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Cryptocurrency News Articles
Bitcoin (BTC) Price Prediction: New All-Time Highs Possible as China's Economic Moves Reignite Crypto Market Interest
Sep 29, 2024 at 02:00 am
Markus Thielen, Head of Research at 10x Research, indicated that recent Federal Reserve rate cuts and China's stimulus measures have ignited renewed interest in the crypto market.
Recent Federal Reserve rate cuts and China's stimulus measures have sparked renewed interest in the cryptocurrency market, according to Markus Thielen, Head of Research at 10x Research.
Thielen's report highlights a surge in altcoin trading and the issuance of stablecoins. Chinese OTC brokers have noted inflows exceeding $120 billion over the last six quarters. Notably, $10 billion in stablecoins entered the market, boosting liquidity and surpassing Bitcoin ETF investments.
A decline in Bitcoin's market dominance and rising Ethereum gas fees are linked to the increased altcoin activity. Thielen points out that falling 10-year bond yields below 4% have revived interest in decentralized finance (DeFi). Stablecoin inflows have reached $35 billion this year, pushing the total stablecoin value past $160 billion.
READ MORE:
Bitcoin Price Surges Past $65K as Crypto Market Adds $150B
Circle's stablecoin inflows are a major contributor, while retail trading in South Korea has averaged $2 billion daily, showcasing the growing influence of altcoins.
Thielen speculates that the $278 billion Chinese stimulus could lead to more capital flowing into crypto, as over half of Bitcoin is mined in China. The increased liquidity has lowered Bitcoin's 30-day realized volatility to 41%, encouraging larger institutional investments.
Shiba Inu's 43% price jump indicates potential investor excitement, with metrics like volume and whale transactions hitting 10-week highs.
Thielen concludes that a significant bull run could be on the horizon, potentially spurring further interest in the crypto sector.
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