The expert called the signals for the growth of the bitcoin exchange rate
Bitcoin (BTC) is currently in a sideways movement with the boundaries of $110,000 — $117,000, and signals from the US Federal Reserve are needed for its growth. Vasily Girya, the owner and CEO of GIS Mining, told Izvestia on August 6.
"For a new upward momentum, the market needs either confident signals from the Fed or a stabilization of the global agenda. Without this, there remains a risk of a repeat test of the supports of about $ 110 thousand," the expert said.
Nevertheless, according to Giri, the current conditions remain attractive for Russian industrial mining. The hashrate of the BTC network has recently updated records several times, and the hash price remains in a stable range. However, he warns against ignoring the volatility factor of the exchange rate, especially if bitcoin continues to decline below $ 110 thousand.
"After the victorious July, August looks somehow very simple and even gloomy for bitcoin. The price remains under pressure from external factors, primarily macroeconomic and geopolitical," he stressed.
Despite weak data on the US labor market and growing expectations of a Fed rate cut in the fall, the cryptocurrency could not stay above $ 115 thousand and is gradually sliding to $ 113 thousand. Giria explained that the main reason for this drop lies in the continuing uncertainty due to the trade initiatives of the American leader Donald Trump and the correction in the stock markets.
On July 14, Girya told Izvestia about the reasons for the sharp rise in the price of bitcoin. According to him, geopolitical instability and discussions around the US debt policy are forcing part of the capital to flow from government bonds to digital assets, including military-technical cooperation. Bitcoin is increasingly perceived as "digital gold," and the Russian mining segment is showing steady development.
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