Benzinga - Pseudonymous analyst The Flow Horse, also recognized as Cantering Clark, recently shared his diminishing confidence in the cryptocurrency market's potential for a rebound.
His skepticism primarily stems from the perceived lack of tangible, real-world applications for most cryptocurrencies. If you share these concerns, don't miss Benzinga's Future of Crypto in NYC on November 14, 2023. Join industry experts to challenge your views and discover crypto's real-world potential.
In his tweets, Cantering Clark reflected on the previous bear market, noting that while many anticipated the industry's end, the current sentiment seems to hinge on the hope of an impending bull market.
He stated, "Last bear market people thought it was over, this time everyone just comfortably leans on the idea of 'next bull market'."
However, his confidence in the market's resurgence has waned compared to previous cycles.
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The analyst further questioned the market's optimism by pointing out the prevalent issues plaguing the crypto space. "Constant future promises, plenty of scams, and no real-world application beyond stables and the Swiss-Bank'esq of BTC," he tweeted.
Cantering Clark emphasized that while certain innovations have the potential to revolutionize the global financial system, they might not necessarily require tokens to be realized.
His tweets suggest a belief in the possibility of a select few cryptocurrencies surviving and integrating with traditional finance, but he remains cautious regarding the broader market's future.
Meanwhile, major cryptocurrencies including Bitcoin (CRYPTO: BTC), Ether (CRYPTO: ETH) were trading higher, after a federal court ordered the Securities and Exchange Commission to review its rejection of Grayscale Investments’ attempt to convert the Grayscale Bitcoin Trust into an ETF.
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