Reserve Dollar

Cryptocurrency

United

Bitcoin

Reserve

The struggle and confusion in the cryptocurrency market have been continuously increasing after the release of the United States CPI data (Consumer Price Index) and the conflict between Iran and Israel. However, amid this situation, the analyst who forecasted Bitcoin’s low in 2022 and its record surge in price before halving has turned bearish about risky assets like tech stocks and cryptocurrencies.&nbsp; Will Bitcoin Fall More? 
April 15, 2024, 10x Research, a firm that provides research in digital assets for asset managers, wealth managers, as well as cryptocurrency services providers, published a report named “We Sold Everything Last Night.” In this report, Markus Thielen, the founder of 10X Research, said that,&nbsp; 
Our growing concern is that risk assets (stocks and crypto) are teetering on the edge of a significant price correction. The primary trigger is the unexpected and persistent inflation. With the bond market now projecting less than three cuts and 10-year Treasury Yields surpassing 4.50%, we may have arrived at a crucial tipping point for risk assets.”&nbsp;
Besides this, Thielen also added which got everyone’s attention, “We sold all our tech stocks last night (at the open) as the Nasdaq is trading very poorly and reacting to the higher bond yield. We only hold a few high-conviction crypto coins. Overall, we are bearish on risk assets (stocks + crypto).”&nbsp;
This bearish note from 10X Research comes after the world’s biggest cryptocurrency <a href="https://news.todayq.com/bitcoin-set-to-pump-hard-post-halving-event-as-mining-firm-gears-up/" rel="noopener noreferrer nofollow">Bitcoin </a>and the overall cryptocurrency market have massively fallen. Additionally, in the last 7 days, Bitcoin experienced a massive 11.5% downside momentum and hit a low of $60,000 level. Why Cryptocurrency market is falling? 
However, the research firm also highlights the major reason behind this massive fall could be falling expectations for an incoming interest cut. Additionally, the report also noted that “Most of this 2023/2024 bitcoin rally is driven by expectations that interest rates would be cut, and this narrative is being seriously challenged now.”&nbsp;
Traders widely expect the Federal Reserve to keep interest rates steady at 5.25%–5.50%. Thielen mentioned they sold all tech stocks on Monday and are generally negative about risky assets, only keeping a few select cryptocurrencies.&nbsp;
Amid this alarming situation, acrypto whale panicked and sold nearly 1,200 Bitcoin worth around $75.55 million at a loss of $3 million. However, the whale currently holds 388 Bitcoin worth $24.53 million.

10X report “We Sold Everything Last Night”, What’s in it?

Todayq News

Inne artykuły opublikowane 16 kwi 2024

Bored Ape NFT Floor Price Hits Over 2-Years Low at 11.1 ETH

Elon Musk Reveals New Anti-AI Bot Measure, Ripple CTO Reacts

Injective Unveils INJ 3.0: Explore the Ultimate Tokenomics Overhaul

Tesla Set To Cut 10% Of Its Global Workforce

ONDO Price Prediction: Is ONDO Finance Ready to Make History

A $17.6M Milestone: BlockDAG Turns the Heat up on SHIB And Tron Predictions with Planned Keynote ...

Zapisz się na bezpłatny newsletter i otrzymuj codzień aktualności ze świata kryptowalut!