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HomeAnalysisCrypto Market Near-Term Upside Is Likely Capped: Bank of America

Crypto Market Near-Term Upside Is Likely Capped: Bank of America

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TL;TD:

Bank of America (BAC) suggests limited upside for cryptocurrency markets in the near-term due to low conviction, limited catalysts, and the challenging macro backdrop. Hedge funds are returning to token trading, benefiting from heightened volatility. The bank expects cryptocurrency trading volumes to remain subdued, with retail investors staying on the sidelines. Traditional finance (TradFi) companies and tech firms are actively developing blockchain applications for demand deposits, repo settlements, and bond issuance.

Facts

  • 💰 Bank of America predicts limited upside for cryptocurrency markets in the near-term.
  • 📉 Low conviction, limited catalysts, and a challenging macro backdrop are factors contributing to the trading range of digital assets.
  • 📈 Hedge funds are returning to token trading, benefiting from increased volatility and declining trading volumes.
  • 💸 Cryptocurrency trading volumes are expected to remain subdued, with retail investors staying on the sidelines.
  • 🏦 Traditional finance (TradFi) companies and tech firms are actively building blockchain applications for demand deposits, repo settlements, and bond issuance.

Source: Coindesk

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