Bitcoin is stuck at $30,000. Here’s what it takes to push it higher.

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Bitcoin and other cryptocurrencies rose on Thursday, but remained near levels that have dominated for weeks amid a historically flat period for digital asset prices. There are few signs that a big swing is brewing just yet.

Bitcoin continues to hover around the $30,000 level, said Edward Moya, an analyst at brokerage Oanda.

Unlike the stock market, where the Dow Jones Industrial Average and S&P 500 rose, Bitcoin and other digital assets appear largely stalled, in what has become the quietest time for crypto markets since early January. The lack of momentum tempers some expectations that Bitcoin, which nearly doubled from late-2022 lows in the first six months of 2023, is on a bull market tear.

We weren’t in a bull market, and a major influx of capital into the broader crypto space just isn’t here yet, said Andrew Lawrence, co-founder of decentralized custody solution Censo. Were likely to see a persistent hash with bitcoin and crypto assets more broadly, further signifying this pattern of rallies followed by pullbacks.

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Investors’ attention is on regulation, particularly in the United States. As a federal judge awarded token issuer Ripple a partial victory in a landmark case with the Securities and Exchange Commission last week, the catalyst for bitcoins is moving to a year. key questions remain about regulatory clarity.

It is likely that the outcome of new Bitcoin spot exchange-traded fund deposits, including from traditional financial stalwarts like BlackRock (ticker: BLK), will be the next major catalyst for cryptos.

Legislative action, as it currently stands, is still a long way off, Lawrence said. The institutional money pouring into the US digital asset space is unlikely to manifest in a major way until such legislative action materializes. Certainly, an endorsement of the Bitcoin ETF proposed by BlackRocks would bring a lot of capital into the space. But the digital asset industry is not limited to Bitcoin.

Beyond Bitcoin, Ether, the second largest crypto, rose less than 1% to over $1,900. Smaller tokens, or altcoins, were more dynamic, with Cardano climbing 4% and Polygon 5%. Memecoins were also bullish, with Dogecoin up 3% and Shiba Inu

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ticking 1% more.

Write to Jack Denton at [email protected]

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