Cantor Fitzgerald stressed that the price of bitcoin demonstrates a stable position against the background of global geopolitical uncertainty, and the growing adoption of the first cryptocurrency by financial institutions is a key factor increasing confidence in its growth.
Analysts mentioned the halving of bitcoin in April 2024 as another catalyst for the appreciation of the asset. Due to the constant development of blockchain technologies and the changing attitudes of the political class towards cryptocurrencies, the bullish trend of BTC is inevitable, experts at Cantor Fitzgerald believe.
The researchers noted that the volume of cryptocurrency trading on centralized exchanges increased by 19% in July, reaching $4.94 trillion. This is the first increase in trade volumes in four months of 2024. It was facilitated by the launch of the ETH-ETF in the United States and the positive statements of American politicians at Bitcoin 2024 in Nashville.
The surge in trading volumes highlights the sensitivity of the cryptocurrency market to regulatory and macroeconomic factors, as well as its ability to quickly recover and grow, according to Cantor Fitzgerald.
Earlier, the American management company Morgan Stanley issued its 15,000 financial advisers permission to recommend exchange-traded funds (ETFs) based on the first cryptocurrency to investors.