Birol BOZKURT
The cryptocurrency sector is focused on the Fed’s interest rate decision on September 18. While the total market value of the sector has risen to $2.43 trillion as of the second quarter of 2024, Bitcoin’s market value is $1.15 trillion and Ethereum’s is $306.9 billion.
BitHero CEO Fatih Otluoğlu, who was a guest on the Crypto World program published on ‘s Youtube channel, evaluated the latest developments in the sector. Underlining that the Fed’s interest rate cut by 25 basis points alone was not enough for a strong bull start, Otluoğlu said; “The sector is completely focused on September 18. In fact, there is an interest rate decision that was delayed than expected. There was really a serious movement in Bitcoin in the first quarter of the year and the last quarter of last year. ETF was an important factor here. Later, the expectation was a movement in Bitcoin after the halving towards the middle of the year. Of course, there is not much change in the number of interest rate cuts at the moment, but as the start was slightly delayed, the tension in the market also increased. Of course, this is not only related to the Fed decision, but also affected by political developments in the world. With the addition of these, the tension in the market increased. A more sensitive and tense market environment was created. We saw a seriously volatile, wavy crypto sector that went a little further than expected. Therefore, the Fed decision is very important, I predict that it will be a start for other positive developments. But there are very different views in the sense that it will be enough for a bull run on its own. I also think that there should be some supportive developments for the bull. Of course, there are other positive developments expected after the Fed’s interest rate decision. We should not focus on that decision alone.”
“I think a positive cycle will begin”
Fatih Otluoğlu, who said that Ethereum and altcoins fell behind expectations, said, “Bitcoin is clearly in a good place when you look at last year’s figures. When we look at Ethereum and other altcoins, we can think that they fell behind expectations a little more. Here, everyone is clearly focused on the market moving. We always talk about negative weather and tension, but there are always cycles in financial markets anyway. When you look at the past, there are certain cycles in the crypto sector and the interim periods are a little difficult, you need to be patient. Right now, all the signs are that with the developments that started with the interest rate decision, a positive process will start in the world with the easing of financial policies in the markets.”
“Ethereum ETFs did not have the expected impact”
BitHero CEO Otluoğlu, who stated that the rumors that the Ethereum ETF would be approved had previously brought movement to the sector but later did not create the expected effect, said, “The markets were predicting that a very important development such as the ETF would add much more value to Ethereum and that there would be a serious rise, and we were expecting it too. With the delay in news flows and the relaxation in interest policies that we just mentioned, it has taken on a negative atmosphere again. Of course, this is also very important for altcoins. When you look at past processes, we can say that altcoin movements, general upward trends that we call bulls, are mostly indexed to the rise of Ethereum. It is very common to predict that a bull will start with a process that starts with Ethereum and is followed by altcoins after the Fed’s interest rate decision.”
“We make buying cryptocurrencies simple”
BitHero CEO Fatih Otluoğlu stated that they reached the figures they targeted after the launch in May and said, “The crypto world is very new compared to other financial sectors. It is still seen as a complex and difficult to understand investment tool. This is where we come into play. We are positioning ourselves to take cryptocurrency buying and selling away from a complicated world and to be simple, understandable and, if not understood, to be with our users. Our platform is designed to make every step from users’ membership transactions to buying and selling processes more comfortable and understandable. In addition, with our 24/7 accessible live support service, solid financial infrastructure and reliable technology, we set out to meet all the needs of users in the crypto asset market end-to-end. This is where the phrase ‘Hero’ comes from; we actually make the user a hero with the right touches. We will provide experienced users with speed and practicality on a reliable platform. With the conveniences and advantages we provide, we aim to be among the most preferred exchanges in Turkey in a short time.”
Source: www.dunya.com
