According to Troy Gayeski, senior market analyst at FS Investments, digital currencies will face more selling pressure if the money supply declines.
The decline in the US Federal Reserve’s balance sheet will be the main catalyst for the continued decline in the cryptocurrency market. Troy Gayeski believes that digital currency investors should not enter the financial markets with more capital than they can afford.
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Senior market analyst comments on the future of cryptocurrencies
Bitcoin is currently trading slightly above the $ 20,000 level. Top US cryptocurrencies, like US stocks, were unable to sustain their recent price growth.
According to Gayeski, digital currencies are among those assets that will be able to grow by 500% in the next 4 years. CoinGecko data also shows that Bitcoin is now more than 70% away from its all-time high.
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Source: u.today