While Bitcoin price predictions become increasingly cautious, the cryptocurrency continues to face challenging conditions.
Bitcoin, which rose to $60,979 in the last 24 hours, fell to $60,842 during the day due to the increased regulatory scrutiny in the USA and the Federal Reserve's hawkish stance on interest rates.
Despite these challenges, strategic initiatives such as Hong Kong's $1 billion crypto ETF liquid fund are being launched with the aim of supporting market stability and reducing potential losses.
Founded through Wintermute's collaboration with OSL and HashKey, this fund aims to increase liquidity for Bitcoin and Ethereum ETFs, offering a promising opportunity for recovery in uncertain market conditions.
Token Unlocking and Bitcoin Distributions Trigger Market Decline
Research from 10x Research reveals that approximately $2 billion worth of tokens will be released in the next ten weeks. With the entry of these previously locked tokens into the market, it is possible that the supply will increase and have a negative impact on altcoin values.
As these assets are released, venture capitalists can sell to realize their gains, thus preventing the potential rise of cryptocurrencies. This suggests that the crypto market may enter a long correction period.
The increased supply due to token unlocking may put downward pressure on crypto prices. Additionally, potential sales by venture capitalists could hinder the market's recovery efforts. Bitcoin and altcoins face challenges as they prepare for further distribution.
Strengthening US Dollar and High Interest Rate Expectations Pressure Bitcoin Prices
The US dollar, which has strengthened on the expectation that the Federal Reserve will be able to maintain high interest rates for a long time, puts pressure on the price of Bitcoin.
This is supported by the rise in US Treasury bond yields. The Federal Reserve's Susan Collins noted that reaching the 2% inflation target could slow economic growth and complicate the interest rate outlook.
Although additional interest rate increases are not guaranteed, it is thought that the Fed will maintain its cautious stance and keep this option open. This financial environment, characterized by a strong dollar and persistently high interest rates, negatively affects the value of Bitcoin as it drives investors towards more traditional assets.
The strong US dollar and high Treasury yields are weakening Bitcoin's appeal.
The Fed's cautious policy may slow growth and keep interest rate hike options open.
Investors are turning to safe assets, putting downward pressure on Bitcoin prices.
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