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Bitwise Research Director Ryan Rasmussen recently highlighted four major catalysts that could push the cryptocurrency market higher.
In a social media post, Rasmussen detailed these factors, focusing on political developments, economic policies, ETF trends, and emerging innovations in the blockchain space. Here’s a closer look at the identified factors:
US Elections and Regulatory Progress
Rasmussen noted that the ongoing uncertainty surrounding the upcoming US elections has affected market sentiment. However, he noted that the crypto industry currently has strong political lobbying and bipartisan support in Congress. Regardless of the election outcome, pro-crypto legislation remains highly likely to pass Congress. This shift in political support could boost investor confidence in the sector.
Interest Rate Cuts and Economic Stimulus
As global economies face a new cycle of quantitative easing, any signs of economic weakness are likely to trigger aggressive stimulus measures, according to Rasmussen. Low interest rates, loose monetary policies, and increased government support have created a favorable environment for cryptocurrencies, which typically thrive amid economic stimulus and inflation concerns, he argued.
ETF Flows Reacceleration
Rasmussen expects major securities firms to begin recommending Bitcoin ETFs to their clients in the coming months. This renewed acceleration in ETF flows could lead to increased adoption and potentially push Bitcoin prices to all-time highs. Bitcoin ETFs could see significant capital flows through Q4 2024 and 2025, further cementing their role in mainstream financial markets.
Stunning Applications and New Product Launches
“Breaking applications” and new blockchain projects are generating excitement in the crypto space. Rasmussen highlighted developments such as stablecoins, decentralized physical infrastructure networks (DePINs), and prediction markets as key areas of innovation. There is also growing optimism around new blockchain platforms such as Near, Sui, Aptos, and Monad that could offer scalable solutions and increase the appeal of digital assets.
*This is not investment advice.