Janice R. Andrews
On Wednesday, the price of bitcoin fell below $57,000, following a trend that has hurt the whole cryptocurrency market. Andy Baehr, Managing Director of CoinDesk Indices, talked on Catalysts about his thoughts on Bitcoin. He admitted that it’s been a rough summer for crypto buyers. Many coins have what is called a “time series effect,” which means that price trends stay in the same way once they start.
Bitcoin’s price stayed the same after the original buzz about the spot Bitcoin ETF died down. Baehr said that September has been a tough month for both stocks and coins in the past.
Baehr thinks that the current state of the economy as a whole is perfect for Bitcoin, even though it has been having some problems lately. He says that possible rate cuts by the Federal Reserve could be a big reason for Bitcoin’s growth in the future. But he also said that unknown things, like the upcoming election, could have an effect on how the market did.
Bitcoin prices are currently very unstable, so Baehr advises buyers to be patient while they wait for the next big event that will cause prices to rise.
