Binance Says Worst Likely Over For Bitcoin As Price Hits $65,000

Binance Says Worst Likely Over For Bitcoin As Price Hits $65,000

Analysts at %Cryptocurrency exchange %Binance say the selloff in %Bitcoin (CRYPTO: $BTC) over the past few months looks to now be over as its price reaches $65,000 U.S.

In fact, Binance says the entire cryptocurrency sector looks positioned for a positive second half of the year after experiencing a pronounced downturn in the second quarter.

After hitting an all-time high of just under $74,000 U.S. in March of this year, Bitcoin’s price slumped and fell below $58,000 U.S. throughout the second quarter.

The decline came following a halving event in April that saw the available supply of Bitcoin, and the rewards for mining it, reduced by 50%.

Other cryptocurrencies such as %Ethereum (CRYPTO: $ETH) and %Cardano (CRYPTO: $ADA) also saw their prices fall sharply throughout the spring.

However, a recovery is now underway with Bitcoin’s price hovering near $65,000 U.S., up 46% on the year.

Analysts at Binance see several catalysts for Bitcoin and other cryptocurrencies in coming months.

Those catalysts include the launch of spot Ethereum exchange-traded funds (ETFs) and a possible U.S. presidential victory for Donald Trump, who is supportive of crypto and against regulating it.

Interest rate cuts in the U.S. this autumn could provide a further tailwind for cryptocurrencies, notes Binance in a note to clients.

And, despite the selloff this spring, Binance emphasizes that Bitcoin prices have historically been higher 12 months after previous halving events.

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