Bitcoin Drops to $64,800 but Q4 Outlook Remains Optimistic

Despite Bitcoin's current pullback to $64,800, Coinbase remains optimistic about a strong price surge for the cryptocurrency in Q4 of this year.

Azcnews Bitcoin Drops To $64,800 But Q4 Outlook Remains Optimistic

Coinbase Institutional’s report shows optimism about the cryptocurrency market, fueled by expectations of interest rate cuts in the US and fiscal stimulus from China, which could help improve bitcoin’s performance in Q4 2024. While bitcoin remains strong, ethereum is facing challenges from rising transaction fees and limited access to exchange-traded funds (ETFs) in the US.

Coinbase: “We Expect a Positive Q4 2024”

On Friday, Coinbase Institutional released its latest report titled “Token2049 Takeaways.” The report was co-authored by David Duong, Head of Institutional Research, and David Han, Institutional Research Analyst. The report summarizes key insights from the Token2049 and Solana Breakpoint conferences, which took place in Singapore. They write:

“We expect Q4 2024 to be positive on the back of US rate cuts and significant fiscal and monetary stimulus from China, which are expected to boost market liquidity and support BTC performance.”

Btcusdt Chart
Btcusdt Chart

The report focuses on bitcoin and high-beta crypto assets, with a strong outlook for the market in the coming months.

Ethereum’s recent struggles, particularly rising transaction fees, are also mentioned. The report notes: “On-chain activity is increasing, with increased decentralized exchange (DEX) volumes and higher Ethereum gas prices.” However, despite the launch of ETH spot ETFs in the US, the token has yet to see the same benefits as bitcoin. The report said:

“While many investors in the market are bullish on BTC, we have encountered some skepticism about ETH, as the token has not yet benefited from the launch of physical ETH ETFs in the US over two months ago.”

This skepticism contrasts with the excitement around bitcoin and alternative networks like Solana, where the ecosystem is expanding rapidly with new products and partnerships.

Despite some concerns about Ethereum’s performance, the broader crypto market is still expected to grow strongly. This optimism is fueled by large-scale fiscal and monetary stimulus from China, as well as favorable economic conditions in the US. Solana and other emerging layer-1 networks are gradually challenging Ethereum’s dominance, with much of the focus on scalability and transaction efficiency. The growth of decentralized exchanges (DEXs) coupled with improvements in blockchain infrastructure are signaling promising developments for the entire cryptocurrency space.

Love

0.0/5

Love

Latest

Crypto Market Surpasses $4 Trillion, Overtakes Microsoft Amid Policy Boost

News | Altcoin | Bitcoin | Editor Choice

Crypto Market Surpasses $4 Trillion, Overtakes Microsoft Amid Policy Boost

The cryptocurrency market has surpassed $4 trillion in market capitalization for the first time, overtaking Microsoft, driven by supportive U.S. policies and a surge in investments from both individuals and institutions.

Xrp Explodes, Whale Moves Spark Bullish Momentum

News | Altcoin | Editor Choice

XRP Explodes, Whale Moves Spark Bullish Momentum

XRP’s open interest has surged by over 18%, accompanied by a spike in derivatives volume and a golden cross in the MVRV ratio, fueling investor expectations of a major upcoming price breakout.

Xrp Reaches New Peak After 7 Years Of Waiting

Altcoin | Editor Choice

XRP Reaches New Peak After 7 Years of Waiting

This morning, Ripple (XRP) officially reached a new peak at $3.60, becoming the third-largest cryptocurrency in the market.

Donald Trump Plans To Allow Pension Funds To Invest In Crypto

Policy & Regulations | Editor Choice

Donald Trump Plans to Allow Pension Funds to Invest in Crypto

U.S. President Donald Trump aims for pension funds in the country to allocate capital into assets such as gold, private securities, and especially cryptocurrencies.

Wintermute Reports No More Eth Available For Sale Via Otc

Altcoin | Editor Choice

Wintermute Reports No More ETH Available for Sale via OTC

Wintermute has reported that the amount of ETH sold through OTC has run out, indicating impressive buying activity from institutions targeting Ethereum.