Crypto Markets Soar As Bitcoin’s Supply Squeeze Intensifies, Bitwise Reports
Recent findings from Bitwise’s Weekly Crypto Market Compass show a positive trajectory for cryptocurrency markets, with Bitcoin leading the way.
The report attributes the surge to growing optimism around U.S. policy shifts and an intensifying bitcoin supply crunch. The analysis points to speculation about a potential U.S. strategic bitcoin reserve, supported by recent legislation in Pennsylvania, which has fueled rising expectations. Meanwhile, bitcoin’s supply constraints, worsened by the recent halving event, combined with growing demand from ETFs and corporations, are driving up its price.
Other altcoins, including XRP and DOGE, have also seen growth, thanks to a more transparent U.S. regulatory stance. However, Ethereum has lagged behind as capital flows favor other assets. As U.S. CPI data aligns with forecasts, market sentiment remains bullish, with potential Federal Reserve rate cuts adding further momentum.
Clever Robot News Desk 19th November 2024
