While the cryptocurrency market started April with declines, Coinbase is of the opinion that many factors suppressing prices are left behind.

In the report prepared by Coinbase Institutional research analysts, “Many of the negative situations we identified in early March are now behind us, and when we look ahead, the picture for the second quarter of 2024 is more positive for cryptocurrencies in our opinion.” It was said.

The report noted that positive factors that will positively affect the course of prices may emerge from the second half of April. While analysts draw attention to the upcoming block reward halving, they predict that another important development may occur. That is, many brokerage firms and banks’ 90-day review periods for spot Bitcoin ETFs will end on April 10. According to analysts, this could pave the way for a large capital inflow for spot Bitcoin ETFs in the medium term.

Coinbase analysts also stated that the cryptocurrency market is in good shape despite the liquidity issue caused by US holidays and month-end changes in institutional portfolios. In the report, the short-term decreases are explained by two factors. The first of these is profit taking due to the tax period, and the other is the transactions of speculators who short sold MicroStrategy shares and took long positions in Bitcoin.

It was published:

If you want to be the first to be informed about the latest developments, join Uzmancoin Telegram channel!

Source: https://uzmancoin.com/bitcoin-coinbase-10-nisan/

Leave a Reply