Today’s Key Events in Cryptocurrency

If you’re eager to catch up on the latest happenings in crypto, you’ve come to the right place! Here’s today’s roundup reflecting on the events that might shape the future of Bitcoin, blockchain, DeFi, NFTs, and regulatory landscapes.

Zcash May Undermine Bitcoin’s Support, Says Bloomberg Analyst

Eric Balchunas, Senior ETF Analyst at Bloomberg, has expressed concerns that Zcash (ZEC) could dilute the political backing Bitcoin needs right now. In a recent comment on X, he noted:

“Zcash has third-party candidate vibes, like Gary Johnson or Jill Stein. Splitting the vote is risky when BTC requires unified support.”

Translation: Zcash might jeopardize Bitcoin’s current support base.

Bitcoin’s Global Payment Potential Overlooked by Major Investors

Robbie Mitchnick, BlackRock’s head of digital assets, revealed that many large asset managers’ clients are not considering Bitcoin’s application in daily transactions during investment evaluations. He stated:

“Most of our clients aren’t really underwriting that global payment network case.”

Translation: Investors are not factoring in Bitcoin’s capacity for everyday payments.

Peter Schiff Warns: Weak Hands Could Amplify Bitcoin’s Downturns

Peter Schiff cautions that the ongoing shift of Bitcoin from long-term holders to less experienced investors could intensify future market downtrends. He remarked:

“With BTC moving from strong to weak hands, future sell-offs will be larger.”

Translation: The transition of Bitcoin ownership might worsen market corrections.

We’ve recently seen a decline across the crypto market fueled by concerns that a bear market may have begun. Stay tuned for more updates!