Bitcoin · U.S. Treasury · CLARITY Act · Bitcoin Magazine
Bitcoin Bear Market May Not Yet Be Over, Confirms Fidelity
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Fidelity argues that bitcoin may have seen its bottom in July.
Key facts
- Throughout most of June and July, bitcoin’s volatility was particularly muted, and the coin traded below $65,000
- Given bitcoin’s recent performance, the bottom could already have occurred in July,” Chris Kuiper, Vice President of Research at Fidelity Digital Assets, wrote
- Bitcoin started rallying in mid-August after the U.S. Treasury Department said it would more than double the size of its government debt repurchases
- But that all changed in August after the Treasury Department’s announcement, which has since brought the so-called debasement trade back in the picture again
Summary
Bitcoin may be rallying but that doesn’t mean the bear market is over. A new report from asset manager Fidelity said that while bitcoin was behaving like it did in previous cycles, it could still hit a bottom in November. Bitcoin started rallying in mid-August after the U.S. Treasury Department said it would more than double the size of its government debt repurchases. Some have since argued that bitcoin is out of its bear market. “Given bitcoin’s recent performance, the bottom could already have occurred in July,” Chris Kuiper, Vice President of Research at Fidelity Digital Assets, wrote.