An Echo Bubble is not a concept familiar to traditional finance traders. In crypto, the concept of echo-bubble was popularised by the famous trader GCR. It’s the idea that a mini-bubble ‘echoes’ a previous big bubble in a subsequent period. In 2019, the markets saw a short-lived crypto echo-bubble that followed the 2017 rally. Given how immense the 2021 Bitcoin and the crypto market grew into an All-Time High (ATH), many traders anticipated a significant Echo Bubble. Many expected a crypto echo bubble in 2024, and the real market boom cycle in 2025. Few however anticipated that a Bitcoin ATH saavutettaisiin prosessissa. Monet kokeneet kauppiaat, jotka kärsivät edelleen bear market bluesia päätyi tämän rallin sivuun ja toivoi jälleen uutta Bitcoin ATH:ta.
Many of these experienced traders continue to predict a pullback. Altcoins, including Ethereum, have still seen little momentum. Volumes remain well below 2021/22 levels. The consensus among crypto natives is that this is a ‘boring’ bull market so far. Yet, meme coins have continued to attract enormous market interest. Bitcoin displays surprising strength by continuing to push towards the $70k price level, even in the absence of new market catalysts. On the technical side, new narratives continue to build with re-staking, zero-knowledge rollups, new Data Availability layers, and Smart Wallets all being touted as major new developments.
Makrotaloudelliset vihjeet ja markkinoiden liikkeet
Taking a step back, the macro picture may hold some clues. This week, the Federal Reserve’s policy committee, known as the Federal Open Market Committee (FOMC), decided to keep interest rates steady at 5.25% to 5.50%. This decision comes amid continuous inflation concerns, but the latest figures show signs of easing. Markkinoiden toiveet mahdollisista koronlaskuista myöhemmin tänä vuonna ovat korkealla. Dollari tulee kalliimmaksi korkeampien korkojen myötä, mikä saa sijoittajat karttamaan riskialttiita omaisuuseriä, kuten Bitcoin ja Ethereum. Toisaalta alhaisemmat korot ohjaavat enemmän pääomaa riskipitoisiin omaisuuseriin. Bitcoin ja Ethereum both soared by around 4% after the latest inflation report. Traditional markets have also responded to this announcement, with the S&P 500 index and Nasdaq Composite index both rising by around 1% and 2% respectively on the news.
Maybe markets as a whole see something that some experienced traders are currently missing: the setup is turning increasingly bullish. One way or another, the Federal Reserve will sooner or later lower rates. With elections looming, both major political parties in the US are becoming more open-minded about crypto. Particularly Republican candidate Donald Trump has stood out with much pro-crypto commentary over the last weeks. He is also the frontrunner for now. The Ethereum Spot ETF is also on track for a September launch. Clearly, the ‘risks’ seem to be leaning towards the up-side. If markets can look strong on the current low volumes, it will be interesting to see what can happen when things really start to move.
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