Cryptocurrency trading firm Cumberland says only significant macro headwinds can halt Ethereum’s momentum
cryptocurrency trading firm CumberlandA subsidiary of Chicago-based trading giant DRW Holdings believes that the upcoming merge upgrade is going to be “a real catalyst” for Ethereum.
Based on analysis by Jonah van Borg, Head of Trading at Cumberland, the much-anticipated upgrade will remove $20 million per day worth of miner sales. According to van Borg this factor is “impossible to ignore”.
Only major macro headwinds will be able to offset that flow gap.
That being said, Cumberland claims that the cryptocurrency market will have a tough time due to significant macro headwinds.
as
At the same time, Cumberland believes that there will be no major liquidations in the crypto market in the near future. This means that bitcoin and major altcoins will continue to move in lockstep with US equities, extending their streak of volatile price action.The Fed is widely expected to pursue its aggressive monetary policy. Earlier today, James Bullard, chairman of the Federal Reserve Bank of St. Louis, said interest rates were not high enough, predicting that inflation will remain more stable.
Ethereum has mostly outperformed Bitcoin prior to the merge upgrade, which is due to be confirmed next month.
Billionaire Mark Cuban recently tweeted that he was “super bullish” on Ethereum, as U.Today reported.