Cryptocurrencies: What do analysts think?
Monetary tightening is a bearish factor for cryptocurrencies, so yesterday’s data may explain, at least in part, the decline of bitcoin.
“On the one hand, the risk environment is very unfavorable, but we are seeing significant support between $17,500 and $18,500,” says Oanda analyst Craig Elam. “If this continues, the rebound could be strong. The question is how long it can hold if risky assets continue to slide.‘, he crosses.
What is a file Bitcoin Lightning Network?
But while this news gives reason to the pessimists, the fundamentals of bitcoin are growing day by day, as the number of bitcoins in the world is increasing. lightning network It continues to set all-time highs. There are approximately 4,700 bitcoins on the Lightning Network. In addition, MicroStrategy announced Tuesday that it is working on solutions to bring millions of people into the Lightning Network.
The Lightning Network is a scalable solution built on top of Bitcoin, allowing users to quickly send and receive BTC with virtually no fees, “so if this is adopted globally, ‘crypto’ will have a strong benefit with the payment network,” as Sotiriou says.
However, they are on the alert in the market due to the imminence of a potential “black swan” in September, which could send prices to their lowest levels for the year.
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