Cryptocurrency Price Movements Today: Bitcoin Stabilizes, JPMorgan Predicts August Rebound
Bitcoin's price has been stuck.
Despite gaining briefly after better-than-expected consumer inflation data or Fed commentary this week, it has recently been back in the range of around $57,000. Analysts at JPMorgan say the cryptocurrency may overcome its price inertia in August.
Meanwhile, the leading cryptocurrently recently traded a bit above $58,000, up slightly over the past 24 hours.
It appears that demand and supply pressures are canceling each other out.
The German government has continued to sell bitcoin, though it is beginning to wind down those sales. It still holds 3,846 bitcoin (worth about $222 million) on the blockchain; however, the European nation has transferred out roughly $3 billion worth of the cryptocurrency since early June, according to Arkham Intelligence data.Coinbase Germany Managing Director Jan Sell told DL News that the amount of bitcoin they've sold as part of Germany's liquidation process is not a large amount compared to normal volumes.
U.S. spot bitcoin exchange-traded funds (ETFs) have been buying, with roughly $79 million flowing into the financial products on Thursday, according to Farside Investors.That brought the week's inflows to above $737 million.
Recent news-driven downward price pressure on bitcoin is almost over, JPMorgan analysts reportedly wrote, suggesting that prices could recover next month.
MicroStrategy (MSTR) stock continued its uptrend a day after announcing a 10-for-1 stock split, rising roughly 5% in recent trading Friday.
Shares in bitcoin miner Iris Energy (IREN) rose 10% in early trading, with The Block reporting that analysts at Bernstein came to its defense after a report from a short seller.Iris shares fell 13% Thursday after Culper Research said the
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