Treasury's Pro-Crypto Move Puts Pressure on Bitcoin Bulls
The U.S. Treasury Department's recent policy move has sent a positive signal to the crypto market, according to prominent analyst Tom Lee.
The development is seen as favorable for cryptocurrencies, with market participants expecting increased institutional participation and broader adoption as a result.
Bitcoin's market structure presents a mixed picture, with some analytics firms arguing that a new bull run is already underway. However, mining economics are under strain, with miners selling more than 32,000 BTC in the first half of this year while network difficulty fell 15.1%.
In other news, exchanges and corporate treasuries continue to expand their footprint. Coinbase has listed two additional altcoins on its spot platform, while Kraken restored affected accounts following a 'dust attack' involving roughly 12,000 transfers.