QCP and Coinbase analysts have allowed the possibility of BTC and ETH to grow in July
Experts recalled that historically, this is the best month for cryptocurrencies in terms of profitability
01.07.2024 - 15:35
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Last updated on Aug 6, 2024
The material is not an investment recommendation and is published for informational purposes only.
What’s new? Analysts of the US crypto exchange Coinbase have allowed the possibility that in July the yield of the largest by capitalization cryptocurrencies, BTC and ETH, will increase, because historically during this month the assets have shown the best results in the year. QCP Capital also noted that “many signs point to a bullish July,” with bitcoin averaging a 9,6% return this month.
What else is known? According to Coinbase analysts, the current market situation looks favorable, as many excess positions have been eliminated after the announcement of the bankrupt bitcoin exchange Mt.Gox’s $9 billion BTC payout.
Coinbase also believes that liquidity may improve after the average daily trading volumes of BTC and ETH on the spot and futures markets of global exchanges fell by 16,7% between May and June: from $90 billion to $75 billion.
In turn, analysts at JPMorgan believe that bitcoin will face selling pressure from Mt.Gox customers who will receive their coins 10 years after the exchange’s bankruptcy — the asset’s rate has increased more than 70 times during that time.
Fund outflows from investment crypto products have persisted for the third week in a row
It slowed down in the last week of June and amounted to $30 million
At the same time, JPMorgan believes that this pressure will be short-lived, and the potential for recovery will appear in August.
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