News - Is Bitcoin already in the summer dip?

By Mike Hesp

Is Bitcoin already in the summer dip?

Bitcoin (BTC)
Price update

After ETF approvals and halving, prices in the crypto market are taking a break. However, according to Mike Novogratz, Bitcoin and co. could soon be on the rise again.

When temperatures rise, markets cool down. This unwritten law is currently being felt in the crypto market.

The majority of the 100 largest cryptocurrencies correct again on a daily basis, with the weekly balance being negative across the board.

The course of the Bitcoin fell one percentage point to just under $62,000. On a weekly basis, it fell 0.8 percent.

Ethereum also lost one percent. The second-largest cryptocurrency is currently trading 3.4 percent lower at $2,900 compared to the previous week.

The biggest decline among the ten largest cryptocurrencies was recorded by BNB's share price, which fell 3.3 percent.

Among the top 100 coins, the price of Render fell the most with an eight percent drop.

In contrast, top performer PEPE rose nine percent from the previous day.

Total market capitalization fell 1.2 percent from the previous day.

According to Mike Novogratz, founder of Galaxy Digital, is located the crypto market is currently in a "consolidation phase." However, he estimates that prices could rebound by the end of the current quarter.

Following the ETF approvals and the halving currently lacks a clear momentum, according to Novogratz.

"Bitcoin, Ethereum, Solana and everything else will consolidate [...] until the next set of circumstances, the next set of market events takes us higher."

He also pinned his hopes on the upcoming US presidential election: "The election will somehow bring clarity to the crypto-regulatory landscape."

Overall, his company sees that "acceptance continues to grow."

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