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Matrixport Forecasts Bitcoin Bull Market Breather AheadMatrixport, the Singapore-headquartered digital asset financial services provider, has reported a significant surge in its Bitcoin Greed & Fear Index (GFI) over the past week.Photo by Karolina Grabowska on PexelsBitcoin Greed & Fear Index (GFI)The index, which tracks market sentiments, has skyrocketed from below 10% to a staggering 93%. Such a rapid increase indicates a prevailing sense of greed and excessive optimism among Bitcoin investors. As a result, industry experts are suggesting that a breather in the ongoing Bitcoin rally may be on the cards.Markus Thielen, the Head of Research and Strategy at Matrixport, has advised short-term traders to consider capitalizing on their gains given the exuberant levels recorded by the Bitcoin Greed & Fear Index. Historical analysis reveals that readings above 90% have often signaled interim tops in Bitcoin’s price, while readings below 10% have preceded notable price rallies.Upward movement favorableDespite the current high reading, the 21-day simple moving average of the index remains below the critical 90% mark. This implies that the overall trajectory for Bitcoin still favors upward movement. Thielen points out that the rising 21-day moving average indicates the potential for further upside once the current phase of exuberance subsides, allowing for consolidation in the market.Chart analysts share an optimistic view of Bitcoin’s future, with some predicting a potential rally towards the $35,000 mark and beyond. Josh Olszewicz, Head of Research at digital asset investment firm Valkyrie, highlights a falling wedge setup in Bitcoin’s recent price action.The successful bounce off the support level, combined with the completion of the falling wedge pattern, has heightened expectations for a move towards the mid-$30,000 range. Olszewicz does caution that significant resistance may arise in that zone, likely leading to a subsequent period of re-consolidation before any further upward progress can be made.In recent weeks, Bitcoin experienced a pullback from its mid-April high of $31,000, eventually finding support around the $25,200 level earlier this month. This pullback, often referred to as a “throwback,” historically acts as a catalyst for price rallies, as has been evident in the past few days.Ether gain potentialWhile Bitcoin’s rally has been impressive, Ether (ETH), the second-largest cryptocurrency by market capitalization, has seen a gain of 15.9% since last Thursday. However, Ether’s GFI index has yet to reach the 90% threshold, indicating potential room for further growth while Bitcoin takes a breather.Matrixport’s Bitcoin Greed & Fear Index has surged to an astonishing 93%, signaling heightened levels of greed and optimism among Bitcoin investors. Traders are advised to consider securing their gains as the index reaches exuberant levels.Nonetheless, the rising 21-day moving average suggests the potential for Bitcoin’s upward momentum to continue following a period of consolidation. At the time of writing, Bitcoin is trading around $31,200, based on CoinGecko data. Going into the weekend, that’s demonstrating continued growth. Meanwhile, Ether shows promising performance, with potential for further growth.

Crypto.com Gets AI UpgradeSingapore-headquartered Crypto.com has launched an updated service offering which pioneers further innovation through the use of artificial intelligence (AI).Adding an AI companionAnnouncing the addition on its website on Tuesday, the company outlined that it is “furthering its innovation pipeline by introducing its first-ever Artificial Intelligence (AI) powered-initiative, Amy.”An AI companion which is based on OpenAI’s ChatGPT, Amy has been added to help users learn about crypto and the crypto industry, with the ability to provide close to real time information relative to specific crypto projects and tokens. The objective of the company in adding the tool is to provide greater help and support to the average Crypto.com user.Beta phase roll-outWhile the innovation is grounded and driven by ChatGPT, it will be customized and further trained to provide more accurate and more relevant results based on the likely needs and queries of a typical Crypto.com service user.The feature has been launched as part of a beta phase offering. For the moment, customers will be restricted to its use relative to Crypto.com/Price , and that feature availability is being restricted to a group of select users for the time being.The company plans to broaden the AI-based offering over time, with the feature being rolled out on a scaled basis to additional Crypto.com users over a number of weeks. Crypto.com’s Executive Vice President of Product, Abhi Bisarya, said that “as with other businesses and sectors, we see incredible potential and opportunity in the convergence of AI with the crypto industry and our platform specifically.”Bisarya went on to add: “We are excited to be testing this emerging technology through our Amy pilot project. We are bullish on the innovation of AI in crypto, and we look forward to continuing to enhance the utility of Amy and deploy additional AI-powered capabilities.”AI surgeAI has captured the imagination of the broader public in recent months. Central to the surge in interest in the technology has been the roll-out of ChatGPT. The AI tool achieved an active user-base of 100 million in the space of just two months. To put that in perspective, it took Instagram two and a half years to achieve that metric. More recently, TikTok got there in nine months.Crypto.com is not alone in harnessing the power of AI to develop a higher quality product and service offering. At the beginning of March Changpeng Zhao (CZ), CEO of Binance, announced the launch of Bicasso, an AI-driven non-fungible token (NFT) platform.The tool allows users to harness AI to produce NFT-based digital art. By providing the AI innovation with descriptive prompts, the tool then generates an AI-infused artwork for the user.Additionally, last month the global crypto exchange launched Binance Sensei, an AI-driven learning tool that the company has integrated with its crypto and blockchain education platform, Binance Academy. The tool leverages AI to assist users in accessing the Binance Academy knowledge base.Photo by Markus Winkler on Unsplash

Amid the ongoing cryptocurrency market slowdown, a South Korean analyst said a rebound will hinge on effective policy measures and sustainable business models.Photo by Kanchanara on UnsplashAnalyst urges policy and profitabilityAccording to an analysis by iM Securities researcher Yang Hyun-kyung, cited by local outlet Etoday, the current downturn stems from several factors: a liquidity crunch in short-term funding markets, a strengthening U.S. dollar, rising risk aversion, and a prevailing narrative of a cyclical correction. Yang noted that a strong dollar typically drains market momentum, as tighter global liquidity prompts investors to deleverage and reduce exposure to risk assets. He added that growing uncertainty over potential U.S. rate cuts in December has further fueled risk aversion among institutional investors, putting selling pressure on both major cryptocurrencies and altcoins. While the expected resolution of the U.S. government shutdown may create a more favorable environment for a modest technical rebound, Yang argued that the crypto sector still needs to develop profitable business models and gain growth momentum through supportive policy measures. Brokerage frames crypto as diversifierDespite the current headwinds, another Korean brokerage firm released a quarterly report framing digital tokens as an emerging alternative asset class. According to Etoday, Hanwha Investment & Securities CEO Jang Byung-ho wrote in the report that the primary goal of retail investment is to preserve purchasing power. He drew a parallel to the U.S. market in the 1980s, when bond investors would have seen their returns erode had they failed to recognize equities as a viable investment vehicle. Citing that lesson, Jang suggested investors consider digital assets as a new pillar for portfolio diversification. Diverging approaches from global central banksThese evolving viewpoints on crypto come against a complex global macroeconomic backdrop. From one perspective, the People’s Bank of China (PBOC) has begun quantitative easing (QE). Otavio Costa, a macro strategist at Crescat Capital, shared a chart on X showing that the value of the PBOC’s balance sheet assets is on track to surpass that of the U.S. Federal Reserve. Costa predicted the Fed would soon follow suit, stressing that investors are underexposed to hard assets. This potential easing contrasts with speculation that the Bank of Japan (BOJ) may raise interest rates next month. One BOJ board member noted at a recent policy meeting that most conditions for a hike have already been met and added that a move is likely once wage negotiations scheduled for spring point to sustained pay growth, as long as the global economy avoids major disruptions. These diverging policy directions have mixed implications for the crypto market. Typically, dovish measures like QE are seen as supportive, as increased liquidity tends to boost risk appetite. Rate hikes, by contrast, withdraw liquidity from the system, limiting the upside for risk assets like digital tokens. As economic conditions evolve and the industry adapts, investors will be watching closely to see how these shifts shape the market’s next moves.