Matrixport: Despite macro and other risk factors, BTC may still rise
Matrixport released a new report stating that if the Federal Reserve is forced to raise interest rates, the bull market could quickly reverse. However, at least one more inflation report (a month later) would be needed to achieve this goal. Macro risks should persist for some time, but only temporarily. The Fed's "wait-and-see" period may be longer than market expectations. Despite macro risks, it might still be too early to be bearish now.
The rise in gold prices and other macro factors could also support Bitcoin's price increase as Bitcoin is considered "digital gold". In addition, it stated that with the potential approval of Bitcoin spot ETFs on the Hong Kong Stock Exchange, this could bring billions of dollars in funds; mainland investors using southbound trading schemes can promote up to 500 billion yuan in transactions per year. Based on (potential) available capacity, this could provide up to 200 billion Hong Kong dollars in available capacity for Hong Kong's Bitcoin ETFs or about 25 billion US dollars. This will exceed inflows into U.S. Bitcoin spot ETFs ($12 billion), and potentially become a key upward driver for bitcoin prices.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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