Summary
- Bitcoin (BTC) has climbed above $73,000, with analysis suggesting recent price action could be a signal that the downtrend is ending.
- It noted that U.S. President Donald Trump’s call for passage of the crypto market structure bill (CLARITY Act) and Kraken’s Federal Reserve (Fed) master account approval are being viewed as improvements in the policy environment and financial infrastructure.
- It added that Morgan Stanley’s preparations for its Bitcoin trust product (Morgan Stanley Bitcoin Trust), the designation of BNY Mellon and Coinbase Custody, and escalating geopolitical tensions in the Middle East are increasing the likelihood of broader structural change.
Forecast Trend Report by Period
Bitcoin (BTC) has moved above the $73,000 level, prompting analysis that recent price action may signal an end to the market’s downtrend.
According to cryptocurrency-focused outlet CoinDesk on the 4th (local time), Owen Lau, an analyst at New York brokerage Clear Street, said, “The recent rise in Bitcoin may be the result of changes in market structure and an improving policy backdrop.”
He explained that after U.S. President Donald Trump urged passage of the crypto market structure bill, the CLARITY Act, the likelihood of it clearing Congress before the end of summer has increased. He also said integration with the financial infrastructure is making progress as crypto exchange Kraken secured approval for a Federal Reserve (Fed) master account.
He also pointed to growing participation by institutional investors. Morgan Stanley has named BNY Mellon and Coinbase Custody Trust Company as custodians for its planned Bitcoin trust product, the “Morgan Stanley Bitcoin Trust.”
Lau added, “Rising geopolitical tensions in the Middle East demonstrate the potential for blockchain networks to be used as an alternative payment channel if the financial system is disrupted,” and said, “These shifts are signaling a larger structural change across the broader crypto market.”
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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