Crypto Trading Firm Cumberland Sees ‘Budding Uptrend’ for Market
- Firm points to dollar topping out, adoption, midterms as cues
- Plenty in space are looking for signs the worst could be over
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There’s a “budding uptrend” taking shape in the cryptocurrency market as the macroeconomic backdrop improves, the dollar weakens and more digital-asset adoption gets underway.
That’s according to Cumberland, the crypto offshoot of Chicago-based trading giant DRW, which says the dollar’s “inexorable-seeming rally” earlier this year seems to have topped out after helping to suppress sentiment across major asset classes. Plus, disruptions at the start of 2022 -- including Russia’s attack on Ukraine and supply-chain issues -- “have reached a state of choppy equilibrium,” the company tweeted on Monday. “In the absence of new geopolitical developments, a reduction in volatility should result in higher asset prices.”