- Bitcoin Surge: Bitcoin has climbed back to the $60K mark, trading at $61,122 on Thursday morning in Asia, marking a 3.49% increase over the past 24 hours.
- Mt. Gox Transfer: Despite Mt. Gox transferring 13,265 Bitcoin worth $784 million, the price of BTC has continued to rise, prompting speculation about a possible bull run.
- Expert Skepticism: David Mass, co-founder of Hydrogen Labs, remains skeptical, suggesting macroeconomic pressures could push Bitcoin down to $40,000.
- U.S. Election & Fed Impact: The upcoming U.S. election and Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole economic symposium could further influence crypto markets.
- Ethereum’s Market Shift: Ethereum’s network is undergoing significant changes, with gas fees hitting a four-year low and an inflationary supply increase of +0.7% over the past week. ETH is trading at $2,630, up 2.23% over 24 hours.
Bitcoin has made a strong return to the $60K mark, trading at $61,122 on Thursday morning in Asia, representing a 3.49% increase over the last 24 hours. This rise comes despite recent news that Mt. Gox has transferred 13,265 Bitcoin worth $784 million, a move that has not negatively impacted BTC’s price.
The upward momentum has led to speculation that a bull run could be on the horizon. However, David Mass, co-founder of Hydrogen Labs, has expressed skepticism about Bitcoin reaching the $90,000 levels that some bulls are calling for. Mass pointed to the high correlation between Bitcoin and broader capital markets, suggesting that downward pressure on major indices like NASDAQ could drive Bitcoin prices down to $40,000.
As the U.S. election approaches, and with investors eagerly awaiting Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole economic symposium, the crypto market could experience further volatility. Investors are particularly interested in whether Powell will signal a cut in interest rates, which could potentially boost crypto prices.
Meanwhile, Ethereum’s network is experiencing significant shifts. Transaction fees and burn rates have hit unprecedented lows, with the 7-day average gas price dropping to just 4.4 Gwei, the lowest in four years. Transaction fees are down to $1.21, levels not seen since 2020. Despite stable transaction volumes, Ethereum’s supply has been expanding, leading to an inflationary rate of +0.7% in the past week. Ethereum is currently trading at $2,630, a 2.23% increase over the past 24 hours.
With most crypto prices in the green, market participants are watching closely to see how these developments will unfold.
Disclaimer:
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