Bittime - BTC (Bitcoin) prices fluctuated again in Asian trading today, Friday (22/03/24) by touching $66,000. Market observers expect the leading cryptocurrency to face more volatility in the future.
“Bitcoin remains volatile with the 10% drop we saw this week, with the latest catalyst driven by spot Bitcoin ETF outflows from GBTC of around $300 million on March 20,” said Semir Gabeljic, Director of Capital Formation at Pythagoras Investments, in an email interview.
“This decline is still in line with the expected range of 10-20% as historically occurs right before the BTC halving event. Further volatility is expected ahead of the BTC halving,” he continued.
BTC and Ethereum Price Movements Are in the Spotlight
Meanwhile, the CoinDesk 20 (CD20), which measures the world's 20 most liquid digital assets, fell 0.5%. CoinDesk's Digitalization Index (DTZ), which measures the performance of digitalization protocols such as Ethereum Name Service (ENS), was the best-performing index during Asian trading hours, rising 2.7%.
In a note sent on Friday (22/03/24), morning Asia time, Singapore-based QCP Capital wrote that the market was consolidating with Bitcoin and Ether trading in a “relatively tight range” and that the market “will probably take a weekend break this" after last weekend's pre-FOMC volatility.
The trading firm also noted that the Grayscale Bitcoin Trust (GBTC) continues to experience sharp outflows, with $358.8 million leaving the fund. QCP estimates the fourth consecutive net outflow for spot BTC exchange-traded funds (ETFs).
Regarding Ether (ETH), QCP said that the market is starting to price in the possibility of an Ether spot ETF approval in the near future. “Grayscale ETH discount widened from -8% to -20% over the last two weeks,” QCP said.
Prediction markets also reflect this. On Polymarket, a contract asking whether an Ethereum ETF will be approved before May 31 is currently trading at a 21% probability of that happening.
The Ethereum Foundation is currently under investigation by state authorities, which according to Fortune is the United States Securities and Exchange Commission (SEC). The question remains whether the SEC considers Ether to be a security, and the Commission has not responded to a FOIA request for key documents that would explain its view on the matter.
Check Today's Crypto Market:
BTC Price Analysis and Outlook
Bitcoin's recent fluctuating price movements raise questions about its short and long-term trends. Let's examine some factors that could influence BTC prices in the future:
- Next BTC Halving: The next Bitcoin halving is expected to occur in April 2024. Historically, these halving events are followed by significant price increases. However, some analysts argue that the market may have already priced in this halving, so its impact on prices may not be as great as previous halving events.
- Regulation: Government regulations around the world can have a major impact on the price of Bitcoin. If regulations become stricter, Bitcoin prices could fall. Conversely, if regulations become clearer and crypto-friendly, Bitcoin prices could rise.
- Institutional Adoption: Adoption of Bitcoin by mainstream financial institutions could push the price upwards. The more institutions see Bitcoin as a viable asset, the greater the demand for it and the potential to drive the price higher.
- Developments in Blockchain Technology: Developments in Bitcoin's underlying blockchain technology may influence its attractiveness as an investment asset. The more practical blockchain applications are developed, the more valuable Bitcoin can become.
BTC/USDT Price Today
Source: Bittime.com
On March 22, 2024, the price of Bitcoin BTC/USDT was at $65,720 per coin, down 2.54% in 24 hours.
Also Read How To Buy Crypto:
Bitcoin Investor Strategy Amidst BTC Price Volatility
With Bitcoin's inherent volatility, it is important for investors to have a well-thought-out strategy before entering the market. Here are some tips to consider:
- Long Term Investment: Bitcoin is best suited for long term investors who have a high risk tolerance. Short-term price fluctuations should not be a major concern.
- Diversification: Bitcoin is just one of many crypto assets available. Smart investors will diversify their portfolios with other crypto assets and even traditional assets such as stocks and bonds.
- Don't Invest More Than You Can Afford to Lose: Bitcoin is a high-risk asset. Investors should only invest funds they can afford to lose.
Conclusion
Bitcoin prices are expected to continue to fluctuate in the future. Investors should be aware of this volatility and have a well-thought-out investment strategy before entering the market.
While Bitcoin's long-term prospects remain positive, investors should understand that the future of the crypto market is still full of uncertainty. Factors such as government regulation, institutional adoption, and developments in blockchain technology will continue to play an important role in determining the price of BTC.
For investors who are bold and have a long-term view, Bitcoin can be an attractive investment opportunity. However, it is important to remember that any investment carries risks, and investors should always do their own research before making an investment decision to determine a BTC price entry point.
Check Crypto Prices Today:
How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Also:
Bitcoin (BTC) on Watch! Sharp Post-FOMC Rise and $151 Million Short Liquidation
DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.