Meltem Demirors on the Current Crypto Market Rally
Meltem Demirors, CoinShares’ CSO, recently discussed the ongoing crypto market rally on CNBC. She referred to it as “the season of the most hated rally,” reflecting the skepticism among traditional market commentators despite its upward trend.
Bitcoin’s significant recovery and potential ETF approvals were key topics of discussion. Demirors highlighted the growing interest from institutional and retail investors in the crypto market, with substantial inflows into Bitcoin investment products and potential impact of spot Bitcoin ETFs in attracting U.S. retirement account investments.
The interview also touched on Grayscale’s Bitcoin Trust trading at a discount, speculating on the market’s response to potential selling pressure if the discount narrows with new products entering the market.
J.P. Morgan Analysts’ Doubts About Crypto Market Rally
J.P. Morgan analysts expressed doubts about the sustainability of the current cryptocurrency market rally, pointing to two main factors influencing the market’s recent upswing.
They are skeptical about a U.S. spot bitcoin ETF approval leading to a significant influx of new capital into the crypto markets and remain uncertain about any significant easing of crypto regulations in the U.S. due to recent fraud cases and regulatory caution.
Additionally, they believe that the upcoming Bitcoin halving event in April/May 2024 is already factored into the current Bitcoin price, suggesting that the market has already priced in its potential impact.
Hot Take: Mixed Sentiments in Crypto Market Amid Ongoing Rally
The ongoing crypto market rally has brought mixed sentiments from traditional market commentators and analysts. While some see potential for further growth and institutional interest, others express doubts about sustainability and regulatory challenges. As you navigate through this period, it’s essential to stay informed about market developments and regulatory updates that could impact your investment decisions.
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