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Record-long positive Bitcoin futures funding rates signal “strong bullish sentiment” which can often precede price corrections, says on-chain analytics firm CryptoQuant.
Goldman claims Bitcoin has no intrinsic value, but Bitwise explains one thing it offers that nothing else can.
There has been speculation in the lead-up to the halving, with the price of Bitcoin Cash increasing 147.85% over the past three months. Despite a brief dip before the event, it quickly recovered.
Many expect the commission to reach a final decision on spot Ether ETFs in May with approval or denial of a filing from VanEck.
Here are the leading RWA cryptocurrencies to put on your watchlist for the ongoing month.
- 21:24Standard Chartered analyst: Short-term bottom for BTC in $85,000 to $88,700 rangeGeoff Kendrick, Head of Global Digital Asset Research at Standard Chartered, attributes the recent market turmoil, which included a drop in Bitcoin and a rise in long-term US Treasuries, to a decline in the US Treasury term premium. The term premium is the extra return investors demand for holding long-term bonds rather than rolling over short-term bonds. Since Bitcoin is often seen as a hedge against instability in traditional financial markets, increased confidence in U.S. Treasuries could diminish Bitcoin's appeal in the short term, leading to a decline in its price. Kendrick said, ‘MicroStrategy's purchases show no signs of slowing down and they are unlikely to sell, but the average purchase price of $88,700 for ETFs and MSTR since the election could be a short-term bottom, with bitcoin likely to consolidate in the $85,000 to $88,700 range and then resume its upward trajectory.’
- 21:24BTC falls below $91,500The market shows that BTC fell below $91,500 and is now at $91,488, down 3.61% in 24 hours, the market fluctuates a lot, please do a good job of risk control.
- 21:24NYT: Fed Retains Option to Cut RatesAccording to the New York Times, Federal Reserve minutes show that when Fed officials cut interest rates at a meeting this month, they avoided explicitly hinting at what might happen next. The minutes released on Tuesday provided little signal about whether Fed officials are likely to cut rates at their December meeting or how much they might cut in 2025. Economic data has been stronger than economists had expected in recent months. The job market, which had been showing signs of cooling, has stabilised. In light of this, some economists have been wondering if the Fed could pause in cutting rates at its upcoming meeting. But the minutes of the November meeting provided little clear guidance, except to say that over time, interest rates ‘gradually’ lower ‘may be appropriate.’
