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Daniel Yan, co-founder of the Singapore-based cryptocurrency services firm Matrixport, has issued a cautionary note to investors following the recent <a href="https://coingape.com/price/bitcoin/#:~:text=Live%20Price%20of%20Bitcoin%20(BTC,market%20cap%20stands%20at%20%241%2C072%2C526%2C869%2C748." rel="noopener noreferrer nofollow">Bitcoin surge</a>. The digital currency surpassed the $60,000 mark for the first time since 2021, signaling a potential market euphoria.&nbsp;
Yan’s comments come amidst growing investor interest and an extreme greed sentiment in the market, as indicated by the<a rel="noopener noreferrer nofollow" href="https://alternative.me/crypto/fear-and-greed-index/"> Crypto Fear &amp; Greed Index’s</a> score of 82. This enthusiasm has been further fueled by the U.S. Securities and Exchange Commission’s (SEC) approval of several spot Bitcoin exchange-traded funds (ETFs), including a notable one managed by BlackRock’s iShares Bitcoin Trust, which now oversees $7.5 billion in assets.
Yan highlighted the unpredictable nature of the market, suggesting that a correction of approximately 15% could be on the horizon by the end of April. He points to March as a critical month, fraught with macroeconomic uncertainties such as the U.S. Federal Reserve’s meeting, the anticipated <a href="https://coingape.com/halving/bitcoin-halving/" rel="noopener noreferrer nofollow">Bitcoin halving</a>, and the <a href="https://coingape.com/ethereum-foundation-affirms-dencun-upgrade-mainnet-launch-timeline/" rel="noopener noreferrer nofollow">Ethereum Dencun upgrade</a>. Despite the current highs, Yan’s statement underscores cryptocurrency markets’ inherent volatility and unpredictability, advising investors, especially those eyeing short-term gains, to exercise caution.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Euphoria: the sentiment of the market has come to a level where I think we should be cautious – may be a good idea to revisit my pinned tweet on the size of potential corrections. I think we should see another healthy ~15% correction by end-April.
 — Daniel Yan (@_D_Y_A_N) <a href="https://twitter.com/_D_Y_A_N/status/1762822660155740219?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 28, 2024</a>
</blockquote>
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<h2 id="strong-matrixport-cautious-despite-recent-bitcoin-etf-wins-strong">Matrixport Cautious Despite Recent Bitcoin ETF Wins</h2>
Yan’s cautionary stance is rooted in macroeconomic factors influencing market sentiment and investor behavior. The anticipation surrounding the U.S. Federal Reserve’s upcoming meeting and significant crypto events like the Bitcoin halving and Ethereum upgrade are noteworthy as potential market volatility catalysts. Despite the positive momentum driven by the SEC’s <a href="https://coingape.com/sec-gives-nod-to-spot-bitcoin-etf-opens-door-for-trading/" rel="noopener noreferrer nofollow">approval of spot Bitcoin ETFs</a>, Yan’s perspective reflects a broader caution against the backdrop of rapid gains and heightened market activity.
The historical context of Matrixport’s market predictions provides additional insight. In January, amidst Bitcoin’s trading at $40,800, the firm expressed skepticism regarding spot Bitcoin ETFs’ approval due to political risks. However, the subsequent approval of these ETFs contradicted the firm’s expectations, leading to a significant surge in Bitcoin’s value. This juxtaposition of predictions and outcomes highlights the challenges in forecasting cryptocurrency market movements, emphasizing digital asset investments’ complexity and dynamic nature.
<h2 id="strong-matrixport-s-regulatory-compliance-efforts-strong">Matrixport’s Regulatory Compliance Efforts</h2>
As <a href="https://coingape.com/matrixport-applies-for-crypto-trading-license-in-hong-kong/" rel="noopener noreferrer nofollow">Matrixport navigates</a> the complexities of the cryptocurrency market, it has also taken significant steps towards enhancing its regulatory compliance. On February 26, the company applied to the Hong Kong Securities and Futures Commission (SFC) for a virtual asset trading license.
This move signals Matrixport’s commitment to adhering to regulatory standards, a crucial aspect of building trust and stability within the digital asset market. The application is part of a broader trend within the cryptocurrency industry, with 21 companies, including prominent names like Crypto.com, Bixin, and HTX (formerly Huobi Global), seeking similar regulatory approvals.
Read Also: <a href="https://coingape.com/toncoin-ton-price-soars-35-on-telegram-advertising-platform-launch/" rel="noopener noreferrer nofollow">Toncoin (TON) Price Soars 35% On Telegram Advertising Platform Launch</a>
The post <a href="https://coingape.com/matrixport-co-founder-warns-of-correction-after-bitcoin-hits-60k/" rel="noopener noreferrer nofollow">Matrixport Co-Founder Warns of Correction After Bitcoin Hits $60K</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Matrixport Co-Founder Warns of Correction After Bitcoin Hits $60K

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