- The Head of Trading at Galaxy Digital feels Bitcoin’s narrative is solid and will continue to be beneficial.
- Bitcoin’s recovery is natural, partly prompted by an immense dislocation to the pessimistic.
- People have realized that Bitcoin is here to stay, which has resulted in some chasing and FOMO.
Jason Urban, the Global Head of Trading at Galaxy Digital, has stated that he is optimistic about the future of cryptocurrency and believes that its story is a positive one, which he explained while discussing the recent rebound in Bitcoin and the broader cryptocurrency market.
During an interview at the “Hong Kong Web3 Festival,” Urban discussed the recent rebound of Bitcoin and the broader cryptocurrency market, attributing it to a natural phenomenon resulting from the industry’s significant downside dislocation. He also believed that people had realized Bitcoin’s long-term potential, leading to a Fear of Missing Out (FOMO) effect and increased demand.
Institutional investors embrace Bitcoin
Jason Urban, the Global Head of Trading at Galaxy Digital, has noted that numerous institutional investors and TradeFi players, who had previously dismissed Bitcoin as a fleeting trend, are returning to the space. Bitcoin has exhibited remarkable price behaviour lately, surging above $30,000 for the first time in 2023. However, Urban asserts that the digital asset’s strength is not solely dependent on its price action but on its behaviour under varying circumstances, emphasizing its value beyond its market price.
According to Urban, there has been a significant influx of new participants in the cryptocurrency market. Many individuals who may have missed out on previous rallies are now trying to enter the market through various options. This has resulted in increased institutional activity on the options side of the crypto market.
From Urban’s viewpoint, cryptocurrency investors approach macroeconomic factors such as inflation with a long-term outlook. He asserts that investors’ primary focus is on the economic situation within a 6 to 12-month timeframe.
Historical prices shake the market
According to Urban, historical price behaviour has forced numerous natural sellers out of the market, leading to the current crypto market’s condition. He stated that many genuine sellers had been compelled to exit the market, and thus he believes that the story for crypto is strong and will remain positive.
Urban speculates that investors who would no longer be able to get leverage from banks may go to the options market as an alternative source of leverage. He said that issues in the cryptocurrency lending sector were almost nonexistent today.
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