Bull Statements from the Famous Founder: "As of Today, the Current Bear Market in Cryptos Is Over"

Arthur Cheong, the founder of crypto investment firm DeFiance Capital, declared the crypto bear market from 2022 to 2023 officially over in his analysis published on Twitter on July 14, 2023.

Cheong cited six reasons for the bullish outlook in the crypto market, ranging from macroeconomic factors to regulatory developments to market sentiment.

• First, he argued, the worst of macro tightening is over as consumer price index (CPI) data plummets and the real interest rate is now positive. He predicted that interest rates are more likely to be cut next year than not, which will increase demand for crypto assets.
• Second, he noted the continued institutional acceptance of crypto as an asset class, based on Blackrock's application for a Bitcoin exchange-traded fund (ETF) in June 2023. He said this will pave the way for more mainstream investors to enter the crypto space.
• Third, he claimed that the chances of the U.S. Securities and Exchange Commission (SEC) to label all tokens as securities are now significantly weakened after the SEC partially lost its case against Ripple Labs regarding the XRP token. He said this is a landmark decision that will reduce regulatory uncertainty and risk for crypto investors.

• Fourth, he observed that most of the casual or casual investors have withdrawn from the market and those still in the market at the moment will not sell in the near term, except for some coins with obvious unlocking programs. He stated that this shows strong belief and resilience among crypto holders.
• In the fifth, he noted that the market has focused extremely little on non-Bitcoin and non-Ethereum tokens, and there is still much to be done to catch up. He suggested that this could generate opportunities for diversification and growth in the crypto market.
• Finally, he stressed that Hong Kong's tolerant stance on crypto is genuine and will pave the way for Asian financial institutions to engage in crypto legitimately. He said this will increase liquidity and adoption of crypto in the region.

*Not investment advice.