Janice R. Andrews
Bitcoin (BTC-USD) is once again trading below $60,000, having had a little recovery after a large sell-off earlier in the month. Senate Majority Leader Chuck Schumer (D-NY) has hinted that a measure pertaining to cryptocurrencies may be approved later this year as the topic of legislation continues to gain traction. Owen Lau, Senior Analyst and Executive Director at Oppenheimer, is not so sure.
Speaking on Morning Brief, Lau covered the current dynamics influencing the cryptocurrency market, highlighting the value of use cases for blockchain technology, such as more affordable and quicker international transactions. Lau, meanwhile, is more optimistic about 2025 and gives just a 20% likelihood that crypto law would be implemented in 2024.
Macroeconomic variables still have an impact on the cryptocurrency market, and the recent volatility has brought to light the unpredictability of future regulatory moves.
