Will the market go into a bull run soon?

Thought of the week

The upcoming Bitcoin halving in 2024 will draw a lot of attention to the digital asset market. With MiCA establishing meaningful guidelines in the EU, as well as the push from the US, these regulations could be groundbreaking for the industry to succeed in the years to come.

Digital Asset News

Bitcoin is heading for a “great bull run,” according to one indicator, as the buying power of stablecoins is noticeably increasing again and could become a catalyst for the crypto market leader.
According to this, Bitcoin is currently going through the peak phase of accumulation and this has always been followed by a fairly positive price development for BTC so far.
In this context, crypto analyst Cole Garner also points out that the so-called stablecoin ratio on the crypto exchange Bitfinex is currently at its highest level since the end of 2022.
At that time, the crypto market had just gone through a massive downturn following the collapse of FTX, which was then followed by a massive climb that catapulted the bitcoin price by nearly 70% in the first quarter of 2023 alone.
“The Bitcoin to Stables Ratio on Bitfinex explodes ahead of any major uptrend, making it one of the most important indicators,” as the expert appropriately notes in a July 27 tweet.
The so-called Stablecoin Supply Ratio (SSR), which puts the market capitalization in relation to the market capitalization of all stablecoins, sends similarly positive signs.

During BTC’s price development so far in 2023, SSR has remained largely subdued, which could indicate that the “big boys” are still waiting to enter the market. This, in turn, provides another important argument for future price gains, as crypto expert SimonaD of CryptoQuant points out.
“Since the end of March, we see in the price chart that the trading volume is slowly decreasing and the SSR is stagnating, while the available supply of Tether (the largest stablecoin) is increasing, whereupon in turn the bitcoin price has gone up,” as the analyst summarizes the situation in her July 26 Quicktake.

Insolvent crypto exchange FTX and crypto lender Genesis have reached an agreement in principle to settle claims made by FTX in its bankruptcy proceedings.
On July 27, lawyers for both companies informed bankruptcy judge Sean Lane in a letter to that effect that they had agreed on a settlement.
For now, however, it is only a preliminary agreement, with no specific details about the settlement.
Both companies are insolvent and have been trying to collect money for their creditors under court supervision.
“The parties have reached agreement in principle on a settlement that would, among other things, resolve the claims of the FTX debtors against the debtors in the related Genesis bankruptcy cases and the claims of the Genesis debtors against the FTX debtors in the FTX bankruptcy cases.”

A key panel of the U.S. House of Representatives has passed two bills that could finally bring clarity to the regulation of the U.S. crypto industry – including clarifying the different jurisdictions for the Securities and Exchange Commission (SEC) and the CFTC.
Accordingly, on July 26, a majority of the relevant House members voted in favor of the Financial Innovation and Technology for the 21st Century Act, as well as the Blockchain Regulatory Certainty Act.
The House Financial Services Committee approved the Financial Innovation and Technology for the 21st Century Act by a vote of 35 to 15, which establishes rules for crypto companies, such as when they must register with either the Securities and Exchange Commission.
We’ve crafted a groundbreaking bill that establishes robust consumer protections and clear rules for market participants while keeping innovation in the United States.”
The bipartisan Blockchain Regulatory Certainty Act, entered by Republican Congressman Tom Emmer and Democratic Congressman Darren Soto, again aims to establish guidelines to remove hurdles and requirements for “blockchain developers and service providers” such as miners, multisignature service providers, and decentralized financial services (DeFi).
Emmer praised the adoption as a “big victory”.

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