoin ETF. Solana SOL 4.3 Add a rating USD Price 23.94 Trade Solana today Create a Coinbase account to buy and sell Solana on the most secure crypto exchange. Soloway’s analysis underscores the need for investors to remain vigilant regarding any developments concerning ETF approvals or potential delays, as these factors could lead to short-term fluctuations in Bitcoin’s price Bitcoin did downtick a little bit on that news, but nothing major,” he said. It didn’t get rejected, but it got delayed, so there’s no new news there. I did hear that the ARK Invest spot ETF got delayed.
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