{"id":13223,"date":"2022-07-12T05:41:41","date_gmt":"2022-07-12T05:41:41","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/market-strategist-says-crypto-has-no-upside-catalysts\/"},"modified":"2022-07-12T05:41:41","modified_gmt":"2022-07-12T05:41:41","slug":"market-strategist-says-crypto-has-no-upside-catalysts","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/market-strategist-says-crypto-has-no-upside-catalysts\/","title":{"rendered":"Market strategist says crypto has ‘no upside catalysts’"},"content":{"rendered":"

(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum & Crypto News )<\/b>
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Bitcoin continues to hover just above the $20,000 price level, where bulls have been battling fresh downside pressure following the bounce from bear market lows of $17,600.<\/p>\n

The crypto market is also in a similar sentiment zone, and what investors might be looking out for is whether the bottom is in. Of course, several market commentators and analysts warn of one possibility: the crypto winter could still have further downside legs.<\/p>\n

Bitcoin is yet to see a recession<\/h2>\n

CoinShares, a leading digital assets management firm, believes the market may struggle to establish an upside movement.\u00a0<\/p>\n

This view was shared by the company\u2019s chief strategist officer Meltem Demirors, who told<\/a> CNBC\u2019s Squawk Box\u2019 that the current crypto market will likely persist for a while.\u00a0<\/p>\n

\u201cFor us at CoinShares the view is [that] we are going to stay where we are for a while. There are no near term upside catalysts. We have yet to see Bitcoin in a recession<\/em>,\u201d Demirors told CNBC\u2019s Andrew Ross Sorkin on Monday.<\/p>\n

What\u2019s going suggests more pain<\/h2>\n

The strategist indeed expects the global macro environment to dictate fresh downturns across stocks and crypto.<\/p>\n

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“For us at @CoinSharesCo<\/a> the view is we are going to stay where we are for a while. There are no near term upside catalysts. We have yet to see #bitcoin<\/a> in a #recession<\/a>,” says @Melt_Dem<\/a>. “Certainly expect more pain ahead for tech stocks, growth and also #crypto<\/a>.” pic.twitter.com\/3dQ7ke9tA5<\/a><\/p>\n

\u2014 Squawk Box (@SquawkCNBC) July 11, 2022<\/a><\/p>\n<\/blockquote>\n

\u201cArguably, are we in a recession? We don\u2019t know<\/em>,\u201d she added, \u201cbut with what\u2019s going on in the Eurozone, around the world and in the United States \u2013 the Fed hiking rates and cutting back on their open-market activities \u2013 certainly expect more pain ahead for tech stocks, growth, and also crypto<\/em>.\u201d<\/p>\n

The CoinShares executive also noted that with a lot of liquidity squeezed out of the market following the crypto price crash, traders might yet be apprehensive of what\u2019s coming next.\u00a0<\/p>\n

According to the expert, the uncertainty is a strong indicator of near-term price movement possibilities, with more companies likely to hit turbulence before the market calms down.<\/p>\n<\/p><\/div>\n