Cryptocurrency market news
2 min read6 days ago
- The cryptocurrency market will start growing in October-November after the end of macroeconomic and political uncertainty in the US, according to Bitwise investment director Matt Hougan. He said that the effect of the “back-to-school blues” is spreading to all high-risk assets, including BTC. In 2024, Bitcoin lost 7% in the first week of the current month. “Economists have tried to attribute this to various factors — a bump in volatility after the slow summer months, mutual funds harvesting losses at the end of their fiscal year — but no one is quite sure,” Hougan noted.
- According to the results of a Gemini survey among several thousand traders from Singapore, the US, Great Britain and France, 65% of respondents prefer to hold their crypto assets because of their investment potential in the long term. “38% said they use digital assets as a hedge against inflation,” Gemini analysts said.
- Charles Hoskinson believes that Cardano remains the main competitor to BTC. According to the developer, “digital gold” is primarily known as a savings tool, while ADA is not just another crypto asset but an ecosystem that changes the “rules of the game.” “The biggest threat to Bitcoin’s dominance has and always will be Cardano,” Hoskinson said. This adaptability, he argues, is one of Cardano’s greatest strengths. Regular upgrades, such as the Alonzo update which introduced smart contracts, show the project’s long-term commitment to innovation.
- QCP Capital assessed the situation in the cryptocurrency market. Analysts believe that technical indicators have almost no effect on the dynamics of the Bitcoin rate. Experts noted significant changes in investor sentiment against the backdrop of information about changes in the labor market over the previous month. “If immediately after the publication of the report, the probability of a rate cut by fifty basis points was estimated at 55%, now investors assume the probability of a reduction of only 30%. Bitcoin and other assets are weakly responding to fundamental technical indicators, and investor sentiment has become the determining factor in putting pressure on the price of cryptocurrencies,” the QCP Capital report says.
