Goldman Sachs: Fed 2024 rate cut, catalyst for Bitcoin halving?
According to Goldman Sachs, the Fed rate cuts could be the perfect catalyst for Bitcoin adoption, aligning neatly with the Bitcoin halving.
The cryptocurrency markets seemed to be having a swell time in 2019, with marginal increases across the board. Today, however, tokens have taken a knockback and are trading in the red. Data taken from Coin360.com shows the current state of affairs.
Bitcoin which was holding at around $4000 USD has fallen back to range around $3600 USD. Charts from CoinMarketCap show how, over the course of one week, Bitcoin jumped up, held, and then dipped back. Cryptocurrency is known for volatility, and this is a reminder that we can never be certain what the market might do.
Ripple, which is now back to second place in the markets and trading as the top altcoin has subsequently also lost trading volume and coin value. XRP is now trading at $0.333493 USD – a 3.92% decrease in day-on-day-trading.
Ethereum, taking the third spot of the podium, is facing a major 6.36% decline. Although it is still trading above $100 USD at $125.95 USD, it is still a drop from the $152.35 USD it saw on Wednesday.
TRON’s TRX has lost out on 10.41% of its trading volume, after surging by 16.13%. Although Bitcoin and the top altcoin’s up and down might be obvious, the spike in TRX is absolutely dramatic in comparison. TRX is now trading at $0.025139 USD.
If the market can correct itself after last year November’s crash, it might still be a hopeful 2019. In the meantime, the moderate up and down is the nature of the cryptocurrency industry. The more ups and the fewer downs, however, might lead to a healthier ecosystem more rapidly.