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Coinbase: Crypto market needs new narrative to push up prices

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Cryptocurrency exchange Coinbase explains that the crypto market is slowing down and needs to find a new narrative to increase prices. The upcoming BTC halving event could be a catalyst for higher prices, but it will face challenges due to the weak time of year for crypto markets. Coinbase also notes that overall crypto volumes have been slowing down as the market searches for a new narrative.

Coinbase explained that total crypto volumes are slowing down due to the market attempting "to find the next narrative to power it higher." The crypto market will need to find another narrative to further push up prices across the board, according to cryptocurrency exchange Coinbase. The BTC halving event could be a catalyst for higher prices, but it will have to contend with what is typically a weak time of year for crypto markets and other risk assets.

Bitcoin has typically seen a monthly return of about 2.7% from June to September since 2011, while in the other eight months averaged a return of around 19.3%. Coinbase further noted that overall crypto volumes "have also continued to slow as the market tries to find the next narrative to power it higher.

 

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