Traders predict that most altcoins have bottomed out
Trader Eugene Ng Ah Sio wrote, "Bold prediction, most altcoins have bottomed out. Open interest levels have completely collapsed, many tokens are in complete apathy, and my shopping list stretches to my toes. I will be busy looking for the bottom and be the first one to see it."
Eugene Ng Ah Sio is a trader on the Binance futures platform, and his cumulative contract revenue has exceeded US$28.65 million.
Bitcoin is so exciting today...
Recently, with the German government continuing to sell bitcoins and Mt. Gox starting to repay creditors, bitcoin has repeatedly dropped. However, BTC continued to climb higher amid volatility yesterday, breaking through $58,000 several times this morning (10), with a fierce battle between bulls and bears.
At the time of writing, it was trading at $57,903, up 2.45% in the past 24 hours.
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September is a possible rate cut, but there is still a huge risk that the Fed could be accused of helping the Democrats (before the election). At the same time, many investors are worried that inflation is still too high. Personally, I don’t think there is much urgency to cut rates. But once the Fed does start cutting rates, they will want to continue, and may do so faster than the market prices. We expect the Fed to start cutting rates in November.
At present, from the following three reasons, it can be judged that the market may rebound:
The $200 million worth of Bitcoin was later transferred from the exchange back to the German government, suggesting that the assets did not enter the market.
The rapid buying on dips reflects strong market demand. On July 8, Bitcoin spot ETFs achieved a net inflow of US$295 million, the highest level in 21 days, thus providing support for Bitcoin prices.
Despite the lack of liquidity in the market, Bitcoin and Ethereum have rebounded from their lows this week, and the market has been very active in buying at lows.
