As Bitcoin Prices Begin To Stabilise, Are Cryptocurrencies Making A Comeback?
Some experts think that Bitcoin may be stuck in a narrow range for the foreseeable future.
New York: Bitcoin prices have stabilised around the $23,000 to $24,000 level after plunging below $20,000 in June, media reports said.
The prices of Ethereum and other leading digital currencies have also rallied in the past two months, leading to hopes that this nascent market may have reached its bottom, CNN reported.
But the optimism could be premature, and fleeting. Companies with direct ties to the crypto landscape continue to struggle.
Coinbase reported a loss for the second quarter after the closing bell on Tuesday. This follows Monday's revenue warning from Nvidia, whose graphics cards are a key component in many bitcoin mining rigs, CNN reported.
With all this in mind, some experts think that Bitcoin may be stuck in a narrow range for the foreseeable future.
Bitcoin bulls point out that a recent deal between Coinbase and money management giant BlackRock is a promising sign.
"The partnership between BlackRock and Coinbase is a massive deal," said Jack Cameron, co-founder of Luna Market, a metaverse advertising and tech company, in an email.
Cameron added that since there "is still a stigma" associated with bitcoin, having more companies like BlackRock diving into the digital asset sector is good news, CNN reported.
"The more institutional money [that] joins the space, the better it is for all holders of crypto," he wrote.
Bitcoin, despite the hype from proponents about it being digital gold, has turned out not to be an asset that performs well when inflation pressures are mounting and interest rates are spiking, CNN reported.
At the time of writing, Bitcoin price stood at $24,367.78 as per CoinMarketCap data. As per Indian exchange WazirX, Bitcoin price stood at 18.12 lakhs.
(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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