Crypto News-Announcements, Uncategorized

Matrixport Shares 2024 Predictions for Bitcoin and Altcoins

Crypto investment management company Matrixport has released its latest report, which includes predictions for Bitcoin (BTC) and altcoins for the year 2024. The report covers various topics that could trigger a rise in the cryptocurrency market, from the approval of a spot Bitcoin ETF to the reopening of FTX and the Federal Reserve’s interest rate cuts.

Spot Bitcoin ETF, FTX, Circle, and Ethereum

Matrixport, the crypto investment management company owned by billionaire entrepreneur Jihan Wu, has published its latest report, which includes predictions for the crypto market in 2024. According to the report, at least one spot Bitcoin exchange-traded fund (ETF) will be approved by the US Securities and Exchange Commission (SEC) in January. The report also predicts that Circle, the issuer of the second-largest stablecoin USD Coin (USDC), will be listed on the exchange in April.

The report also includes predictions that FTX, which caused a stir in the crypto market with its bankruptcy in November 2022, will reopen in May as FTX 2.0, and Ethereum, the leader of altcoins, will complete its upgrade to Ethereum 2.0 in the first quarter of 2024.

Fed to Begin Interest Rate Cuts in June

Matrixport analysts predict that the Federal Reserve (Fed), which raised the policy rate to the highest level in the past 22 years at 5.25-5.50% to combat inflation, will clearly put an end to the interest rate hike process in 2024. According to analysts, the Fed will begin reducing interest rates in June.

While analysts generally agree that the Fed will no longer raise interest rates, there are different opinions on when the interest rate cuts will begin. Federal Reserve Chairman Jerome Powell and other Fed officials have made vague statements on this issue, causing uncertainty in the market.

Finally, Fed Chairman Jerome Powell stated in a speech at a conference organized by the International Monetary Fund (IMF) that inflation in the US continues to exceed the target and more progress needs to be made in this regard. Powell emphasized the need to make further progress in reducing inflation to the 2% target and stated that they will not hesitate to tighten monetary policy further.

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