In a new market update, the research team at leading crypto asset management firm Grayscale predicted that the cryptocurrency market will be able to recover from the most recent crash “in the coming months” .
The company's optimistic outlook is largely based on a "broadly supportive" macro backdrop.
Grayscale mentioned the possibility of the US Federal Reserve (Fed) cutting interest rates as well as a strong US stock market.
Bitcoin price fell to $53,350, its lowest price in nearly half a year, resulting in nearly $700 million being wiped out in just 24 hours.
Source: TradingView
Grayscale's research team has identified several sources of this extreme selling pressure, including Mt. Gox debt repayments, the liquidation of Bitcoin holdings by the US and German governments, and outflows from US Bitcoin ETFs in the second half of the month. Additionally, the company's analysts pointed out that miners sold more than $100 million in BTC in one month.
Despite these negative headwinds, Grayscale believes that Bitcoin's fundamentals remain unchanged. The team also predicts that U.S. spot Ethereum ETFs, which are expected to be approved for trading this month, will be able to attract “meaningful” net inflows.
Source: https://tapchibitcoin.io/tien-dien-tu-phuc-hoi.html