These Factors Might End Bitcoin And Altcoin’s Bearish Trend
Several cryptocurrencies, like Bitcoin and other altcoins have crashed hard and given up their gains this year. This is attributed to the macroeconomic turbulence, threat of recession, political struggles as well as the Federal Reserves interest rate hikes, which have now reached 9%. Participants have lost faith in the once-stable assets.
Currently, Bitcoin is selling at $19,035 after a fall of 0.63% in the last 24hrs.
While traders and investors eagerly wait for the resurgence of a positive trend, a billionaire investor is pointing towards one factor which might end this ongoing price crunch.
Mike Novogratz, CEO at Galaxy Digital, while in an interview with Bloomberg TV host, talks about what might mark an end to the Bitcoin (BTC) and Ethereum (ETH) bear market. For Bitcoin, he claims that only a positive change in the macroeconomic conditions can improve it. However, for other cryptocurrencies like Ethereum (ETH) and other layer-1 and layer-2 blockchains, its the entry of new projects and a few positive macroeconomic events which will end the bear movement.
As per the analyst, there is a large quantity of venture capital that is finding its way into the Crypto world, for example, $5 billion in the last quarter. He claims that the major contribution is from firms like JP Morgan, Bank of New York, and BlackRock, among others.
Novogratz believes that digital money will find its stability soon. He says the settlement of unfavourable macroeconomic events is the first step towards crypto market stability.
Before he winds up his interview, he states that the day when the market starts to rise is the day when investors will find their sweet spot in cryptocurrencies.
