🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

The end of the Bitcoin euphoria: Why BTC and Ethereum have no future – Experts

Published 06/09/2024, 01:18 am
© Reuters
BTC/USD
-
BTC/USD
-
ETH/USD
-
ETH/USD
-

Investing.com – It seems that the days of unstoppable Bitcoin rallies have come to a sudden and unexpected end. Many experts and investors agree: there will be no further BTC bull run. This grim prediction reflects the current sentiment dominating the cryptocurrency market.

At the beginning of the year, there was a palpable euphoria in the air. Meme-coins were touted as the next big opportunity, with predictions that some coins had the potential to increase their value fiftyfold. Today, however, amid a general pessimism, even moderate forecasts, such as a fivefold increase in prices, appear to be downright wishful thinking.

The extreme fluctuations in market sentiment are not new in the crypto-universe. This emotionality, which accompanies Bitcoin and other cryptocurrencies, drives prices to both breathtaking highs and dizzying lows. Crypto investors regularly experience highs followed by subsequent crashes.

Although the current market situation seems grim, there are still positive developments to be noted. The acceptance of cryptocurrencies is progressing inexorably, which is an indicator of the potential and longevity of these digital assets. A striking example of this is the Zürcher Kantonalbank (ZKB).

The ZKB, one of the largest financial institutions in Switzerland, now offers its clients the ability to trade, store, and hold Bitcoin and Ethereum through their existing mobile apps and e-banking channels.

This service was introduced on September 4 in collaboration with Crypto Finance, a FINMA-regulated institution. The ZKB's decision shows that despite extreme market sentiment and predictions about the end of bull runs, a significant movement towards mainstream acceptance of cryptocurrencies is underway.

The wide acceptance of cryptocurrencies in Switzerland fits well with the overall climate in the country, which is characterized by a positive attitude towards digital assets. Even the Swiss National Bank holds an indirect Bitcoin position, as it owns shares in MicroStrategy Incorporated (NASDAQ:MSTR), the largest BTC holder in the stock market.

In conclusion, it can be said that regardless of the current market turmoil and pessimistic forecasts, the movements and real progress within the financial world speak for a long-term stability of this sector. Whether there will ever be another massive bull run remains to be seen, but the fact that more and more traditional financial institutions are integrating cryptocurrencies suggests a brighter future and genuine long-term acceptance.

Crypto investors looking to diversify their portfolios with undervalued stocks are increasingly using InvestingPro. With this tool, anyone can find undervalued stocks in their target markets and make informed investment decisions.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.