Matrixport: The crypto market is currently focusing on three narrative directions: Bitcoin, Ethereum, and Trump-themed Meme coins

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Bitget2024/05/31 12:54

According to ChainCatcher news, Matrixport released a report stating that the cryptocurrency market is currently focusing on Bitcoin, Ethereum and Trump-themed Meme coins. Lower U.S. inflation may push Bitcoin higher on ETF inflows, the SEC is about to approve an Ethereum spot ETF, traders are planning ahead, and Trump's support for cryptocurrencies has boosted the rise of its related Meme coins.

The report predicts that as the November 2024 presidential election approaches, Bitcoin prices will rise if pro-cryptocurrency Trump takes the lead. Since the release of the report "Trump May Be Bitcoin's Biggest Rise Driver This Year", the market value of the Trump-themed meme coin (Trump-USDT) has tripled to $600 million.

The report noted that support for cryptocurrencies has increased significantly among U.S. political circles. The perpetual futures market saw an additional $4 billion in inflows after the SEC approved the ETF application. Historical experience shows that investors often profit from long positions in Ethereum before the Ethereum ETF begins trading.

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.

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