Burgeoning Optimism in the Crypto Market
As Chief Strategy Officer at Coinshares, Meltem Demirors recently appeared on CNBC’s “Fast Money” to discuss the growing optimism in the cryptocurrency market. She focused on Bitcoin’s rally and its implications for digital assets leading up to 2024.
Bitcoin’s Significant Recovery
Demirors emphasized Bitcoin’s impressive recovery, with its price surging to above $44,000 as the year’s high. This rally marks Bitcoin’s third consecutive week of gains, indicating a strong resurgence from earlier in the year.
Resilience in the Crypto Market
Despite a challenging 2022 with bankruptcies and regulatory challenges, Demirors pointed out the resilience of the crypto market, describing the current rally as “the most hated rally.” She referenced the Binance ruling and CZ’s SEC settlement as significant events affecting the market perception.
Factors Driving the Rally
Demirors highlighted several key elements driving the rally, including macroeconomic factors and growing retail interest in Bitcoin. She also mentioned the reflexive nature of the Bitcoin market, where price movements fuel further activity.
Positive Outlook for Bitcoin
Demirors also discussed the upcoming Bitcoin halving event, which will reduce the daily supply of mined Bitcoin. She expressed optimism about the approval of spot Bitcoin ETFs, estimating a 90% likelihood of this occurring.
Hot Take
Despite challenging trends in 2022, Demirors highlights a promising resurgence in Bitcoin and the broader crypto market. Emphasizing the rally’s resilience, she cited key factors driving the rally and expressed optimism for Bitcoin’s upcoming halving event and the potential approval of spot Bitcoin ETFs. Although major institutional investors have yet to make significant moves in the crypto space, growing retail interest presents a positive outlook for the future.
By
By
By
By