{"id":38220,"date":"2023-07-20T12:00:34","date_gmt":"2023-07-20T16:00:34","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bitcoin-is-stuck-at-30000-heres-what-will-push-the-crypto-higher\/"},"modified":"2023-07-20T12:00:36","modified_gmt":"2023-07-20T16:00:36","slug":"bitcoin-is-stuck-at-30000-heres-what-will-push-the-crypto-higher","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=38220","title":{"rendered":"Bitcoin Is Stuck at $30,000. Here’s What Will Push the Crypto Higher."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

\n Bitcoin
\n and other cryptocurrencies ticked higher on Thursday but remained near levels that have dominated for weeks amid a historically stagnant period for digital asset prices. There are few signs a big swing is coming just yet.<\/p>\n

The price of
\n Bitcoin
\n has risen about 1% over the past 24 hours to $30,279. The largest crypto has fluctuated between the psychologically important $30,000 level and $31,000 for much of the past month, with Bitcoin failing to consolidate a 13-month high near $31,700 notched last week after a pro-crypto court ruling.<\/p>\n

\n

\u201cBitcoin continues to waver around the $30,000 level,\u201d said Edward Moya, an analyst at broker Oanda.<\/p>\n

Unlike the stock market\u2014where the
\n Dow Jones Industrial Average
\n and
\n S&P 500
\n have been marching higher\u2014Bitcoin and other digital assets seem largely stuck, in what has become the quietest period for crypto markets since early January. The lack of momentum is tempering some expectations that Bitcoin, which almost doubled from late-2022 lows in the first six months of 2023, is on a bull market tear.<\/p>\n

\u201cWe\u2019re not in a bull market, and an influx of significant capital into the broader crypto space is just not there yet,\u201d said Andrew Lawrence, co-founder of decentralized custody solution Censo. \u201cWe\u2019re likely going to experience persistent chop with Bitcoin and crypto assets more broadly, meaning more of this trend of rallies followed by pullbacks.\u201d<\/p>\n

Investor attention is on the regulatory picture, especially in the U.S. While a federal judge delivered token issuer Ripple a partial win in a milestone case with the Securities and Exchange Commission last week\u2014the catalyst for Bitcoin\u2019s jump to a yearly high\u2014key questions remain over regulatory clarity.<\/p>\n

It\u2019s likely that the outcome of new filings for spot Bitcoin exchange-traded funds, including from traditional financial stalwarts like BlackRock (ticker: BLK), will be the next major catalyst for cryptos.<\/p>\n

\u201cLegislative action, as it stands now, is still a ways away from coming to fruition,\u201d Lawrence said. \u201cInstitutional money flowing into the digital asset space in the United States will likely not manifest in a major way until such legislative action comes to fruition. Certainly, an approval of BlackRock\u2019s proposed Bitcoin ETF would bring a lot of capital into the space. But the digital asset industry is more than just Bitcoin.\u201d<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014advanced less than 1% to above $1,900. Smaller tokens, or altcoins, were more buoyant, with
\n Cardano
\n climbing 4% and
\n Polygon
\n popping 5%. Memecoins were also upbeat, with
\n Dogecoin
\n up 3% and
\n Shiba Inu
\n ticking 1% higher.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other cryptocurrencies ticked higher on Thursday but remained near levels that have dominated for weeks amid a historically stagnant period for digital asset prices. There are few signs a big swing is coming just yet. The price of Bitcoin has risen about 1% over the past 24 hours to $30,279. The largest crypto […]<\/p>\n","protected":false},"author":1,"featured_media":38221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-38220","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nBitcoin Is Stuck at $30,000. 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