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Bitcoin, Ethereum, Dogecoin Fall As Investors Await Key Inflation Numbers: Analyst Says King Crypto To Rally Above $100K After 2024 Halving – Coinbase Glb (NASDAQ:COIN)

Major cryptocurrencies experienced a decline on Sunday amid anticipation over crucial regulatory developments, including the SEC’s ruling on the introduction of a spot Bitcoin ETF in the United States.

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT)
Bitcoin BTC/USD -0.49% $25,716
Ethereum ETH/USD +1.20% $1610
Dogecoin DOGE/USD -3.44% $0.060

What Happened: Coinbase COIN revealed its strategic plans for international expansion, placing particular emphasis on obtaining licenses in key financial jurisdictions. The aim is to establish a clear and well-regulated framework for the cryptocurrency industry. Amidst growing concerns expressed by CEO Brian Armstrong regarding regulatory uncertainty in the United States, Coinbase has set its sights on immediate priorities, namely the European Union, United Kingdom, Canada, Brazil, Singapore, and Australia.

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The discount to net asset value (NAV) for the Grayscale Ethereum Trust (ETHE) has reached its narrowest point in a year, thanks to the recent regulatory filing for the first spot Ether exchange-traded fund (ETF). 

According to CryptoQuant data, the discount is now at 27%, the lowest it has been since September last year. This is a significant improvement from late last year when the discount was around 60%, coinciding with a decline in the crypto markets.

Top Gainer (24 Hour)

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT)
UNUS SED LEO +1.05% $3.84
Render +0.24% $1.47

Currently, the global crypto market capitalization stands at $1.04 trillion, a 0.39% decrease in the last day.

In terms of stock futures, there were minimal changes observed on Sunday night as investors eagerly anticipated upcoming economic data and earnings reports from major tech companies.

Futures tied to the S&P 500 inched up by 0.06%, while Nasdaq 100 futures showed a slightly higher increase of 0.1%.

Looking ahead, investors are particularly interested in key inflation data, following a series of stronger-than-anticipated economic data releases last week.

See More: Best Crypto Day Trading Strategies

Analyst Notes: Crypto Tony predicts that the market will remain range-bound once again.”I do expect this range to continue until next week. Just no liquidity to shift us currently.”

Pseudonymous analyst Crow, suggests that an ideal buying range for Bitcoin lies between $24,000 and $22,000. According to him, the lowest point observed, known as the pico bottom, was at $15,700. With the halving approaching, he anticipates a gradual rise starting from the $22,000 mark. 

“I believe we will go above $100K per Bitcoin in the next two years!”, the analyst said.

Another pseudonymous analyst Credible Crypto says that  BTC appears to be stuck within a range-bound environment. “Still looking for a sweep of the lows under $25,200. I want to see $24,800 hold for a pushback into RED at $27,000.” 

Photo by AlyoshinE on Shutterstock

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