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Friday, February 10, 2023
HomeBitcoinChief strategist sees ‘no upside catalysts' for crypto as BTC but to...

Chief strategist sees ‘no upside catalysts’ for crypto as BTC but to sink right into a recession

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As the cryptocurrency market continues to battle with the bearish sentiment that has prevailed in current weeks, some specialists consider that it’s nonetheless not within the clear and that the unfavorable scenario could proceed within the close to future.

One of those specialists is Meltem Demirors, the chief technique officer at a $5 billion price crypto asset administration firm CoinShares, who expressed her group’s view that “we are going to stay where we are for a while” in an interview with CNBC’s Squawk Box on July 11.

‘More pain ahead’

According to Demirors, extra bother might be anticipated throughout completely different markets as there’s an evident lack of upside catalysts within the face of different unfavorable large-scale elements. As she defined:

“There are no near-term upside catalysts. We have yet to see Bitcoin in a recession. Arguably, are we in a recession? We don’t know, but with what’s going on in the Eurozone, around the world, and in the United States, the Fed hiking rates and cutting back on their open-market activities, certainly expect more pain ahead for tech stocks, growth, and also crypto.”

Commenting on the present scenario in these markets and its doable affect on the long run, she highlighted that:

“We obviously had a lot of liquidation, a lot of insolvencies that had a massive impact on the market (…). We’re talking about $10, $20, $30 billion of capital evaporated overnight – liquidity that’s gone out of the system.”

Demirors concluded that “we haven’t yet seen the full impact of that because most of the companies in this industry are not publicly listed, so we don’t get that transparency we normally see.”

Bearish Bitcoin sentiment on Wall Street

Meanwhile, Wall Street traders are typically bearish on Bitcoin (BTC), as they consider it is going to depreciate considerably and is extra prone to hit $10,000 – which might drop its worth by nearly half – than get better again to $30,000, as Finbold reported earlier.

At press time, the value of the flagship digital asset stood at $20,489, which is a lack of 3.50% over the earlier 24 hours however nonetheless represents a 4.53% acquire throughout the week, as per CoinMarketCap information.

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