Matrixport: Never Short a Slumping Market, Multiple Factors May Spur Explosive Crypto Rally
Matrixport released today's chart saying that as the market's total market capitalization fell from $2.7 trillion to $2.3 trillion, the daily trading volume of cryptocurrencies also fell from $180 billion to $50 billion. There's a saying in traditional finance that says "don't short a depressed market" because a little momentum can push prices higher. This may also apply to the crypto market, which could see an explosive rally during the summer downturn, given multiple possible stimuli (e.g., Fed rate cuts, U.S. presidential election, etc.).
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.
You may also like
Despite a 16% drop in sales, profit remains stable! Porsche (POAHY.US) maintains its earnings, with the 911 as a key support
Despite another significant decline in car sales, the profitability of the German luxury carmaker Porsche remains stable. The demand for high-end models such as the 911 and its expensive derivative models has helped the company cushion the impact of weak performance in the Chinese market.
Equities: AI optimism lifts global stocks and chipmakers – Danske Bank
Crypto prices
More
