ETH price: CoinShares’ chief strategist points to “buy the rumour sell the news’ outlook

ETH price: CoinShares’ chief strategist points to “buy the rumour sell the news’ outlook
фото показано с : invezz.com

2022-8-23 20:17

Meltem Demirors, the Chief Strategy Officer at digital asset management firm CoinShares, says there isn’t much new capital currently getting into the Ethereum market.

The CoinShares executive noted this dueing an interview with CNBC’s ‘Squawk Box’ on Monday.

According to her, while has been a lot of positivity around the “Merge”, the broader market is still jittery over over inflation and other macro-side of things. It’s a situation likely to see the highly anticipated event not be the sole driver of price action, she said.

Her comments come as Ethereum (ETH/USD) dropped below $1,600 on Monday. The cryptocurrency’s price has broken lower alongside most of the crypto market, including Bitcoin (BTC/USD), amid sell-off pressure in the risk-on asset market.

But while bulls are attempting to break back above the crucial level for Ether, the coin’s current price of $1,584 leaves it nearly 19% off its seven day high. The losses have wiped off the gains seen following news of the upcoming upgrade, when Ethereum is to fully transition to the proof-of-stake consensus mechanism.

Is the ‘merge’ sentiment over?

Although hailed as a bullish factor, the current outlook appears to conform to a classic “buy the rumour, sell the news” scenario for the native ETH token, Demirors said.

This past week has seen Ethereum price struggle, even as some analysts suggest the ‘merge’ remains one of the biggest catalysts for an upward movement.

She told Squawk Box that enthusiasm aside, market players are actually looking at the upgrade as a single event – in isolation of the broader market outlook.

“While internally there’s a lot of enthusiasm within the crypto community and Ethereum community around the Merge as an event that will dramatically reduce supply while potentially driving demand, one of the realities is on the macro side, people are worried about rates, about macro.”

According to her, these aspects, and the fact that the broader market has a confluence of potential price drivers, suggest that ETH might struggle amid the ‘merge hype’.

Summing up the outlook for Ethereum, she explained:

“I don’t think there’s a lot of new capital coming in to buy Ethereum on these changed fundamentals and technicals. There’s also some risk that I think will need to play out with the market. So in my view, the Merge has been a ‘buy the rumour and sell the news’ situation.” 

She also suggests most of the market activity is currently through trading ETH options and not through direct exposure.

The post ETH price: CoinShares’ chief strategist points to “buy the rumour sell the news’ outlook appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

TheChiefCoin (CHIEF) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 CHIEF

coinshares chief ethereum market executive currently much

coinshares chief → Результатов: 23


Мелтем Демирорс: До конца года биткоин будет стоить $100 000

Директор по развитию CoinShares Мелтем Демирорс заявила в комментарии CNBC, что до конца 2021 года курс первой криптовалюты взлетит до $100 000. Bitcoin to the moon! $100,000 could be the next target for the world's top cryptocurrency, and it could happen as soon as this quarter, says @CoinSharesCo Chief Strategy Officer @Melt_Dem.

2021-10-4 12:54


Фото:

CoinShares’ Demirors: The Market Cap of Bitcoin Will Far Exceed That of Gold

‘Bitcoin is the digital gold’ is a narrative that has become quite common. However, according to Coinshares’ Meltem Demirors, Bitcoin is much more than just a digital replacement for gold. Demirors who is the chief strategy officer at the digital asset management firm, CoinShares believes that Bitcoin will soon outdo gold in market cap despite […]

2021-2-15 15:30


CoinShares CSO: The rising popularity of Bitcoin derivatives means the 2020 halving won’t push its price up

The May 2020 Bitcoin halving might not have such a dramatic effect on Bitcoin’s price. According to Meltem Demirors, the chief strategy officer of CoinShares, the popularity of the Bitcoin derivatives market means that the price of the underlying asset is becoming less relevant, which will keep it in check even after the halving.

2019-12-28 00:39


CoinShares CSO: Inconsistencies in regulatory enforcement of laws hurting industry

At Bloomberg’s ‘The Future of Digital Assets’ briefing in London, Chief Strategy Officer for CoinShares, Meltem Demirors, spoke to Alex Webb about CoinShares' goals as a company, crypto-regulatiThe post CoinShares CSO: Inconsistencies in regulatory enforcement of laws hurting industry appeared first on AMBCrypto.

2019-11-21 11:30


CoinShares Aims For IPO, But London Regulators Cause Second Thoughts

CoinShares is preparing for an initial public offering, but a chilly regulatory climate means that the London-based asset management firm may have to list its shares elsewhere. Daniel Masters, CoinShares’ Executive Chairman, has revealed some of the company’s plans to Crypto Briefing, including the appointment of a new Chief Operations Officer.

2019-10-5 18:40


Фото:

Singapore Could Embrace Bitcoin First, Pompliano Tells CNBC

Singapore could be the first country in the world to embrace Bitcoin, one of cryptocurrency’s best-known commentators has told mainstream media.   Singapore Saying ‘Bring It On!’ Speaking on CNBC’s Squawk Box segment July 30, Anthony Pompliano, co-founder of Morgan Creek Digital, said Singapore’s proactive stance on regulation could leave the rest of the world racing to catch up.

2019-7-30 20:00


Фото:

Will Your Favorite Sh*tcoin Ever Moon Again?

Ever wondered if that (sh*t)coin you bought during the ICO that seemed to have outstanding perspectives, excellent investors behind it, and highly profitable days ahead of it is worth holding anymore?  It went up at least 2x after its listing on exchanges and then fell hard, possibly below its ICO price — didn’t it?! Everyone has been there and done that — including the Chief Strategy Officer at CoinShares, Meltem Demirors, who’s just shared some Read More The post Will Your Favorite Sh*tcoin Ever Moon Again? appeared first on Bitcoinist.com.

2018-9-9 04:00