Will Bitcoin Momentum Continue After the Halving?

Had we seen any selling momentum, it would have been easier to predict. But since even at a price point of 70 k, there's no selling pressure yet. And unrealized profits are just increasing day by day. But do think that the momentum is going to continue. And this cycle where it's fair to say that the cycle will definitely breach a mark of 100 K plus. Good morning everyone. It's Monday, April 8th, also known as Eclipse Day in many parts of the world. And this is Markets Daily Show where we get into the minds of some of the smartest and most experienced investors, traders, analysts, CEO S professors, basically anyone who has a hot or smart take on what's going on in the crypto markets. I'm Jen San Asi. Before we get into our discussion today, let's take a look at what's going on in the crypto markets. Um If you've just just woken up or you've just tuned in, it is green across the board according to Coindesk indices at 8 a.m. Eastern time, Bitcoin was up over 4% over $72,000 this morning and ether up more than 7% up above $3600. And the Coin desk 20 index was at 2697 points up around 4%. If you're wondering, the Coin Desk 20 measures the performance of top digital assets. All right, let's get right into it for more on markets action. We're bringing in big get South Asia head Js. Not hii. All right. Like I said, everything is green across the board. What are you seeing this morning? What do you think is driving interest? I think it's a very strong, they uh there was a lot of resistance for the past few days and the market was going volatile, but today it has actually crossed a resistance level which is very strong. Uh and 24 hour trading volume seems very high. So I think we are seeing the Bitcoin Hal and the sentiment and the narative play out and we hope to expect the same momentum continue until having happens. What do you expect to see leading up to the, having the having is expected to happen in just a few weeks? Now, are you expecting it to look similar to one of the previous having? It's tough to predict, but I'll share the indicates the indicators that I'm seeing and how it's looking. This is the first time that uh Bitcoin all time high was actually crossed much before the having it happened. And this is the first cycle that has happened. Uh But few indicators that we see, for example, um stable coin net and flows and liquidity seems to be increasing and at an all time high. And that shows very solid movement that a lot more trading is to be expected. We are also seeing that unrealized profits are increasing and people are still not selling at a price point of 70 k. And above that means the holding momentum is going to strongly hold and continue. So seeing the momentum, I think the market looks solid and robust and we can expect some good numbers in the next few months to come after having as well. So I think we can look to past having to say like we expect something similar to happen when we look at different trends and indicators, but something different happened this year. The spot Bitcoin ETF, do you think that that um event will make the having maybe look differently than it has in one of the past three Hs? Yes, definitely as I think, but that's one of the most driving factors out there to see because with institutional pressure, the kind of buy pressure that's there right now, on the supply side is extremely high because obviously institutional volume cannot really match the volume that retail bring in. And this is the first cycle we are going to see that play out. So it's going to be very unpredictable. And that's one of the reason why all time high was crossed so early. This time even be half. So I think that supply pressure is going to continue and this halving and the impact is going to be much different than what we have seen in the previous cycles because of this, just that you say it's going to be unpredictable and I'm gonna do something horrible now and ask you to make a little bit of a prediction. What do you think is gonna happen to the price of Bitcoin? Um After the having II, I won't be comfortable giving a range yet, but I do feel that the momentum is very strong. Um Had we seen any selling momentum, it would have been easier to predict. But since even at a price point of 70 k, there's no selling pressure yet and unrealized profits are just increasing day by day. But I do think that the momentum is going to continue and this cycle where, where it's, it's fair to say that the cycle will definitely breach a mark of 100 K plus, that's the prediction from most of the analyst. But what will happen immediately after the h in a short term? I think we can say it's going to be positive, but very tough to give a range around that. Ok. Let's focus in on e now. It really has just been trucking along very, very little movement um in the past few days, like I said at the beginning of the show now up over 7%. But analysts are saying though, maybe we're not going to see the approval of an E ETF in May. What do you think is driving the interest in E this morning? Is it just tacking on along to a Bitcoin interest? Yeah, I I do think on on similar lines like it is very correlated with, with Bitcoin. So any any positive momentum with Bitcoin definitely drives up. So that's what we are seeing to play because when it comes to the ETF approval side, the last one of the batch, as you said is in due in May. If that goes positive, that's going to be a huge bump, but that's not looking like it so far. So the only thing that's driving it is the overall momentum of having essentially in the market seeming positive, not specifically the ETF news, which seems very neutralized, it definitely not positive. What, what do you think the chances that we see an ETT F approved in the US this year? I think this question we better be asked with TC because if you what I hope, I think everybody hopes it gets approved. But I do think if it doesn't get approved, there's going to be definitely some downward pressure um on it if, if the approval doesn't have OK, let's let's talk about big get now. Um some, a lot of news coming out of big get in the last week, we can't cover all on the show but one I wanna hit is that big gets Native Token recently reached an all time high. What are you seeing there? W, um, talk to me about what you think led to this. Bitcoin Token has pretty much been the best performing Token single handedly across all the exchange tokens so far in 2023 and 24. So I think it's pretty much resonates with how the performance of the company over on is doing and that conviction gets moved out to the token and people start to trust the token more and more. So that's what I play like a to add, for example, a quarter report is yet to be out in the next few days. It's not out yet, but we are seeing 100% increase in volume across sport and futures. So this kind of performance definitely drives the price of the ma token up because the trust essentially goes high on the platform quite a lot. You are the South Asia head, talk to me. We've talked a lot about the United States here, but I want to talk a little bit about the market that you focus on. What are the South Asian markets focused on? Is it Bitcoin and Ether like we've been talking about or something else? It's similar. So for example, Asian users relatively are users which have more of a holding behavior is generally what we have seen versus a trading behavior. For example, they like what a lot even they, they do trade quite a lot in derivatives, but they also like what kind of products as well. So we are very heavily focused on um the user adoption, the product, uh product innovation simplifying it because a lot of new retail users which are new to crypto ecosystem are coming from the Asian geographies. So that's where we are focused on to drive this adoption from new retail users. Uh And it's going pretty well so far. Is there any particular um alt coin or meme coin that's gaining traction uh over in Asia. So I will name coins if you want me to. But, but I do things when, when new retail comes in for adoption, what generally happens is narratives, drive a lot of volume. So definitely if we see RW as a narrative, even main coins as a narrative, some of those are really driving volume. So you see a lot of new users starting the first crypto journey with RW a tokens and, and that's getting momentum as well in the Asian job. All right. And the last thing I want to touch on here before we wrap up is one of the headlines that have come out about big get recently. And that's the ST to mind platform that was launched called Pool X. The platform is gonna allow users to stake coins and earn tokens. Can you tell me a little bit more about it and how it works? So the concept is very similar to launch pools. What happens is a lot of people come together and they stake something called B GB, which is a native token or USD, which is the stable point and a percentage of the returns go to them. So as I said, Asian users have a lot of holding behavior and these products do very well in the geographies that I look after. So we have a new launch uh coming which is Chat A I Token, which will come in the cool X format. So users will pull the B to B and us DT and get a percentage of Ry uh in return as a air drop for that. So we are seeing a very good traction for it. Uh already, can you tell me a little bit more about Chat? A chatter is first of the do that we are trying to launch KA is a platform which is very similar to launch pool. But seeing the momentum of how sport tokens particularly the narrative is being drive, we are doing our due diligence and bringing those kinds of projects on pool. So this is actually the first project which we are bringing on to pool, which will be like this week. And can you tell me how many more projects we can expect over the year? A tough to predict over the course of year. But I can give you some uh stats in the hindsight. Like for example, in this quarter. We had more than 150 plus uh coins being listed out with, with the kind of traction we were seeing with sport and retail users that makes a coin of standing at 720 plus tokens or projects which are listed on with get today. So definitely the users can expect a similar momentum week over week of the new points which are coming on either launch pool or directly on the spot listings on. Yeah, that's now, it's always such a pleasure talking to you. Thanks so much for joining the show.