The report was released by the Roscongress Foundation, a leading Russian conference organizer. According to Russian experts, the bitcoin bull market trend will falter. They said Bitcoin’s recent price hike is associated with the speculative game surrounding the spot Bitcoin ETF approvals. The recent trend in bitcoin prices is almost similar to the situation that occurred in 2017, and Russian experts have said that the popularity of crypto and bitcoin has dwindled compared to 2017.
The opinion of Russian experts reaffirms that spot bitcoin exchange traded funds will make crypto investments accessible to a broader customer base. The mining backed Bitcoin transaction protocols pose a major threat to total inclusion in the conventional financial ecosystem.
Crypto assets are not a preferred option for full inclusion in the traditional financial ecosystem since they are unsuitable for offsetting purposes. Offsetting, a financial jargon, presents assets, liabilities, expenses, and incomes in the fiscal statements. The market data underlines that the investment community will treat high-risk assets and tech stocks equally.
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The report’s authors said that Bitcoin is more closely associated with stock market trends than with coveted assets like gold. They point out that bitcoin belongs to the breed of speculative asset with a high-risk caliber. Russian experts highlighted the lukewarm response in the bitcoin market to the April halving event. It is a well-known fact that the behavior of an asset is dependent on the willingness of investors to take on risk, and Russian experts unanimously agree with this viewpoint. The report indicates bitcoin and the influence of spot bitcoin exchange traded fund approval in America.
According to Russian experts, temporary price spikes resulted from the speculative play of crypto investors keen on monetizing the exchange traded fund approvals in the USA. Their statement shows that the range of bitcoin price predictions for the end of 2024 was unimaginably wide. The bitcoin price average maximum forecast is $121,764, whereas the average floor is $50,318. The report writers remarked on the notable capitalization growth of stablecoins since 2017. The capitalization growth of Bitcoins paved the way for a new bitcoin bull market trend in 2021 and 2024. The popularization of crypto is the root cause of Bitcoin’s price growth in 2017.
A steep increase in stablecoin supply and pricing transfer to virtual spaces are the factors that contributed to the bitcoin price growth in 2021. The bitcoin price surge in 2024 is a response to the restoration of stablecoin supply, and Russian experts have said that bitcoin and altcoin mining will witness dramatic growth by 2024.
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The recent development failed to create a buzz similar to the situation in 2017, and price fluctuations for short periods are common since speculation is an unavoidable component of wider cryptocurrency market trends. The zeal surrounding the recent bitcoin price surge is a byproduct of a vigilant approach from global investors. It can also be termed as a reflection of wider hesitation in the global financial market.
