Odaily Planet Daily News Greg Cipolaro, global research manager of NYDIG under Stone Ridge Asset Management, said that for traditional market investors, August is a quiet month, and cryptocurrencies are no exception. "Historically, the average return on investment declines as we move into the summer, and this is likely to continue into August."
But despite this, investors remain optimistic as bitcoin prices are up about 77% from the start of the year. There are multiple factors that may be beneficial to BTC, for example: XRP-related rulings may set a precedent for the regulation of cryptocurrencies in the United States; the U.S. Congress is advancing legislation that can provide greater clarity and support for the encryption industry; BTC ETF applications can increase BTC demand and liquidity; the BTC halving will occur in the spring of 2024, which may reduce Bitcoin’s supply and increase its rarity.
Ric Edelman, founder of the Digital Assets Council of Financial Professionals, said that all of this suggests that the price of Bitcoin will be "much higher than it is now" within six months. (Bitcoinsistemi)
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