Bitcoin (BTC) was trading close to $29,500 during the afternoon trading session in East Asia. Its value had comfortably settled at $29,404, as indicated by the CoinDesk Indices bitcoin trend indicator, which marked the world’s most valuable digital asset as being in a neutral state.
According to the data provided by CoinDesk, the price of ether, which is the second-largest cryptocurrency based on market value, experienced a slight decrease of 0.66%, bringing its price to $1,864 from its previous level.
QCP Capital, which has its headquarters in Singapore, mentioned in a recent update to the market that this is the time of year when accumulators are most active.
Bitcoin traded just below $29,500 during the afternoon in East Asia, and its final price was $29,404.
The CoinDesk indicator showed a neutral outlook for the world’s largest digital asset during this trading session. On the other hand, ether dropped 0.66% to reach $1,864 in value.
The investment firm QCP Capital from Singapore pointed out that this is the time of year for accumulators to be active in the market.
At the moment, the value of bitcoin and ether barely budged in response to changes in economic conditions. However, the market anticipates a significant increase in Bitcoin’s price by the end of the year, as well as an increase in the cryptocurrency’s volatility.
This expectation is based on a number of recent developments, including the ruling of the Blackrock spot ETF and the upcoming Bitcoin Halving event. Accredited investors, also known as “Accumulators,” are currently taking advantage of this situation in order to gradually purchase coins at prices that are lower than their original value.
Mike Novogratz, who is with Galaxy Digital and represents the company, has a positive outlook on the future of Bitcoin, especially after the ETF filing. He emphasized how significant Larry Fink’s shift in perspective was and what it meant for the company.
Prior to this, Larry Fink was skeptical about Bitcoin’s viability as a global currency; however, he now acknowledges the potential that Bitcoin possesses in this regard. Novogratz also mentioned Galaxy Digital’s intention to keep a presence in New York and how committed they are to doing so.
Novogratz also shared the contents of the investment portfolio he considers to be ideal for a young person with a high appetite for risk. This portfolio includes shares of Alibaba, in addition to gold, silver, bitcoin, and ether.
On the other hand, Joe DiPasquale, CEO of BitBull Capital, a crypto fund manager, pointed out that the recent positive shift in market sentiment has been caused by Bitcoin’s ability to withstand both macroeconomic events and technical issues, such as the Curve Finance exploit.
This ability has led to an increase in investor optimism. He emphasized that with the Federal Reserve’s interest rate hike already factored in, the resiliency of both Bitcoin and Ethereum at their current price levels should give confidence to the bullish outlook.
DiPasquale does not anticipate an immediate uptick in market activity and identifies the halving event that will take place in 2024 as the subsequent significant price catalyst. Until then, he suggests that bulls should practice vigilant risk management and look for opportunities to accumulate, while bears should look for opportunities to accumulate.
In related news, the value of the Curve Finance CRV token has begun to recover, exhibiting a 6.4% increase in the previous hour to reach 64 cents.
However, in the last twenty-four hours, its value has dropped by twelve percent as a result of an exploit that put one hundred million dollars’ worth of cryptocurrency at risk.