The correction in the prices of the US dollar and oil, among other things, eased investors’ concerns in the cryptocurrency market.
He cryptocurrency market experience a rebound in the last hoursbut closes a setback month. In monthly terms, Bitcoin (BTC) lost 0.4%, although in the last 24 hours it advanced 0.6%. Thus, it operates around the $27,000 dollars. For its part, Ethereum (ETH) accumulates a drop of 1% on a monthly basis but in the last hours it climbs 0.9% and exceeds the US$1,680.
This rebound marked in the last 24 hours occurs after several days of downtrend and has been driven by several factors. First of all, slight declines in 10-year Treasury bond yields and the correction in oil prices and of American dollar eased the concern of investors in the cryptocurrency market, who were uneasy about the prospect of a Federal Reserve (Fed) more aggressive than expected.
On the other hand, optimism grew in the market after the Valkyrie regulatory approval to buy ETH futures for your ETFs of futures of this token. It is expected that the Securities and Exchange Commission (SEC) authorize several companies to launch ETFs with these characteristics in the coming days, according to Bloomberg Intelligence analysts.
Julian Colombo, from Bitsosaid that, except for the last days of increases, it has been several weeks since Bitcoin price is stagnant around US$25,000/US$26,000. «We observed a very cautious behaviorbecause there were no record rises or falls like this year, when values fell to USD 16,000 or rose to USD 30,000,» he explained.
Bitcoin: projections for its price
It was observed a decrease in BTC supply in the crypto exchangeswhat is perceived as a bullish signalespecially because BTC holders In the long term they reached a historical maximum, representing the 76.1% of the total BTC supply On circulation.
In terms of technical analysis, experts suggest that it is crucial to Bitcoin overcome the barrier of US$31,000-32,000 in the next 6-8 weeks to avoid a possible price cap. The market has also received news related to Coinbase and the SEC, which has generated additional interest in the cryptocurrency space.
Local context and cryptocurrencies as a protection option
Particularly in Argentina, Bitso explained that in the third quarter and especially starting August 13 (after the primary elections), the purchase of stablecoins on their platform accelerated. «Between August and September, that volume grew by 160% compared to that registered in the first quarter and 100% (double) than in the second», explained Colombo.
In that sense, they point out that October will be marked by elections and that special attention will have to be paid to the digital dollars or stablecoins since «their movements will be especially affected by the elections«.
«As well as contexts of uncertainty They usually encourage greater purchase of dollars and raise their value, this context may continue to drive greater crypto purchases as alternative to protectand of the inflation and of the devaluation«Columbo stated.
