According to CoinDesk, as of 7:40 am on August 17, the Bitcoin price reached $28,687.8/BTC, down 1.69% from 24 hours ago. Bitcoin price fluctuated between above $29,200 and below $28,700 during the day.
Prices of bitcoin and many other assets fell after the Fed released the minutes of its July meeting and warned of further tightening amid lingering inflation. Fundstrat Strategists Expect Bitcoin Price To Surge To $180,000
“If a Bitcoin spot ETF gets approved, I think demand will outstrip supply,” Fundstrat managing partner and head of research Tom Lee said in an interview with CNBC, according to an insider. He said he expects the price of Bitcoin to rise. Over $150,000 and even over $180,000.
Europe recently approved spot Bitcoin ETFs, but US regulators have yet to approve them. Lee believes that mining rewards will be halved next year, so even if spot ETFs aren't approved, Bitcoin's price will rise.
The miner's reward is expected to decrease from 6.25 BTC per block to 3.125 BTC per block over the next year, leading to scarcity implications. All previous reward halvings have seen Bitcoin prices rise to record levels.
Lee said the halving event would be the driving force behind Bitcoin's price surge, but would not be able to leapfrog and push the cryptocurrency's price to six digits. He also pointed out that easing macroeconomic conditions and Fed policy will lead to higher cryptocurrency prices.
“Cryptocurrencies are dependent on monetary policy, so if inflation cools, we can bet on financial conditions and the Fed will loosen monetary policy sooner,” Lee said.
Prices of bitcoin and many other assets fell after the Fed released the minutes of its July meeting and warned of further tightening amid lingering inflation. Fundstrat Strategists Expect Bitcoin Price To Surge To $180,000
“If a Bitcoin spot ETF gets approved, I think demand will outstrip supply,” Fundstrat managing partner and head of research Tom Lee said in an interview with CNBC, according to an insider. He said he expects the price of Bitcoin to rise. Over $150,000 and even over $180,000.
Europe recently approved spot Bitcoin ETFs, but US regulators have yet to approve them. Lee believes that mining rewards will be halved next year, so even if spot ETFs aren't approved, Bitcoin's price will rise.
The miner's reward is expected to decrease from 6.25 BTC per block to 3.125 BTC per block over the next year, leading to scarcity implications. All previous reward halvings have seen Bitcoin prices rise to record levels.
Lee said the halving event would be the driving force behind Bitcoin's price surge, but would not be able to leapfrog and push the cryptocurrency's price to six digits. He also pointed out that easing macroeconomic conditions and Fed policy will lead to higher cryptocurrency prices.
“Cryptocurrencies are dependent on monetary policy, so if inflation cools, we can bet on financial conditions and the Fed will loosen monetary policy sooner,” Lee said.
