- Excitement about Bitcoin halving and increase in the derivatives products has the market pumping – Binance U.S. CEO Catherine Coley
- Each of the digital assets has different use cases and can’t be painted with a broad stroke
The crypto market is having a red day with Bitcoin down 5.56% while trading at $9,610 while altcoins are doing far worse.
What’s behind this, said Binance U.S. CEO Catherine Coley on Wednesday is the,
“excitement going into that Bitcoin having as well as an increase in the available derivatives products out there. You see the open interest on the CME at its highest and you also see access to digital assets at the easiest level ever.”
Regulators & Mainteram Money Managers are on Bitcoin Train
During her interview with CNBC’s “Power Lunch,” she further shared how regulators have “absolutely” started to get behind the digital assets.
Grayscale Investments have got the clearance from the regulators and this month we also saw US Securities and Exchange (SEC) Commissioner Hester Peirce putting forward,
“her proposal for increased regulation around allowing for new activities to take place with kind of a three-year benchmark.”
These changes are really important as we see the evolution take place and see America lead that charge, said Coley. But that's not all, mainstream money managers have also been urging investors to have some Bitcoin in their portfolio.
Crypto Market can’t be Painted with a Broad Stroke
Bitcoin is not the only digital asset that is surging, as a matter of fact, altcoins are pumping even harder just like their fall. Coley also shared how the use case of each of those assets is different and as such,
“we can't necessarily paint with a broad stroke why Bitcoin would be rallying and why XRP would be rallying in the same case.”
While Bitcoin is a store of value that people have begun to see as a “flight to safety or a flight to sovereignty,” because,
“when geopolitical situations become concerning you're gonna want to be able to hold your own assets and access those at any time 24/7.”
This is a different case in the scenario for XRP which Coley said,
“is really going to be useful for cross-border transactions instantaneous settlements and moving funds across borders.”
While talking about XRP, she further clarified the host that “XRP is actually the digital asset and Ripple is a company.” Over time, she said, we're,
“gonna see a divergence between certain coins but also an overall all rise all tides rise effort when we see an active towards Bitcoin and the rest of the digital asset market.”