OPNX Founder: Crypto Market Downturn 'Unlikely' to Last Long

OPNX Founder: Crypto Market Downturn 'Unlikely' to Last Long

Zhu Su, co-founder of the now-bankrupt crypto hedge fund Three Arrows Capital (3AC) and founder of crypto exchange OPNX, believes that the current market downturn is unlikely to last long. In a recent interview with Bybit, Su outlined six reasons for his optimism: 1. Easing fears over macroeconomics: The global economy has been experiencing a period of uncertainty in recent months, but Su believes that the worst is now behind us. He points to the fact that inflation is beginning to cool in some countries and that the Federal Reserve is expected to slow the pace of its interest rate hikes. 2. Potential easing of tensions over the Gaza conflict: The recent conflict between Israel and Palestine has weighed on global markets, but Su believes that a ceasefire could be reached in the coming weeks. This would remove a major source of uncertainty from the market. 3. End of summer market lull: The summer months are typically a slow period for the crypto market, but Su believes that we are now entering a period of increased activity. This is typically when institutional investors return from vacation and begin to allocate funds to cryptocurrencies. 4. Observation of increased volume and liquidity: Su has observed an increase in trading volume and liquidity in the crypto market in recent weeks. This suggests that investors are becoming more confident in the long-term prospects of cryptocurrencies. 5. Imminent release of Binance founder Zhao Changpeng: Binance founder Zhao Changpeng has been detained by Chinese authorities for questioning in connection with an investigation into money laundering. Su believes that Zhao's release would be a positive signal for the crypto market. 6. Bitcoin's current price range being attractive to traditional finance: Bitcoin is currently trading at around $20,000, which Su believes is an attractive price point for traditional financial institutions. He expects to see more institutional investment in Bitcoin in the coming months. Overall, Su is optimistic about the future of the crypto market. He believes that the current downturn is a buying opportunity and that we are on the cusp of a new bull market.