Cryptocurrency Price Movements Today: Bitcoin Stabilizes, JPMorgan Predicts August Rebound

Bitcoin's value has been stuck.

Despite gaining concisely aft better-than-expected user ostentation information aliases Fed commentary this week, it has precocious been backmost successful nan scope of astir $57,000. Analysts astatine JPMorgan opportunity nan cryptocurrency whitethorn flooded its value inertia successful August.

Meanwhile, nan starring cryptocurrently precocious traded a spot supra $58,000, up somewhat complete nan past 24 hours.

Why Is Bitcoin's Price Stuck?

It appears that request and proviso pressures are canceling each different out.

The German authorities has continued to waste bitcoin, though it is opening to upwind down those sales. It still holds 3,846 bitcoin (worth astir $222 million) connected nan blockchain; however, nan European federation has transferred retired astir $3 cardinal worthy of nan cryptocurrency since early June, according to Arkham Intelligence data. Coinbase Germany Managing Director Jan Sell told DL News that nan magnitude of bitcoin they've sold arsenic portion of Germany's liquidation process is not a ample magnitude compared to normal volumes.

U.S. spot bitcoin exchange-traded costs (ETFs) person been buying, pinch astir $79 cardinal flowing into nan financial products connected Thursday, according to Farside Investors. That brought nan week's inflows to supra $737 million.

Recent news-driven downward value unit connected bitcoin is almost over, JPMorgan analysts reportedly wrote, suggesting that prices could retrieve adjacent month.

Bitcoin-Related Stocks successful Focus

MicroStrategy (MSTR) banal continued its uptrend a time aft announcing a 10-for-1 banal split, rising astir 5% successful caller trading Friday.

Shares successful bitcoin miner Iris Energy (IREN) roseate 10% successful early trading, pinch The Block reporting that analysts astatine Bernstein came to its defense aft a study from a short seller. Iris shares fell 13% Thursday aft Culper Research said nan institution was worthy acold little than its existent valuation.

Shares of Block (SQ) were up almost 3% aft Bernstein analysts pegged nan worth of nan company's woody to supply mining hardware to Core Scientific (CORZ) astatine astir $300 million. Core's shares were precocious up much than 2%.

SEC Willing To Ease Stance On Crypto Custody

On nan regulatory front, nan U.S. Securities and Exchange Commission (SEC) is poised to let exceptions to its SAB 121 guidance, according to Bloomberg Law. The norm successful question, which pertains to custody of crypto assets connected behalf of clients, is seen arsenic restrictive for accepted finance firms, and a alteration successful nan SEC's stance could assistance wider take of crypto assets.