Cryptocurrency analysts name factors that will contribute to the revival of the cryptocurrency industry

Crypto industry experts have identified several catalysts that can «add a new spark» to the digital asset sector. Apollo Crypto’s Chief Investment Officer Henrik Andersson said: «Two important factors will support BTC and Ethereum prices for the rest of the year: the potential SEC approval of a physical bitcoin ETF listed on US exchanges and the update of Ethereum to the EIP-4844 standard, which is expected in Q4 2023.»

Meanwhile, Tony Sycamore, market analyst at Singapore-based IG, notes that investors should keep an eye on the minutes of the latest Fed meeting. The agency is due to release the minutes of its July meeting on August 16. The Fed is expected to leave interest rates unchanged.

«As for bitcoin, it will be 'watching' the US stock markets for signs of stabilization after the Nasdaq posted its second consecutive losing week. The VTS will also be watching the interest rate market,» the analyst emphasizes.

Industry players note that since mid-March, the bitcoin rate has been fluctuating in the $ 6,000 range. Resistance at just above $ 31,000 proved too strong for the market leader, so support was found at $ 25,000. In addition, the markets experienced record low volatility.

However, Sycamore reassures crypto investors: institutional recognition of cryptocurrencies continues to grow, and «the worst of the macroeconomic constraints seem to be over.»

In turn, Andersson adds that the launch of PayPal’s stablecoin and potential steps by Twitter to introduce cryptocurrency payments to the platform have become «bullish markers for the future adoption of cryptocurrencies.»

According to the CoinMarketCap analytical tracker, the flagship asset is down 0.17% and is trading at $ 29,329. The total supply of coins on the market amounted to $ 571.5 billion. Traders made daily trading deals worth $ 12.3 billion. The market dominance of BTC increased to 48.8%.