As the notorious “sell in May” month rolls in, the crypto world is experiencing some turbulence. Gareth Soloway, Chief Market Strategist of InTheMoneyStocks.com and VerifiedInvesting.com, recently shared his thoughts on the current state of the crypto market in an interview with Daniela Cambone on Stansberry Research’s YouTube channel.
We’ve highlighted everything you should know- read on!
Bitcoin Stuck In A Range, XRP’s Fate Hangs in the Balance
According to Gareth, the Bitcoin price action has been somewhat lackluster lately, with the cryptocurrency hovering between $27,000 and $30,500. He argues that this range-bound behavior is reminiscent of a bear market rally and that a substantial move above $30,500 is needed to change the current market outlook.
On the other hand, Ripple-issued XRP continues to be a tricky investment due to the ongoing legal battle surrounding it.
Currently, crypto exchanges Kraken and Coinbase have both delisted the token from their platforms. Gareth advises caution with XRP, stating that he doesn’t have a clear edge or high probability one way or the other.
How Is The MemeCoin Surge Impacting The Market?
The recent hype around meme coins like Pepe Coin has raised eyebrows in the crypto community. Gareth warns against chasing these coins, likening them to a game of “hot potato” where investors hope someone else is willing to pay higher than they did.
The expert believes that the surge in speculation around these coins is a warning sign of froth in the market and could indicate that a more significant dip in the overall market is near.
Related: Memecoin Season: Pepe Coin (PEPE) vs Dogecoin (DOGE): Which Will Take The Crown? – Coinpedia Fintech News
Gareth also touched on the subject of government regulation, which he believes is being held back until central bank digital currencies (CBDCs) are launched. He questions the future relevance of stablecoins like Tether (USDT) and USD Coin (USDC) once CBDCs are in place, and how this shift may impact the cryptocurrency market.
Source: https://coinpedia.org/altcoin/beware-of-memecoin-rally-markets-are-headed-for-a-crash-warns-gareth-soloway/