Market watchers are drawing similarities between bitcoin's recoveries today and in 2019.
Bitcoin has had no shortage of good news over the past month — from the BlackRock bitcoin ETF application , to the first case the SEC has lost in its efforts to regulate crypto by enforcement, and the somewhat comforting June inflation data . Still, it just can't seem to break above $31,000. It barely moved before or after CPI data was released this week — and for the third month in a row.
Investors tend to expect seasonal gains in the fourth quarter, which has brought bitcoin a 93.38% return on average since 2013. In the meantime, market observers expect volatility, but say the trend is pointing towards strength. The SEC vs. Ripple is a "bellwether case" whose outcome will be "instrumental in shaping future U.S. crypto regulation" and provide a tailwind for the bitcoin price, Cantor Fitzgerald said Friday.
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