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Home»Cryptocurrency»What Will it Take to Get Bitcoin to $30K?
Cryptocurrency

What Will it Take to Get Bitcoin to $30K?

finvestadminBy finvestadminAugust 8, 2023No Comments4 Mins Read
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good morning. Here’s what’s happening:

price: Regulatory clarity is needed for Bitcoin to break through $30,000.

insight: Crypto options traders are betting on price turmoil and BTC is unlikely to get a bullish trigger.

Watch the latest episode of CoinDesk TV for insightful interviews and analysis with crypto industry leaders. Sign up for First Mover and Our daily newsletter keeps you up to date with the latest developments in the cryptocurrency market.

What Makes Bitcoin Reach $30,000?

The question on everyone’s mind is what will drive Bitcoin above the $30,000 level.

Bullish traders are eyeing signs of a continuation of inflationary trends in the upcoming U.S. Consumer Price Index report for July, with expectations set at 0.2% month-on-month and 3.3% year-over-year growth. ing. The backdrop is a historic tightening of monetary policy by the Federal Reserve followed by expectations of market rate cuts, which have historically been intertwined with Bitcoin’s recent price volatility.

But the big question is whether this will be a bullish catalyst for the world’s largest digital asset. CPI could be higher than expected, which could indicate that rate hikes are yet to come.

In a recent CoinDesk TV appearance, “The Crypto Trader” author Glenn Goodman said there are concerns that bitcoin hasn’t moved much in recent months, and regulatory clarity is needed for the market to move. said it was necessary.

“I am not very impressed with Bitcoin. You may remember that a few months ago there was a strong correlation between the S&P 500 and Bitcoin. We’ve been tracking that correlation for a while, and it’s pretty much broken,” he said.

Goodman argues that a break below $25,000 will end the 2023 bull market.

But getting there will require major changes in the regulatory environment.

“Exchanges have to be trustworthy,” he says. “No one cares if the New York Stock Exchange will survive next week.”

Crypto options traders bet on volatility: There is a lot of talk in the market about the impending Bitcoin volatility explosion. Still, some crypto traders retain the prejudice of shorting volatility, a strategy of betting on price volatility. Bitcoin, the top cryptocurrency by market capitalization, has mostly traded in the $29,000 to $30,000 range since July 24. This is below the $30,000 to $32,000 range of the past four weeks. Since June 21st, cryptocurrency prices have not risen more than 4% in a single day. As such, an important metric to measure the future potential of Bitcoin is: Volatility realized And estimated or implied volatility has fallen to multi-year lows.

CPI Preview, Bitcoin unlikely to be a bullish catalyst: Bitcoin (BTC) bulls are hoping for a continuation of the good news on the U.S. inflation front in the July CPI report released by the Bureau of Labor Statistics Thursday morning. Economists expect a 0.2% increase from the previous month, the same growth as in June. Year-on-year growth is expected to rise to 3.3% from 3% in June. Headline inflation, which is not adjusted for seasonal factors and includes volatile food and energy prices, peaked at 9.1% in June 2022 and hovered at 8.5% in July last year.

Bitcoin stagnated at $29,000 and teased $30,000. What would it take to cross $30,000? “The Crypto Trader” author Glenn Goodman also offered his opinion. Nansen’s Sandra Leow discussed with Curb Finance the latest move to return more than 73% of all funds stolen by white hat hackers and attackers with this exploit. And Moses Singer partner Howard Fisher reacted to the latest legal update between Coinbase and the SEC.

ChatGPT, but for Bitcoin: New AI tools avoid ‘hallucinations’: An experimental version of a Bitcoin-focused AI chatbot was released by Chaincode Labs on Thursday. According to the company, its new “ChatBTC” is less likely to give inaccurate answers about the original blockchain or “hallucinate” like more popular (and generalist) chatbots. Chat GPT.

Mantle Introduces New Governing Body for Financial Management: The new Layer 2 network has passed a governance vote to establish the Mantle Economic Commission, and also authorized an allocation of 40,000 ETH to stETH from the liquid staking protocol Mantle LSD and its Treasury, bringing more to the ecosystem. introduces liquid staking.

30K Bitcoin
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