{"id":48999,"date":"2023-08-16T04:30:20","date_gmt":"2023-08-16T08:30:20","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bitcoin-price-is-languishing-what-could-shake-crypto-from-its-lull-and-when\/"},"modified":"2023-08-16T04:30:23","modified_gmt":"2023-08-16T08:30:23","slug":"bitcoin-price-is-languishing-what-could-shake-crypto-from-its-lull-and-when","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=48999","title":{"rendered":"Bitcoin Price Is Languishing. What Could Shake Crypto From Its Lull\u2014and When."},"content":{"rendered":"
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\n Bitcoin
\n and other cryptocurrencies continued to languish at depressed levels on Tuesday amid a historic rut in trading. <\/p>\n

What could shake crypto from its lull? Analysts at Bernstein are eyeing four possible sources of capital for a new crypto cycle.<\/p>\n

\n

The price of Bitcoin has traded flat over the past 24 hours at $29,333. The largest digital asset is languishing below the psychologically important $30,000 level, which had provided support for Bitcoin for months before a slide lower in late July.<\/p>\n

Unlike the stock market, where the
\n Dow Jones Industrial Average
\n and
\n S&P 500
\n \u00a0have continued to provide excitement to investors, cryptos look, well, boring. Bitcoin is currently experiencing its lowest volatility on record, based on multiple metrics, in a trend that is beginning to unnerve some market participants.<\/p>\n

\u201cThe market remains dull looking for the next big catalyst,\u201d analysts led by Gautam Chhugani at Bernstein wrote in a note Monday.<\/p>\n

What could that catalyst be? Ultimately, a significant and sustainable move higher\u2014what Bernstein calls \u201ca new crypto cycle\u201d\u2014will require new sources of capital.\u00a0Chhugani\u2019s team is looking at four major sources as possibilities.<\/p>\n

The first is a supply of new stablecoins, which are cryptos pegged to assets like the dollar\u2014such as Tether, USD Coin, or
\n PayPal\u2019s<\/span>
\n (ticker: PYPL) recently-announced PYUSD\u2014that provide the backbone of liquidity in crypto trading. Stablecoins remain an area of\u00a0nascent but relatively promising regulation, and Bernstein sees it as likely that the U.S. will create legal clarity for this type of token as a matter of national priority, extending dollar dominance into the digital economy.<\/p>\n

\u201cAs the market turns into a more regulated, on-shore stablecoin market, we expect new demand,\u201d Chhugani said. \u201cWe expect close to $2.8 trillion of stablecoin growth to allocate towards digital assets over the next five years.\u201d The market capitalization of digital assets is currently about $1.2 trillion\u2014so that estimate is for massive growth.<\/p>\n

The tokenization of traditional assets is another possible source of new money flowing\u00a0<\/strong>into the crypto space, defined by digital assets broadly. Bernstein sees $2 trillion of traditional assets being tokenized across the next five years, which should provide further on-ramps into the crypto economy.<\/p>\n

\u201cAlthough traditional asset tokenization is on a longer regulatory time horizon, money market T-bills and short term bond tokenisation is already underway,\u201d Chhugani said.<\/p>\n

Growth could also come from the heart of crypto itself, where Bernstein sees significant opportunities in the likes of \u201clayer-2\u201d blockchains, built atop other networks like Ethereum. Tokenizing new market infrastructure has historically been a boon to future scalability and new user adoption, the analysts noted.<\/p>\n

\u201cNative crypto tokenisation is a capital multiplier for crypto \u2026 while many tokens fail, a few create valuable infrastructure and capital,\u201d Chhugani said.<\/p>\n

Then, of course, there is the source of capital that has at times looked like crypto\u2019s golden goose. Spot Bitcoin exchange-traded funds (ETFs) have the potential to usher retail and institutional investors en masse into funds that own crypto itself, as opposed to regulated derivatives like futures. Bitcoin got a boost in June when BlackRock (BLK) filed for such a fund, but the biggest tailwind is only likely to come if the Securities and Exchange Commission approves the ETFs and investors flock in.<\/p>\n

\u201cWe expect a Spot Bitcoin ETF market to be sizable\u2014around 10% of Bitcoin market cap range in the medium term 2-3 years,\u201d Chhugani said. \u201cCrypto ETFs will gain from strong brand marketing push by leading global asset managers and distribution push from retail brokers and financial advisors.\u201d<\/p>\n

As for when these catalysts could come, it\u2019s anyone\u2019s guess\u2014but likely even the first one could be weeks, if not months away. Investors are bracing for a decision from regulators over a spate of newly-filed spot Bitcoin ETFs, including from BlackRock, but the SEC just delayed a decision on yet another one. Betting on the timescale of Congressional rulemaking on crypto has proved to be an equally fruitless pursuit.<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014was down 0.2% at $1,840. Smaller cryptos, or altcoins, also fell, with
\n Cardano
\n slipping less than 1% and
\n Polygon
\n dropping more than 1%. Memecoins also were in the red, with
\n Dogecoin
\n down 1% and
\n Shiba Inu
\n shedding 4%.<\/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 continued to languish at depressed levels on Tuesday amid a historic rut in trading. What could shake crypto from its lull? Analysts at Bernstein are eyeing four possible sources of capital for a new crypto cycle. The price of Bitcoin has traded flat over the past 24 hours at $29,333. The […]<\/p>\n","protected":false},"author":1,"featured_media":31167,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-48999","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBitcoin Price Is Languishing. What Could Shake Crypto From Its Lull\u2014and When. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Bitcoin and other cryptocurrencies continued to languish at depressed levels on Tuesday amid a historic rut in trading. 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