Russian Experts Assess the Bitcoin Market
In a recent report by the Roscongress Foundation, Russian experts shared their insights on the current state of the Bitcoin market. According to the report, the recent bull market in Bitcoin has not reached the heights seen in 2017.
“BTC’s new all-time-high peak in March this year was part of a speculative game against the backdrop of spot Bitcoin ETFs approvals.”
Despite the peak in March, the authors noted that the surge in Bitcoin prices did not generate the same level of excitement as in 2017. They pointed out that global interest in BTC and cryptocurrencies, as indicated by internet search queries, has remained below peak levels.
- Analysts predicted that spot Bitcoin ETFs would make cryptocurrency investments more accessible, but the evidence suggests otherwise.
- The mining-based transaction protocols of the Bitcoin network are seen as a barrier to full inclusion in the traditional financial system.
- Market data reveals that many investors still view Bitcoin as a high-risk asset akin to tech stocks.
The authors highlighted the strong correlation between Bitcoin and stock market movements, categorizing it as a high-risk speculative asset. They also mentioned a muted response in the Bitcoin market to the recent halving event in April.
The Influence of Stablecoins on the Market
The report also discussed the rise in the capitalization of stablecoins since 2017, attributing it to the growth of the Bitcoin bull market in both 2021 and 2024.
“The 2024 all-time-high peak was due in part to a restoration of the supply of stablecoins.”
Furthermore, Russian experts forecasted a 20-40% increase in BTC and altcoin mining by the end of the year, suggesting ongoing developments in the cryptocurrency landscape.
