Dan Tapiero Reflects on the Crypto Market and the FTX Incident
Dan Tapiero, co-founder of Gold Bullion International, recently discussed his perspective on the cryptocurrency market and its response to the FTX incident. Despite the negative impact of the incident on market sentiment, Tapiero remains optimistic about the crypto space.
During an interview with Coin Bureau Clips, Tapiero pointed out that the market downturn coincided with the FTX fraud announcement. However, he noticed a bullish divergence in the price charts during this time, indicating that selling pressure had eased. This gave him confidence that the worst was over.
Looking Beyond Price Corrections
Tapiero acknowledged that Bitcoin and Ethereum experienced price corrections, but he emphasized the importance of looking beyond surface-level indicators. He revealed that some companies in his portfolio were still performing well despite these corrections.
A New Bullish Phase
Tapiero expressed his belief that the bear market had concluded and a new bullish phase was emerging. He highlighted the energy and enthusiasm present in the crypto space as a sign of positive growth.
The Regulatory Landscape
In terms of regulations, Tapiero discussed how certain regions like Singapore, Hong Kong, and the United Arab Emirates actively encouraged crypto businesses to establish themselves. In contrast, he noted that the United States was navigating regulatory uncertainties.
“I think that the low in price happened right on that FTX announcement and the Ethereum price couldn’t make a new low on the announcement of that fraud. So, as an old-time trader, that’s called a bullish divergence. When you have the worst piece of news that you can imagine, and the market can’t make a new low in price, it tells you that all the selling has dried up.”
The Global Nature of the Crypto Industry
Tapiero also emphasized the global nature of the crypto industry, highlighting that the majority of cryptocurrency trading volume occurs outside the United States. He urged the US to catch up and recognized the industry’s decentralization.
Hot Take: Tapiero Remains Bullish on Crypto Despite FTX Incident
Dan Tapiero’s perspective on the cryptocurrency market remains positive despite the impact of the FTX incident. He believes that the worst is over and sees a new bullish phase emerging. Tapiero highlights the importance of looking beyond price corrections and emphasizes the energy and enthusiasm present in the crypto space. He also comments on the regulatory landscape, noting how certain regions actively encourage crypto businesses while the US faces regulatory uncertainties. Tapiero concludes by emphasizing the global nature and decentralization of the industry, urging the US to catch up in this rapidly evolving market.
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