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⚡Bitcoin Struggles to Break All-Time High🔮

Croxroad

05 Sep 2024 — 4 min read

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😤 Post-Halving Frustration

Bitcoin is facing its longest-ever delay in reaching a new all-time high following its most recent halving event, according to veteran trader Peter Brandt. In his latest analysis on X, Brandt highlighted that Bitcoin’s previous peak from 2021, which hit $69,000, still stands firm on an inflation-adjusted basis. Despite bullish hopes, the BTC price has failed to return to its previous heights, with the market remaining subdued since its mid-March high of $73,800. Brandt noted that since the April halving, Bitcoin has not experienced the anticipated price discovery, contributing to a growing sense of frustration among investors.

Brandt attributes Bitcoin's slow price action to what he calls a “lack of energy” in the market. He also emphasised that he measures BTC cycles differently, starting from the previous bear market low rather than just focusing on the halving events. In his view, Bitcoin’s peak in 2021 continues to act as significant resistance, and until that level is breached, the cryptocurrency remains in a stagnated phase. The long stretch without a new high has led some traders to question the current cycle's dynamics, further adding to concerns about Bitcoin's short-term potential.

Other analysts share a cautious outlook for Bitcoin in the near term, particularly with the anticipated rate cut from the U.S. Federal Reserve on September 18. According to CryptoQuant, this event could create a temporary boost in market sentiment, but it is unlikely to spark a significant price rally. In fact, some forecasts predict a potential 20% drop in Bitcoin’s value following the rate cut, underscoring the uncertain market environment. While many are disappointed by Bitcoin’s current performance, long-term believers may need to exercise patience, with a potential recovery expected by 2025.

🇨🇭 Crypto Goes Mainstream in Switzerland

Zurich Cantonal Bank (ZKB), Switzerland's fourth-largest bank, has officially entered the crypto market, offering clients the ability to trade and store Bitcoin and Ethereum. The new crypto trading and custody services are seamlessly integrated into ZKB's existing digital platforms, including ZKB eBanking and ZKB Mobile Banking. In partnership with Crypto Finance AG, a subsidiary of Deutsche Börse Group, ZKB ensures that clients can trade crypto without the need to manage their own wallets or private keys, simplifying the process for both retail and institutional investors.

In addition to serving its own clients, ZKB is also extending its crypto offerings through a business-to-business solution. This new service enables other Swiss banks to provide crypto trading and custody services, with Thurgauer Kantonalbank becoming the first partner to adopt the platform. This marks a significant expansion of crypto services across Switzerland, highlighting ZKB's commitment to the growing digital asset space. The bank has been involved in blockchain innovation for several years, including its role in the issuance of the world’s first digital bond on the SIX Digital Exchange and participation in digital currency projects with the Swiss National Bank.

ZKB's foray into the crypto sector comes amid a broader push among Swiss financial institutions to offer digital asset services. Sygnum Bank, another Swiss-based crypto-friendly institution, recently expanded its business-to-business services to over 20 entities, including major players like PostFinance and LuzernerKB. These developments are part of Switzerland's growing reputation as a crypto hub, with more banks embracing blockchain technology and digital assets to meet the rising demand for crypto trading and custody solutions.

🧑‍🏭 What is Bitcoin and how does it work?

Bitcoin, introduced in 2008, emerged as a response to the financial misconduct of major banks, aiming to create a decentralised system that empowers individuals. Unlike traditional financial institutions, Bitcoin eliminates the need for intermediaries, making transactions transparent and reducing fees. It operates on blockchain technology, which allows users to control their own money and verify transactions independently. Over the years, Bitcoin has gained global acceptance, with companies like Dell, Microsoft, and even medical institutions accepting it as payment. Despite its growth, Bitcoin faces challenges like account hacking, volatility, and transaction delays, but it remains a vital financial tool for many, especially in developing countries.

🤣 Crox Road Memes

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