Is cryptocurrency making an comeback?

New York, Aug 10 : Bitcoin prices have stabilized at between $23,000 and $24,000 level following a plunge lower than $20,000 in June media reports said.

But this optimism could be a bit premature and a bit flims.Companies with direct connections to the crypto market remain in a state of struggle.

Coinbase reported losses in the second quarter, following the closing bell rang on Tuesday.This comes on the heels of the revenue warning issued by Nvidia which makes graphics cards that are a crucial part in numerous bitcoin mining equipment, CNN reported.

With this in mind certain experts believe that bitcoin is likely to remain in the same narrow range in the near future.Bitcoin bulls say that a recent agreement between Coinbase and the money management company BlackRock is a positive indication "The relationship with BlackRock and Coinbase is a huge deal" stated Jack Cameron co-founder of Luna Market, a metaverse tech and advertising business, in an email.

Cameron said that, as there "is still an image" that is associated with bitcoin that having more companies like BlackRock entering the world of digital assets is a positive sign, CNN reported "The more institutional money thatjoins the crypto space the better for all users of cryptocurrency," he wrote.Bitcoin, in spite of the hype generated by those who claim it is digital gold, has proven to not be an asset that is performing very well in times of inflation increasing and interest rates are rising, CNN reported.