Bitcoin (BTC-USD) is trading below $60,000 once again after a small rebound following a large sell-off earlier in the month. It comes at a time when crypto legislation is in focus, with former President Donald Trump recently appearing at a bitcoin conference and Senate Majority Leader Chuck Schumer (D-NY) saying that legislation could be passed later this year.
Oppenheimer executive director and senior analyst Owen Lau joins Morning Brief to give insight into what’s driving the crypto market right now.
Lau thinks the recent market action was driven by people putting too much weight on macro factors like jobs data and the yen carry trade unwinding, saying “sometimes people forget there are use cases for blockchain, which is making the remittance and global transactions faster and also cheaper.”
In terms of the potential for legislation to be passed this year, Lau says: “I’m optimistic that there will be more regulatory clarity in 2025, but getting passed the bill this year, if I have to assign a probability, I would only assign a 20% chance at this point.”
#news #BITCOIN #news
About Yahoo Finance:
Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.
– Get the latest news and data at finance.yahoo.com
– Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO)
– Follow Yahoo Finance on social:
X: http://twitter.com/YahooFinance
Instagram: https://www.instagram.com/yahoofinance/?hl=en
TikTok: https://www.tiktok.com/@yahoofinance?lang=en
Facebook: https://www.facebook.com/yahoofinance/
LinkedIn: https://www.linkedin.com/company/yahoo-finance
source
