SHINOBI BTC: The recovery wave for the BTC market is too short
It can be seen that Bitcoin's recovery wave after Grayscale Digital Asset Management Company won a lawsuit against the US Securities and Exchange Commission (SEC) was short-lived.
With Grayscale's announced victory, Bitcoin, which was at $26,000, attempted to rise above $28,000.
However, when the wave of excitement ended and the SEC was expected to make a decision on a large number of Bitcoin ETF Spot limits, the price of Bitcoin fell.
Bitcoin has lost more than 6% from its post-Grayscale peak and is trading near $26,000. In other words, the world's largest cryptocurrency has almost retraced to its pre-lawsuit price level.
Meanwhile, Bitcoin mining revenue is hovering around record lows as the price of the largest digital asset slowly becomes stagnant.
Bernstein analyst Gautam Chhugani believes that the cryptocurrency market is entering its dullest phase. "Participants are not interested in trading, and the market is waiting for a catalyst."
It is known that the Bitcoin Halving event is expected to start next year. This is an event that happens every four years when the reward for mining a Bitcoin block is halved while maintaining a supply cap of 21 million coins. At that time, miners had to increase their computing power to stay competitive for rewards, even less than now.
With Grayscale's announced victory, Bitcoin, which was at $26,000, attempted to rise above $28,000.
However, when the wave of excitement ended and the SEC was expected to make a decision on a large number of Bitcoin ETF Spot limits, the price of Bitcoin fell.
Bitcoin has lost more than 6% from its post-Grayscale peak and is trading near $26,000. In other words, the world's largest cryptocurrency has almost retraced to its pre-lawsuit price level.
Meanwhile, Bitcoin mining revenue is hovering around record lows as the price of the largest digital asset slowly becomes stagnant.
Bernstein analyst Gautam Chhugani believes that the cryptocurrency market is entering its dullest phase. "Participants are not interested in trading, and the market is waiting for a catalyst."
It is known that the Bitcoin Halving event is expected to start next year. This is an event that happens every four years when the reward for mining a Bitcoin block is halved while maintaining a supply cap of 21 million coins. At that time, miners had to increase their computing power to stay competitive for rewards, even less than now.
