Ethereum

bullish

Bitcoin

According to a research report published today by Citi, the cryptocurrency market is expected to maintain its close correlation with stocks, especially in the face of upcoming macroeconomic events.
The bank noted that demand for digital assets has weakened, leading to cryptocurrencies underperforming compared to other risk assets.
Citi analysts led by David Glass highlighted several factors contributing to this trend. They noted that both Bitcoin (BTC) and Ethereum (ETH) ETFs have seen net outflows, indicating reduced investor interest. In addition, activity on layer-1 blockchains has either fallen or stagnated, and funding rates, a measure of the difference between the price of perpetual futures and the spot price of digital assets, have remained very low, suggesting a lack of demand for bullish bets in the market.
The report suggests that the cryptocurrency market will likely remain closely tied to stock market movements as the macroeconomic calendar develops, starting with the latest Nonfarm Payrolls report. The recent weakness in digital assets also suggests a slowdown in the sector, with Bitcoin miners experiencing lower energy consumption and weaker production cost model outputs.
Related News: <a href="https://en.bitcoinsistemi.com/vaneck-decides-to-close-controversial-ethereum-etf-here-is-the-probable-reason/" target="_blank" rel="noopener noreferrer nofollow">VanEck Decides to Close Controversial Ethereum ETF: Here is the Probable Reason</a>
Despite the broader market downturn, the market cap of stablecoins continues to grow, seemingly unaffected by recent declines in digital asset prices. Bitcoin hashrate, which measures the total computing power used in mining and processing transactions on the Bitcoin network, is currently at the upper end of its recent range, reflecting ongoing competition among miners.
The report also noted that activity on the Ethereum blockchain has been trending downward, with a similar stagnation observed on the Bitcoin network.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/citi-shares-reasons-why-bitcoin-and-cryptocurrencies-arent-surging-and-what-to-expect-in-the-days-ahead/" rel="noopener noreferrer nofollow">Citi Shares Reasons Why Bitcoin and Cryptocurrencies Aren’t Surging and What to Expect in the Days Ahead</a>

Citi Shares Reasons Why Bitcoin and Cryptocurrencies Aren’t Surging and What to Expect in the Days Ahead

Bitcoin Sistemi EN

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