At the recent Consensus Hong Kong conference, attendees expressed concerns that the surge of memecoins like TRUMP and LIBRA is negatively impacting the broader cryptocurrency market. Bitcoin's price has remained within a narrow range between $94,000 and $100,000, diverging from its historical pattern of significant price movements followed by consolidations. Industry figures, such as Wintermute CEO Evgeny Gaevoy, believe that money drawn to speculative tokens is detracting from established cryptocurrencies like Bitcoin and Solana. Unlike the previous bear market in 2018, where a similar tightening of Bitcoin's price occurred, this current scenario happens while Bitcoin is relatively close to its all-time high. Traders noted that while some investors profited, many lost money due to market volatility linked to memecoins, raising calls for stricter regulation. Additionally, there's cautious optimism regarding potential regulatory changes and the approval of ETFs for various altcoins. Overall, the future direction for Bitcoin remains uncertain, with opinions divided on the health of the current market dynamics.

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