Bank of America: "Bullish Signal on BTC and These Two Altcoins"

Investment bank Bank of America shared its new report evaluating the cryptocurrency market.

Bank of America, America's multinational company, published the July issue of the "Global Cryptocurrencies and Digital Assets" report. Commenting on the increase in cryptocurrency outflows on exchanges and the increase in the entry of stablecoins into exchanges, Bank of America noted that these situations point to a bullish momentum in the cryptocurrency market, especially Bitcoin (BTC), the leading cryptocurrency. BoF also underlined that there has been an increase in the sales balance in the market and that sales have now turned into purchases. Stating that investors may change in market sentiment, the bank attributes this change in sentiment to the increase in the crypto market in July. The following statements were used in the Bank of America July report: "As risk assets rise, investors are starting to enter the market. Tight supply and persistent FX net outflows suggest that investors continue to HODL." Emphasizing that it is noteworthy that the recent rise in the crypto market came after the FED's biggest interest rate hike decision and high CPI figures, BoF said that investors are used to this situation despite the global negativity. BoF stated that Bitcoin (BTC), Ethereum (ETH) and FTX's token FTT were withdrawn from cryptocurrency exchanges to personal wallets in the 4-week period, which is generally understood as a bullish signal. "The entry of stablecoins, which are stable and pegged to the dollar, into the stock market indicates that investors are entering the market to buy," Bank of America added. Source: Bitcoinsystem The investment information, comments and recommendations contained in this article do not constitute investment advice. Investment advisory services are provided on a personalized basis, taking into account the risk and return preferences of individuals. The content contained herein is in no way directive and the recommendations are general in nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in accordance with your expectations.