{"id":573159,"date":"2024-02-03T10:50:43","date_gmt":"2024-02-03T10:50:43","guid":{"rendered":"https:\/\/ktsl888.com\/?p=573159"},"modified":"2024-06-11T07:02:04","modified_gmt":"2024-06-11T07:02:04","slug":"bitcoin-set-for-positive-performance-in-q2-2024-coinbase-analysts","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-set-for-positive-performance-in-q2-2024-coinbase-analysts\/","title":{"rendered":"Bitcoin Set For Positive Performance In Q2 2024: Coinbase Analysts"},"content":{"rendered":"

Analysts at cryptocurrency exchange Coinbase are backing Bitcoin and the entire crypto market to put up a significantly positive performance in Q2 2024. This development comes as BTC continues its market recovery, gaining by 3.31% in the last week to trade above $43,000.\u00a0<\/span><\/p>\n

Related Reading: Expert Analysis: Bitcoin \u2018Bottom Is Not In\u2019, Potential $30K Retest On The Horizon<\/a><\/div>\n

Downward Pressure On Bitcoin Subsides, Macro Factors To Come Into Play: Analysts<\/strong><\/h2>\n

In the Coinbase weekly report on Friday<\/a>, the American exchange\u2019s analysts noted that the market factors that induced downward pressure on Bitcoin were being phased out. This claim is backed by the completion of the GBTC\u2019s liquidations by defunct exchange FTX as well as the recovery of certain crypto entities from bankruptcy, indicating a change in the dynamics of the BTC market.\u00a0<\/span><\/p>\n

Furthermore, the analysts also highlighted the stable performance of the Bitcoin spot ETF market in the last week, marked by average daily net inflows of $200 million and a daily trading volume of $1.35 billion in the last week. However, in the coming weeks, Coinbase market experts have predicted the macroeconomic factors to gain more influence in the crypto market.\u00a0<\/span><\/p>\n

In particular, the analysts made reference to the US Federal Reserve\u2019s decision to postpone the deliberation on scaling back its quantitative tightening (QT) to the next Federal Open Market Committee (FOMC) meeting in March. <\/span>Based on this development, they predict the easing cycle will begin on May 1, which typically involves measures such as lowering interest rates to make loans cheaper and stimulate economic activity. In addition, they anticipate the Fed to start halting its balance sheet reductions by June to further support the US economy.\u00a0<\/span><\/p>\n

Interestingly, they believe the Fed could consider implementing the end of the balance sheet reduction at the same time with rate cuts. Based on the \u201canodyne\u201d policies policymakers implement in an election year, Coinbase analysts predict the US apex bank will cut interest rates by 100 basis points (bps) – 25bps more than the Fed\u2019s expectation for future rates – which is equivalent to lowering rates by 1%.\u00a0<\/span><\/p>\n

Generally, a reduction in interest rates is a positive omen for the digital asset ecosystem as it allows investors to pay low borrowing fees, accumulating more funds to invest in risk assets such as crypto tokens. Based on the multiple factors listed above combined with \u201cidiosyncratic\u201d factors, such as the Bitcoin halving<\/a>, the analysts at Coinbae predict BTC, alongside other tokens, will serve as favorable portfolio additions in Q2 2024.\u00a0<\/span><\/p>\n

Related Reading: Will Bitcoin Hit $1 Million By 2028? Experts Clash Over Bold Price Prediction<\/a><\/div>\n

Bitcoin Price Overview<\/strong><\/h2>\n

At the time of writing, Bitcoin trades at $43,077.76 with a 0.20% gain in the last day. Meanwhile, the asset\u2019s daily trading volume is down by 15.45% and is valued at $16.78 billion. With a market cap of $844.85 billion, BTC continues to rank as the largest cryptocurrency in the world.<\/span><\/p>\n

\"Bitcoin\"<\/p>\n

BTC trading at $43,048 on the daily chart | Source: BTCUSD chart on Tradingview.com<\/a><\/pre>\n
Featured image from CNBC, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"
Analysts at cryptocurrency exchange Coinbase are backing Bitcoin and the entire crypto market to put up a significantly positive performance in Q2 2024. This development comes as BTC continues its market recovery, gaining by 3.31% in the last week to trade above $43,000.\u00a0 Related Reading: Expert Analysis: Bitcoin \u2018Bottom Is Not In\u2019, Potential $30K Retest On The Horizon Downward Pressure On Bitcoin Subsides, Macro Factors To Come Into Play: Analysts In the Coinbase weekly report on Friday, the American exchange\u2019s analysts noted that the market factors that induced downward pressure on Bitcoin were being phased out. This claim is backed by the completion of the GBTC\u2019s liquidations by defunct exchange FTX as well as the recovery of certain crypto entities from bankruptcy, indicating a change in the dynamics of the BTC market.\u00a0 Furthermore, the analysts also highlighted the stable performance of the Bitcoin spot ETF market in the last week, marked by average daily net inflows of $200 million and a daily trading volume of $1.35 billion in the last week. However, in the coming weeks, Coinbase market experts have predicted the macroeconomic factors to gain more influence in the crypto market.\u00a0 In particular, the analysts made reference to the US Federal Reserve\u2019s decision to postpone the deliberation on scaling back its quantitative tightening (QT) to the next Federal Open Market Committee (FOMC) meeting in March. Based on this development, they predict the easing cycle will begin on May 1, which typically involves measures such as lowering interest rates to make loans cheaper and stimulate economic activity. In addition, they anticipate the Fed to start halting its balance sheet reductions by June to further support the US economy.\u00a0 Interestingly, they believe the Fed could consider implementing the end of the balance sheet reduction at the same time with rate cuts. Based on the \u201canodyne\u201d policies policymakers implement in an election year, Coinbase analysts predict the US apex bank will cut interest rates by 100 basis points (bps) – 25bps more than the Fed\u2019s expectation for future rates – which is equivalent to lowering rates by 1%.\u00a0 Generally, a reduction in interest rates is a positive omen for the digital asset ecosystem as it allows investors to pay low borrowing fees, accumulating more funds to invest in risk assets such as crypto tokens. Based on the multiple factors listed above combined with \u201cidiosyncratic\u201d factors, such as the Bitcoin halving, the analysts at Coinbae predict BTC, alongside other tokens, will serve as favorable portfolio additions in Q2 2024.\u00a0 Related Reading: Will Bitcoin Hit $1 Million By 2028? Experts Clash Over Bold Price Prediction Bitcoin Price Overview At the time of writing, Bitcoin trades at $43,077.76 with a 0.20% gain in the last day. Meanwhile, the asset\u2019s daily trading volume is down by 15.45% and is valued at $16.78 billion. With a market cap of $844.85 billion, BTC continues to rank as the largest cryptocurrency in the world. BTC trading at $43,048 on the daily chart | Source: BTCUSD chart on Tradingview.com Featured image from CNBC, chart from TradingView<\/p>\n","protected":false},"author":581,"featured_media":573163,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,8856,1144,78790,1393,2007,2472],"class_list":["post-573159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-halving","tag-btcusd","tag-btcusdt","tag-coinbase","tag-fed","tag-interest-rates"],"acf":[],"yoast_head":"\nBitcoin Set For Positive Performance In Q2 2024: Coinbase Analysts<\/title>\n<meta name=\"description\" content=\"Coinbase exchange analysts are backing Bitcoin and the entire crypto market to put up a significantly positive performance in Q2 2024.\" \/>\n<meta name=\"robots\" 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Faleti","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ktsl888.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/63bda068e88f86c9f4310ed993d60b1b?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/63bda068e88f86c9f4310ed993d60b1b?s=96&d=mm&r=g","caption":"Semilore Faleti"},"description":"Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a \u201cmusic nomad\u201d always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.","sameAs":["https:\/\/www.linkedin.com\/in\/semilore-faleti-7a9046218","https:\/\/x.com\/https:\/\/twitter.com\/SemiloreFaleti"],"url":"https:\/\/ktsl888.com\/author\/semilorefaleti\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Set For Positive Performance In Q2 2024: Coinbase Analysts","url":"http:\/\/ktsl888.com\/news\/bitcoin-set-for-positive-performance-in-q2-2024-coinbase-analysts\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-set-for-positive-performance-in-q2-2024-coinbase-analysts\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/02\/106-47-gettyimages-1295325607-_e6w9660_20259.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/02\/106-47-gettyimages-1295325607-_e6w9660_20259.jpg?fit=1920%2C1080"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Semilore Faleti"}],"creator":["Semilore Faleti"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin halving","btcusd","btcusdt","coinbase","fed","interest rates"],"dateCreated":"2024-02-03T10:50:43Z","datePublished":"2024-02-03T10:50:43Z","dateModified":"2024-06-11T07:02:04Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Set For Positive Performance In Q2 2024: Coinbase Analysts\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-set-for-positive-performance-in-q2-2024-coinbase-analysts\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-set-for-positive-performance-in-q2-2024-coinbase-analysts\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/106-47-gettyimages-1295325607-_e6w9660_20259.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/106-47-gettyimages-1295325607-_e6w9660_20259.jpg?fit=1920%2C1080\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Semilore Faleti\"}],\"creator\":[\"Semilore Faleti\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin halving\",\"btcusd\",\"btcusdt\",\"coinbase\",\"fed\",\"interest rates\"],\"dateCreated\":\"2024-02-03T10:50:43Z\",\"datePublished\":\"2024-02-03T10:50:43Z\",\"dateModified\":\"2024-06-11T07:02:04Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/02\/106-47-gettyimages-1295325607-_e6w9660_20259.jpg?fit=1920%2C1080","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/573159"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/581"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=573159"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/573159\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/573163"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=573159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=573159"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=573159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}