One of the most well-known analysts in the cryptocurrency world, il Capo of Crypto, spoke about Bitcoin and the general crypto market in light of today's developments.
The analyst touched on the cryptocurrency exchange Coinbase's launch of an altcoin called cbBTC today, whose price is indexed to Bitcoin. cbBTC is known as an Ethereum-based token with a collateral ratio of 1:1 with BTC, and aims to allow BTC holders to use their coins on DeFi platforms on Ethereum and Base.
According to the analyst, Coinbase’s move could see more liquidity flow into altcoins as BTC is used on DeFi, which would support the idea of an upcoming altcoin season.
According to il Capo, demand for altcoins may increase as BTC is transferred to decentralized ecosystems in the market.
In addition, the analyst listed some events to watch in the coming week that could produce interesting results:
- Trump's World Liberty Financial Announcement (via X Spaces) – September 16
- FOMC and FED Interest Rate Decision – US, September 18
- TOKEN2049 event – Singapore, 18-19 September
- Solana Breakpoint 2024 event – Singapore, 19-21 September
The analyst believes the timing for these events is perfect, adding that the ALTS/BTC chart is bottoming and Bitcoin could be forming a new bull trend that could see price appreciation on lower timeframe charts.
*This is not investment advice.