According to Arthur Cheong, Founder of DeFiance Capital, the long-awaited end of the 2022-2023 bear market officially arrived on July 14, 2023. Cheong outlined six key reasons supporting this claim.
Read CRYPTONEWSLAND onFirstly, the worst of macro tightening measures has passed, with the Consumer Price Index (CPI) falling and real interest rates now turning positive. This suggests a higher likelihood of rate cuts in the coming year rather than further tightening.
Secondly, institutional acceptance of cryptocurrencies as an asset class continues to grow, highlighted by Blackrock’s application for a Bitcoin exchange-traded fund (ETF).
Thirdly, the chances of the US Securities and Exchange Commission (SEC) labeling all tokens as securities have substantially weakened, especially considering their recent struggles in winning a case against a token that is most likely to be classified as a security.
Fourthly, most short-term traders have exited the market, leaving behind those who are more likely to hold their positions. The exception may be coins with predetermined unlock schedules.
Fifthly, there is a significant underallocation in the market when it comes to non-Bitcoin (BTC) and non-Ethereum (ETH) cryptocurrencies. This suggests that there is still ample room for these assets to catch up in terms of market share.
Lastly, the welcoming stance of Hong Kong towards cryptocurrencies is a genuine development, and it has the potential to open the floodgates for Asian financial institutions to enter the crypto space through legitimate channels.
These factors, as outlined by Cheong, contribute to the optimism surrounding the end of the bear market and pave the way for a potentially brighter future for the cryptocurrency market.
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