Economic magazine Bloomberg pointed out that the cryptocurrency investment craze is cooling down as stocks and bonds recorded higher returns than Bitcoin this quarter.
What’s new: Bloomberg reported on the 14th that “doubts about a cryptocurrency rebound are growing,” and that “stocks and bonds showed a higher price increase than Bitcoin in the second quarter of this year.”
Bitcoin price reached its highest point on March 14th. Based on Binance Exchange, the world's No. 1 trading volume, each is worth $73,777. However, after that, it showed a downward trend within the box range.
Background to the Problem: From April 1st to 14th, the Bitcoin return was approximately -4.98%. During the same period, gold rose 3.27% and the Nasdaq 100 index rose 7.34%.
Bloomberg explained that Bitcoin took a downward turn after hitting a new high in March, and attempted to renew the new high several times, but was not successful. In addition, he pointed out that the inflow of funds into the US Bitcoin spot ETF, which had been an opportunity for an increase since the beginning of the year, has recently been stagnant.
Important point: An interesting situation occurred last night on the 13th. The U.S. Producer Price Index (PPI) announced on this day was strongly below expectations, greatly amplifying expectations of an interest rate cut, but the price of Bitcoin actually fell by nearly 2%. Bloomberg reported, “It appears that most of the ingredients for rising Bitcoin prices have been exhausted.”
In relation to this, Peter Brant, a famous American cryptocurrency trader , claimed through his He said, “If this bull market is similar to the past Bitcoin rise cycle, Bitcoin may have already peaked at $73,777 and is on its way down,” and “It looks like it could fall to the $48,000 level.”
What happens next: As Bloomberg pointed out, has the possibility of a Bitcoin rebound become low? It's simple to check whether Bitcoin's momentum has really dropped. All you have to do is check whether the price reacts when good liquidity news occurs. However, unfortunately, there will be no announcement of significant macroeconomic indicators related to the US interest rate cut until Thursday the 20th.
On the night of the 20th, the Bank of England is scheduled to announce its base interest rate decision. Previously, the price of Bitcoin reacted with an upward trend to the decision of the G7, including Canada and the Euro, to cut interest rates. As of 6 p.m. on the 14th, the price of Bitcoin is hovering around the $67,160 level, up 0.58% from the previous day.
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