As September approaches, cryptocurrency analysis firm QCP Capital sheds light on a very important development that could significantly affect the course of the Bitcoin price. This view adds to the ongoing discussions about the future of Bitcoin next month.
The pessimistic picture for Bitcoin: Mt. Potential impact of Gox payment
QCP Capital’s analysis shows that Bitcoin BTC’s pricing dynamics in the fourth quarter of this year will be affected by the upcoming Mt. It shows that it may be affected by the Gox payment. Mt., the once-leading exchange that suffered a massive crash in 2014 that resulted in the loss of 850,000 Bitcoins (equivalent to approximately $450 million at the time). Gox is scheduled to distribute the remaining Bitcoins to its creditors next month. The upcoming Bitcoin influx resulting from this event is on the agenda. Accordingly, it will potentially have a significant impact on the overall cryptocurrency market.
On the other hand, there are mixed factors regarding the future of Bitcoin. There is a possibility that an ETF will be approved in March. Also, the Bitcoin halving in April draws attention. On the other hand, the potential economic slowdown in the USA in the second quarter draws attention. Although it has set the stage for a strong recovery in the first quarter of 2024, QCP Capital’s analysis points to a more cautious outlook for Bitcoin prices in the near future. Upcoming Mt. The optimism surrounding spot ETFs, including the Gox payout, is reportedly showing signs of waning.
The SEC’s role and Grayscale’s victory
QCP Capital’s assessment also considers the regulatory environment. Grayscale’s latest victory in its legal battle against the SEC is in the spotlight. Accordingly, it indicates a score of 2-0 in favor of Bitcoin and the cryptocurrency industry. It is also considered a notable improvement. However, the SEC’s position appears less than favourable, as noted in the analysis. That’s because there are complexities surrounding the appeal.
An appeal by the SEC in the Ripple case is a possibility. However, the report suggests that the dynamics in the Grayscale case may have been different. The complexity of the case will make appealing a potentially more complex process. It would also raise questions about the feasibility of such action. All these are negative situations for Bitcoin.
Uncertain effect on GBTC product
The outcome of the Grayscale case is, of course, a positive development for the cryptocurrency market. However, it is emphasized that it does not mean that the SEC will convert the GBTC product into a Bitcoin Spot ETF. Analysts warn that the SEC remains likely to reject the application, even if Grayscale reapplies.
When we look at it as Kriptokoin.com, Bitcoin is trying to navigate between these various factors and potential effects. On the other hand, the events that occurred in September hold the promise of shaping the direction of the market in the coming months.
