Morgan Stanley has published a report analyzing whether crypto spring is approaching the Bitcoin market or if we are still in the middle of crypto winter. This and more news in this practical summary daily so that you are always informed with events most recent that occur within the crypto world.
The cyclical trends of the Bitcoin market
📍In a recent report, Morgan Stanley outlined the 4 seasons of the Bitcoin market. Entitled “Will Crypto Spring Ever Come?”, the report from the American financial multinational describes the different phases of the historical cycle of commercialization and negotiation of Bitcoin, which it has compared to the four seasons of the year.
Thus, Morgan Stanley points out that, currently, we are in a crypto winter, characterized by falling cryptocurrency prices, investor losses, and a bearish and negative sentiment in general. However, according to the signs that the institution's analysts have observed, the Bitcoin market may be about to leave behind the cyclical decline in its price and welcome the season that follows winter: spring.
According to analysts, the Bitcoin halving, the event that halves the block reward of the network's miners, could “affect the price of bitcoin and potentially trigger a bull run.”
Historically, halving has had a huge impact on the price of Bitcoin due to the scarcity of BTC it creates in the market. By halving the block reward miners receive, the halving allows the number of bitcoins created every 10 minutes to also be reduced and BTC can maintain or increase its value.
The Bitcoin halving is scheduled to occur approximately every four years, and the next halving event will hit the network sometime in April 2024.
After the halving, Morgan Stanley explained, historically summer hits the Bitcoin market, driving a “bullish period that begins with the halving event and ends once the price of bitcoin reaches its previous peak.”
“While no one can tell you if now is the right time to buy or sell cryptocurrencies, today is the right time to learn more about the cyclical trends of the cryptocurrency market”, indicated the financial multinational.
Grayscale returns with its Bitcoin spot ETF application
📍Grayscale has refiled a registration statement to convert Grayscale Bitcoin Trust (GBTC) into a Bitcoin spot ETF. Grayscale's new registration statement comes just weeks after Judge Neomi Rao of the United States Court of Appeals ruled in favor of the company in the case against the SEC and after the securities regulator assured that will not dispute said court ruling.
At presentation, Grayscale again requests the Securities and Exchange Commission to list the shares of Grayscale Bitcoin Trust on the New York Stock Exchange, NYSE Arca.
The ECB advances with the digital euro
📍The European Central Bank's CBDC project, to create a digital euro, is moving towards the preparation phase. As reported by the ECB, the next phase of the digital euro, which will define whether the CBDC currency will be issued or not, will begin next November.
The president of the bank, Christine Lagarde, has reported that the ECB will begin the preparation phase on November 1 and that this phase will extend for 2 years, until 2025, during which time the entity will seek to understand all the pros and cons. against designing a CBDC.
“After two years, the Governing Council will decide whether to move to the next phase of preparations,” so this new phase is what will lay the foundations for the development of a possible digital euro.
The ECB assures that the digital euro will be “a digital form of cash” that all citizens can use freely to make digital payments. However, many do not agree with its development and implementation due to the risks it poses to the privacy and financial freedom of citizens.
Venture capitalists return to DeFi
📍Decentralized derivatives project SynFutures raised $22 million in its Series B funding round. The SynFutures funding round was led by Pantera Capital, an institutional asset manager focused exclusively on blockchain technology. The round was also participated by other major venture capitalists, such as HashKey Capital and Susquehanna International Group (SIG DTI).
With this new round of funding, SynFutures has raised its funds raised to a total of $38 million.
SynFutures accompanied its Sere B financing round with two important announcements. The first, the presentation of the third iteration of its platform, SynFutures V3, which combines the order book model with Automated Market Makers (AMM) and, the second, the setting of the date for the mainnet launch this fourth quarter.
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