Why The Bitcoin Dump Prompted 10x Research To 'Sell Everything'
Portfolio Pulse from Khyathi Dalal
10x Research, a crypto research firm, has sold all their holdings due to concerns over potential price corrections for risk assets, including stocks and crypto, primarily due to persistent inflation. They highlight the importance of portfolio diversification and caution against relying solely on U.S. baby boomers buying Bitcoin following BlackRock's ETF promotion. The firm is bearish on risk assets, having sold their tech stocks and holding only a few high-conviction cryptocurrencies, awaiting better buying levels.
April 17, 2024 | 7:00 pm
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10x Research's bearish stance and decision to sell holdings due to inflation concerns and skepticism about interest rate cuts could influence Bitcoin's short-term price direction negatively.
10x Research's analysis and subsequent actions are based on the expectation of a market correction influenced by persistent inflation and a potential lack of Federal Reserve interest rate cuts. Given their focus on Bitcoin and the broader crypto market, their bearish stance could lead to negative sentiment among investors, potentially impacting Bitcoin's price negatively in the short term.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90