Unexpected cryptocurrency rally?
And let’s not just talk about the markets, because according to Coinmarketrate.com in 7 days, the increase was relatively modest – about 6% for Bitcoin, and 12% for Ethereum.
We are talking about a lot of great news that has come from the crypto sector, which, in our opinion, has already begun to have an impact on the market.
Very good news comes, in particular, from the world of finance.
The most important news of the week is the opening of the Blackrock private fund, which will allow clients to invest in Bitcoin directly, i.e. when the manager buys Bitcoin directly in the market, without using derivatives or futures to reproduce the price. A relatively unexpected step, despite the fact that this large financial company has already been actively working in this sector.
Other banks continue to surprise the world with their determination.
Last week, Morgan Stanley was looking for specialists in this sector, which is also likely due to the early expansion of the group in terms of services offered.
Also as part of this big week for Bitcoin, we observed Citi’s efforts to attract specialists who know how to work with cryptocurrency, including from the point of view of risk analysis.
Signals? Absolutely right. About what? That we are still at the very beginning of this extraordinary story. Also in terms of financial acceptance.
- Macro conditions also give respite
The final week remains, on which for the first time in several months a downward value of inflation was published. Obviously, we are still at very high levels, but this remains, as we have said on these pages over the past few days, a signal of great symbolic importance.
Markets, despite the fact that August is historically a month with low volumes and little interest, and with the same small number of possible trend reversals. Nevertheless, this is a signal that the markets are sufficiently valued, and it is expected that the next rate hikes will remain at a level above 75 bp.
We are far, very far from returning to a healthy, prosperous economy capable of driving away the demons of recession. But Bitcoin, step by step, and also thanks to news like this week, is trying to come back.
Ethereum has Returned to the $2,000 mark after an Incredible Takeoff
Is it a good time for Ethereum? We will build our reasoning, starting with what is happening in relation to Merge, with very good news that was published by employees.
But, even without this, it is clear that Ethereum is experiencing a particularly happy moment, which allowed it to break away even from Bitcoin in the race, leading the rally, if you can call it that, of altcoins. And the Ethereum merger will play a key role.
Last week, several factors dominated the discussions around Ethereum, but let’s start with the merger, which seems to be just around the corner.
- Merger: September 14th and 15th?
If there are no hitches – and there shouldn’t be any after a long testing phase – we should see it in these dates. The date is set between September 14 and 15 directly by the developers. A date that will go down in history not only for the Ethereum protocol, but in general for all sectors that directly or indirectly depend on it. In particular, DeFi, but the game world is no less likely.
- Well, those who want to unscrew the fork get into trouble
Although the proclamations continue, in fact many large projects working on Ethereum have confirmed their refusal to support a possible fork, which remains in Proof of Work.
Tether, Chainlink and USDC have expressed their opinion. And already without these three projects, the scale of the future union is significantly reduced.
- Macro-situation revives risk appetite
In recent days, we have also talked a lot about inflation data. The indicator turned out to be lower than expected, and this revived a certain appetite for risk in financial centers that matter.
This has benefited both Bitcoin and, to a greater extent, the altcoin market, with all or most of them performing better than the king of the market. This situation may continue in the coming months, as markets seem to discount the catastrophic situation and may try to recover by biting off percentage points of growth.
What to expect from the future of the Ethereum sector
Eyes will remain riveted to the merger, around which long and short investors will continue to focus. Another question remains the question of the markets, related to inflation and, consequently, to the reaction of the main central banks.
With the release of Tornado Cash, which, albeit indirectly, will draw important boundaries around the Ethereum world, in particular. On issues that will be the subject of our upcoming in-depth analysis in August.
Ethereum, Algorand, Solana and Bitcoin – who is the maxi-investor betting on these assets
The resume of Anthony Scaramucci, a character who is well known to cryptocurrency enthusiasts, is special. And it is very interesting to read about it precisely because of the relevance of this character among high-ranking investors in the world of cryptocurrencies and Bitcoin.
A choice that perhaps should be analyzed even more deeply, because it comes from the leader of SkyBridge Capital, a capital manager duly registered in the USA and one of the many “legitimate” persons in the world of crypto investments.
Anthony Scaramucci is one of the most famous analysts and investors in the field of cryptocurrencies and Bitcoin. With his SkyBridge Capital, he helped normalize investments, including institutional ones, in the world of cryptocurrencies and BTC, and his opinion is always highly appreciated even among small investors.
In a recent interview on CNBC, he took the opportunity to analyze the current macro situation, as well as give some pointers on projects that should be continued.
“The pandemic created this situation, we introduced a lot of currency into the system, which caused inflation, in addition to what happened to the supply chain. But we can return to the economy before the 4th quarter of 2019: a strong economy, low unemployment, mild inflation. We may be 6-12 months away, and I think the market is starting to believe that. As for the cryptocurrency market, we believe that the bulk of the leverage has been cleared.”
As for the projects with the best scenario, Scaramucci was equally unambiguous.
“Relax, look further. We have a very positive scenario for the development of Bitcoin, Ethereum, Solana and Algorand for the next 12-24 months.”
This indication was also accompanied by an important forecast: according to the expert, Bitcoin could reach $300,000 over the next 6 years. Forecasts that may leave much to be desired at these numerical levels, but which, nevertheless, are a sign of optimism that is returning to the markets, including cryptocurrencies, in big steps.
Summing up: should we expect an unprecedented September?
Among the many oddities of this period, one can also note the August recovery, which few expected. Is this a harbinger of the return of the best projects to more suitable price levels?
We’ll see. So far, there are assumptions, and we will most likely remember this August as the month of beaches, sun, vacations and barbecues. And about restoring the world of cryptocurrencies and Bitcoin.