Analysis: The recent downturn in the crypto market is not due to fundamental factors, but rather investors taking profits at the end of the year
According to Bloomberg, Edward Chin of Parataxis said, "The recent market downturn seems like investors are taking profits at the end of the year, and there aren't any fundamental factors that have triggered this sell-off." Due to reduced expectations for a Federal Reserve rate cut in 2025, some investors may be choosing to reduce their exposure and take profits.
Chris Weston, head of research at Pepperstone Group, wrote in a report that "Technically speaking, caution should be exercised in the short term. This does not mean we will see prices plummet soon but the momentum of the uptrend has clearly weakened and buyers have lost their dominant position and control over the market."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Data: A certain bitcoin whale has unrealized short profits exceeding $57 million
Data: Whale who profited $24.48 million from shorting withdrew 57,700 ETH from an exchange this morning
Data: Ark Invest increases its holdings by more than 380,000 shares of Bitmine stock again