Bitcoin’s consolidation phase may break out into the next phase of price discovery, catalyzed by forthcoming US stablecoin rules.
Despite a week of price consolidation for Bitcoin (BTC), emerging digital asset legislation may provide the next significant catalyst for the world’s first cryptocurrency.
Upcoming stablecoin rules, such as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, may lay the foundation for a Bitcoin cycle top of over $150,000, according to Alice Li, investment partner and head of US at crypto venture capital firm Foresight Ventures.
Meanwhile, venture capitalist (VC) interest has slumped. The number of VC deals closed recorded its lowest month of the year in May, with just 62 investment rounds resulting in $909 million raised.
