Leading Asset Manager CSOP Says Bitcoin To Hit $100K Soon

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As a seasoned researcher with extensive experience in the financial industry and a particular focus on cryptocurrencies, I find the current developments in the Bitcoin market quite intriguing. I was particularly drawn to the recent statements made by Ding Chen, CEO of CSOP Asset Management, regarding her belief that Bitcoin’s price could hit $100,000 soon, fueled by Donald Trump’s pro-crypto stance.

CSOP Asset Management’s CEO Ding Chen, a prominent figure in Asia’s asset management industry, holds a strong conviction that Bitcoin‘s price could surge past $100,000 imminently. This view aligns with those of traders who anticipate a more significant price escalation due to the Bitcoin rally instigated by former US President Donald Trump. Trump is scheduled to speak at the Bitcoin Conference this week, generating buzz about a potential game-changing announcement, such as the establishment of a strategic Bitcoin reserve.

CSOP Predicts Bitcoin To $100K Likely Under Donald Trump

As a crypto investor, I’m excited to share some intriguing news from a recent episode of the Tiger Money podcast on Bloomberg Intelligence. Ding Chen, the CEO of CSOP Asset Management Ltd, made headlines by announcing plans to introduce the first inverse crypto exchange-traded fund (ETF) in the Asia-Pacific region.

CSOP Asset Management has introduced a groundbreaking inverse Bitcoin ETF in Hong Kong, enabling investors to capitalize on falling Bitcoin prices. The driving force behind launching this product, referred to as CSOP Bitcoin Future Daily (-1x) Inverse Product, stems from the observation that there were limited avenues for clients looking to assume short or bearish positions in Bitcoin.

Traders believe that the price of Bitcoin is likely to surge towards $100,000 at a faster rate due to Donald Trump’s supportive stance on cryptocurrencies. Not only will Trump himself attend the Bitcoin 2024 Conference in Nashville from July 25-27, but the selection of pro-Bitcoin JD Vance as his running mate has further fueled optimism within the crypto market.

BTC Price Recovery Path To $100K

The launch of the Ethereum ETF didn’t have as big an impact on the price rally for Bitcoin and the crypto market as anticipated. After 12 straight weeks of inflows, Bitcoin ETFs experienced their first outflow of $78 million. However, BlackRock reported inflows totaling $72 million, suggesting that institutional investors remain keen on this asset class.

Blackrock’s iShares Bitcoin Trust has attracted a staggering $19.0 billion in investments so far this year, positioning it as the fourth most popular ETF of 2021. The inflows keep growing, and Bitcoin’s dominance is evident with a remarkable 57% growth – outperforming all other asset classes according to 10x Research.

As a researcher studying the Bitcoin market, I’ve observed that Matrixport’s assertion of an impending Bitcoin hash rate rebound is an encouraging sign. Historically, such rebounds have preceded BTC rallies, even during market downturns like the one we experienced in May. Furthermore, miners are now expanding their operations beyond Bitcoin to include Artificial Intelligence (AI) as miner revenue has taken a significant hit following the Bitcoin halving event.

Leading Asset Manager CSOP Says Bitcoin To Hit $100K Soon

The price of Bitcoin dipped by 0.50% over the past 24 hours, now hovering around $66,375. The lowest and highest points during this period were $65,484 and $67,359 respectively. A 31% decrease in trading volume suggests a waning appetite among traders due to market instability. Additionally, the volume of futures and options contracts has also been scanty over the last 24 hours.

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2024-07-24 16:10