Crypto Sell-Off: Market Fear and Macro Worries to Blame, Not Crypto-Specific Issues
CryptoNewsTerminal Staff05 Aug, 2024
Crypto Sell-Off: Market Fear and Macro Worries to Blame, Not Crypto-Specific Issues
Today's crypto markets sell-off can be attributed more to the fear in the markets and broader macro worries than to crypto-specific issues, the U.S.-based Wall Street investment bank Bernstein said in a report, Decrypt reported. "We can find no additional crypto-specific negative news to explain the crypto sell-off, and Bitcoin ETFs have seen cumulative inflows of over $17 billion YTD. Moreover, we expect more major wirehouses to enable physical ETF trading in Q3/Q4, and asset managers to include BTC in their portfolio as part of their asset allocation strategy. As such, we believe BTC will likely continue to trade in a range, driven by external factors like the upcoming U.S. presidential debates and the U.S. election until after the U.S. election in Q3," the report said.
