In the midst of this protracted bear market, several interesting developments have taken place that should potentially shift market sentiment towards bullishness. Just today, we saw our beloved Reddit Moons being listed on Kraken and PayPal rolling out its very own dollar-pegged stablecoin (PYUSD), two events, which would have caused a frenzy during a bull market. Furthermore, the rumors of an imminent Bitcoin Spot ETF approval with a first deadline this September are all over the place.
1) The listing of Moons on Kraken.com (kudos to you guys) is significant. It shows mainstream exchanges are now acknowledging and integrating community-driven tokens, potentially opening up opportunities for other similar tokens in the future and make Reddit a front runner for social media tokens.
2) PayPal's PYUSD stablecoin could further drive crypto adoption. As a mainstream payment giant, PayPal's move into the stablecoin arena not only boosts the legitimacy of the crypto space, but it could also catalyze the everyday use of crypto, particularly for its 400 million+ user base.
Finally, the anticipated approval of a Bitcoin Spot ETF, which would be the first of its kind in the US, is another exciting prospect. The entry of traditional finance giants such as BlackRock, Wisdomtree or Fidelity into the Bitcoin ETF race speaks volumes about the growing acceptance of crypto assets. An approval here could unlock a massive wave of institutional and retail investors.
Despite the bearish market and short term down driver such as Huobi, these developments could serve as catalysts for a potential market turnaround.
What do you think needs to happen next for the market to turn bullish? Your thoughts and insights are welcomed.
Let's keep our fingers crossed and continue to navigate these choppy crypto waters together!
TL:DR: there are plenty of developments to be bullish on the crypto also in this crab market.
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