The biggest cryptocurrency, Bitcoin, has been spending time in hibernation this summer. And the sleeping giant does not seem to have reacted to different positive news that one might have thought would give a nice price pump. Or at least a lot more than what we could see during July.
For example the U.S. Federal Reserve paused its increasing interest rate and prominent investment funds were seen submitting requests to launch Bitcoin exchange-traded funds. In June these events was predicted to make the cryptocurrency reach a lot higher when it comes to the prize, but that failed to happen.
When we look at historical data we do know that Bitcoin is showing reactions to the different blockchain related events around the world. Making investors affect the price by acting on these different news. This means that the generally violative character of BTC has not been showing as much this summer. Looking at altcoins, it seems like a lot of the market reactions have been seen there instead. While BTC seems to be in hibernation, resulting in a pretty steady price. The price rising up to $31,818 means that BTC did hit the highest price since June 2022, but more seemed to be expected from the holders all over the world.
Other news related to BTC that was brought to our attention was eight bitcoin wallets come to life after not being touched since 2012. These coins have been hibernating on another level until now when we have seen some transactions happening again. This became news because the total holding was 1216.92 Bitcoins.
The CEO of COINBASE was cited in the newspaper Financial times saying US SEC had requested the exchange to delist all cryptocurrencies except BTC. This would have been the death of the crypto industry in the states, the CEO said. A ban like this being implemented is probably a worry that is not uncommon by the cryptocurrency holders in the US. But would this really kill cryptocurrencies as a phenomenon for holders that are not an institution? Either way, this push by the SEC does show that they feel like they are not having enough power over the industries.
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