Smaller bitcoin whales are content to wait for the next crypto catalyst, Glassnode data appears to show. BTC was holding steady above $29.2K as traditional asset markets in Asia opened Friday. By GWilliamsJr_CMT, JPRubin23,
As traditional asset markets in Asia opened Friday, the largest cryptocurrency by market capitalization was recently trading just above $29,240, down 0.3% over the past 24 hours and roughly where it's stood since a Monday dip triggered by the latest Binance mishap and bad economic news from China.
With a couple of blips under, BTC has been changing hands in a $29,000 to $31,800 range since mid June – immune from rate hikes, inflationary fears and other macro angst. Brent Xu, the CEO and co-founder of“Bitcoin barely budged following the Federal Reserve’s most recent rate hike, underscoring that this period of heightened rates has pretty much been priced in," Xu wrote."This is certainly indicative of BTC resilience and indeed a resilience for the broader digital asset market.
Ether has been similarly inert and was recently trading at $1,862, down 0.4% over the past 24 hours. Other major cryptos were largely in negative territory, albeit not by much with SOL and MATIC, the tokens of smart contract platforms Solana and Polygon, off 0.8% and 0.7%, respectively. Stellar Lumina's XLM token continued its recent upswing, rising 2.9% from Thursday, same time.
Umee's Xu does does not expect a return to"bull market conditions" until 2024's BTC halving."That’s also when we’ll probably start seeing rate cuts happening," he wrote."Cuts could come sooner, I should caveat, if there’s some sort of breakage that takes place, such as a credit crunch or an acceleration of the banking crisis.”
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