The crypto ecosystem had been performing well until the Bitcoin ETFs got approved. That historical moment of crypto was so ambiguous that all positivity of the approval was ruined by several FUDs and the fake news.
Since the day of Bitcoin ETFs, we have not seen a sustainable increase in the prices of cryptocurrencies though a minority group of investors were speculating about above $50K levels in the short term. In reality, the " conservative " approach that held the half of the cryptocurrencies but took profit from the other half made one of the best risk / reward trades in the recent history.
When it comes to the shares of Coinbase, we witnessed a similar bull - leg in the price of it thanks to the hype on the market. Similar to the performance of Bitcoin, Coinbase shares were bought by the investors as they knew that the platform had the capability of holding the assets of ETF issuers as a custodial service.
The price of COIN has dropped drastically over the last 3 weeks because of some FUDs in the crypto ecosystem and the common belief that " buy the rumor and sell the news ". As a result of that, the share has lost around 40% within weeks.
Though COIN is listed on NASDAQ and is expected to be in line with the other shares on the exchange, its dynamics are close to the ones we have in the crypto ecosystem 😅
JP Morgan Sees COIN " Underweight"
The giants are taking some slow but firm steps in our crypto ecosystem.
Each step is both promising and full of uncertainties at the same time. Downgrade news by JPM is not a big surprise when we look at the current situation of the market.
- FED is not going to cut the interest rates soon
- The news was bought and sell - off is taking place in crypto
- The next narrative of " halving " has no drastic pre effect on the market.
Thus, there is a great opportunity for the long term investors and giants to buy cheap crypto and COIN shares with a little fear.
The pre - bull phase of crypto is almost over. After the approval of Bitcoin ETFs, a brand new era has begun already. Now it is time to make decisions for the investors whether they want to believe in the future ( + performance ) of the market or time to take full profit and leave the market.
What do you think, is it time to leave or ape into the crypto assets?
Share your vision below 👇
Hive On ✌🏼
Posted Using InLeo Alpha