“August promises to be just as harrowing for Bitcoin with more bouts of volatility guaranteed”Antoni Trenchev, co-founder and managing partner of cryptocurrency lender Nexo, told Bloomberg.
In fact, he noted that he is “leaning toward a repeat of July resistance over June capitulation,” and expanded: “Cryptocurrencies and stocks have been positively correlated with each other, and that has been especially the case with mega-caps”.
Jake Gordon of Bespoke Investment Group in a note late last week, which cited strong results from large-cap tech companies, which “They probably helped drive risk sentiment to push crypto higher.”
“The reason we are not bullish on crypto yet is because there are no business models that we are aware of that generate revenue outside of other crypto applications”he added.
However, he said that “as digital assets become a more mature asset class with the entry of institutional investors, a lot of on-chain adoption and development, over time you will see people looking at digital assets. from a different perspective.”
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
