Prominent Bitcoin OG shares this take on what is creating headwinds for Bitcoin right now
a staggering 7.88% within one hour after the news spread about Grayscale beating the SEC regulator in court regarding the conversion of its Bitcoin Trust into a spot ETF. The flagship digital currency then soared from the $26,000 zone and managed to top the $28,000 level.
That did not last long, however, and within the upcoming week, the price gradually went down to the $25,400 zone. At the time of writing this article, BTC is changing hands at $25,688 per coin.Next year, roughly in April-May, the next scheduled Bitcoin halving is to take place when BTC miners rewards will be cut by half, which will reduce the injection of Bitcoin into the market. Traditionally, market players and tradersafter halvings.
However, many believe the likely reason for that price jump was the enormous amount of extra cash printed by the US Fed Reserve and other central banks around the world since March 2020 due to the pandemic and lockdowns.
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