Bitcoin: Rally After BTC Halving Fails to Materialize – ETFs Also in the Red
The price curve of Bitcoin (BTC) has lost its positive momentum. Experts attribute this to two main reasons: the usual impact of the Bitcoin halving is no longer significant, and new ETFs are losing capital. The good mood in crypto markets has dissipated; Bitcoin closes many trading days in the red and has been below the psychologically important mark of $60,000 since late August.
According to Block-Builders.de, as recently as late July, Bitcoin was valued at $70,000. Analysts from Outlier Ventures have published a report titled "Bitcoin Halving: The Four-Year Cycle is Dead," comparing previous halvings with current trends. They note that while past halvings led to substantial gains for BTC within months, 2024 shows an 8% decline four months post-halving.
Bitcoin Pulls Ripple Down: What's Behind It?
The close correlation between Ripple and Bitcoin could be limiting XRP's performance despite several events that would typically trigger positive price movements. For instance, Donald Trump's campaign raised over four million USD through digital coins including XRP without affecting its value.
BeInNews Academy reports that even after announcing plans to introduce smart contracts into the XRP Ledger (XRPL), Ripple saw a three percent drop in XRP prices due to its strong correlation with Bitcoin which fell by four percent during the same period. This suggests increasing selling pressure on XRP might lead to further declines towards $0.52 or even $0.46 if bearish trends continue.
Bitcoin Transactions Drop by 30 Percent – Lack of Interest in BTC?
The activity within the Bitcoin network has hit a three-year low indicating waning interest among investors according to Cointelegraph Deutschland analysts from CryptoQuant who warn this trend may also result in declining BTC prices.
This decrease coincides with sideways movement in BTC’s market value where active addresses dropped significantly from their March peak of 1.2 million down to around 838 thousand by the end of August, marking the lowest levels seen since early last year when Bitcoin traded near forty-five thousand dollars per unit. This suggests potential buying opportunities amidst ongoing weakness observed across the broader cryptocurrency space. Overall, current conditions remain uncertain, and the future direction remains unclear pending further developments likely impacting sentiment moving forward.
Sources:
- FTC warnt zur Vorsicht, da Bitcoin-ATM-Betrugsfälle in die Höhe schnellen
- Bitcoin: Rallye nach BTC Halving bleibt aus – auch ETFs im Minus
- Bitcoin zieht Ripple-Kurs in die Tiefe: Was steckt dahinter?
- Bitcoin (BTC) und Ethereum (ETH) Analyse (KW36-2)
- Bitcoin-Transaktionen brechen um 30 Prozent ein – Fehlendes Interesse an BTC?
- Bitcoin sinkt um 3 %, da sich die Märkte auf den Arbeitsmarktbericht am Freitag vorbereiten, Gold steigt an
