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COINTURK NEWS > Bitcoin (BTC) > Is the Crypto Currency Decline Over? Bitcoin and Altcoins Analysis
Bitcoin (BTC)

Is the Crypto Currency Decline Over? Bitcoin and Altcoins Analysis

In Brief

  • Despite the negative inflation data released yesterday, the price of BTC continues to remain relatively strong. It climbed up to $26,500 about 5 hours ago. However, due to selling pressure in a critical zone, the price quickly reversed. The pressure brought by investors chasing short-term gains is causing the price to remain trapped in a […]
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Despite the negative inflation data released yesterday, the price of BTC continues to remain relatively strong. It climbed up to $26,500 about 5 hours ago. However, due to selling pressure in a critical zone, the price quickly reversed. The pressure brought by investors chasing short-term gains is causing the price to remain trapped in a narrow range.

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Has the Crypto Currency Decline Ended?Bitcoin and Altcoins Analysis

Has the Crypto Currency Decline Ended?

Despite the recent inflation data, BTC maintains its strong position. Despite the previous figure of 3.2%, the inflation rate was announced as 3.7%, and the ongoing increase in fuel prices indicates that the September inflation will not be very good. The annual core CPI model, which measures all items except food and energy, showed more positive data. The annual core CPI for August came in at 4.3%, below the previous 4.7%. The increase in housing index accounts for 70% of the overall increase in all items except energy.

Market expert Quinn Thompson commented on whether the decline in crypto currencies has ended based on the latest data:

“It is not surprising to see the recent struggles in the crypto currency markets considering the challenging environment for technology assets. There is a lack of fresh capital flowing into this area. Due to the high interest rates, many investors prefer to invest their money in high-yield savings accounts and money market funds. The recent strength seen in some commodities is also part of this problem, as it highlights that economic conditions are still relatively strong and that inflation is still a concern. Until this situation changes, there will be relatively little capital available to invest in crypto currencies.”

Bitcoin and Altcoins Analysis

The most promising development for the crypto currency markets is the Grayscale case, in which US Court of Appeals Judge Neomi Rao ruled against the SEC on August 29. The SEC, which did not approve the conversion of GBTC to an ETF, was found to be unfair in its justification, and the way was cleared for the approval of spot Bitcoin ETFs. Companies like BlackRock and Fidelity Investments are also increasingly interested in Bitcoin. While the spot BTC ETF approvals of both institutions were postponed on September 2, Franklin Templeton, a $1.5 trillion asset manager, filed an ETF application.

In parallel with the increase in Bitcoin prices, the supply of BTC on exchanges continues to remain below the monthly peak of September 4. Since this monthly peak, exchanges have lost over 40,000 Bitcoins. This is a good reason to be optimistic.

On the other hand, after a challenging two years, the number of wallets holding 0.1 BTC reached 12 million this week, which is an all-time high. This suggests that accumulation may have significantly completed, indicating an upcoming major rally.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 14 September, 2023 - 11:15 am 14 September, 2023 - 11:15 am
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