As September approaches, crypto analysis firm QCP Capital is shedding light on a very important development that could significantly affect the course of the Bitcoin price. This view adds to the ongoing discussions about the future of Bitcoin next month.
The pessimistic picture for Bitcoin: Mt. Potential impact of Gox payment
QCP Capital’s analysis shows that Bitcoin BTC’s pricing dynamics in the fourth quarter of this year will be at the forefront of the upcoming Mt. It shows that he may be affected by the Gox payment. Mt. Gox is scheduled to distribute the remaining Bitcoins to his creditors next month. The upcoming Bitcoin influx resulting from this event is on the agenda. Accordingly, it will potentially have a significant impact on the overall cryptocurrency market.
On the other hand, there are mixed factors regarding the future of Bitcoin. There is a possibility that an ETF will be approved in March. Also, the Bitcoin halving in April draws attention. On the other hand, the potential economic slowdown in the USA in the second quarter draws attention. While it paved the way for a strong recovery in the first quarter of 2024, QCP Capital’s analysis points to a more cautious outlook for Bitcoin prices in the near future. Upcoming Mt. The optimism surrounding spot ETFs, including the Gox payout, is reportedly showing signs of waning.
The SEC’s role and Grayscale’s victory
QCP Capital’s assessment also addresses the regulatory environment. Grayscale’s final victory in its legal battle against the SEC is on the agenda. Accordingly, it marks a score of 2-0 in favor of Bitcoin and the cryptocurrency industry. It is also considered a notable improvement. However, the SEC’s position appears less than favourable, as noted in the analysis. That’s because there are complexities surrounding the appeal.
An appeal by the SEC in the Ripple case is a possibility. But the report suggests the dynamics may be different in the Grayscale case. The complexity of the case will potentially make an appeal a more complex process. It will also raise questions about the viability of such action. All these are negative situations for Bitcoin.
Uncertain effect on GBTC product
The outcome of the Grayscale case is, of course, a positive development for the cryptocurrency market. However, it is emphasized that it does not mean that the SEC will convert the GBTC product into a Bitcoin Spot ETF. Analysts warn that the SEC remains likely to reject the application, even if Grayscale reapplies.
When we look at Kriptokoin.com, Bitcoin is trying to navigate between these various factors and potential effects. On the other hand, the events that emerged in September hold the promise of shaping the direction of the market in the coming months.
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