, the research team of leading cryptocurrency asset manager Grayscale predicted that the cryptocurrency market would be able to recover from the most recent crash"in the coming months." Its optimistic outlook is based mainly on the"broadly supportive" macro backdrop. Grayscale has mentioned the possibility of the U.S. Federal Reserve rate cuts as well as the thriving U.S. stock market.
On top of that, the firm's analysts have pointed to miners selling more than $100 million worth of BTC in a month. The analysts have also spotlighted the weakness of the memecoin-heavy Consumer & Culture sector, which ended up being the biggest underperformer of July. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption.