Crypto Slump Continues Despite Bullish Fundamentals

The crypto market has been experiencing a period of sluggishness, with no significant changes in on-chain activity or key indicators. Despite this, the bull market cycle is still ongoing, and fundamentals remain strong, with more mining machines coming online. This sentiment is shared by various stakeholders, including whales, mining companies, the traditional financial industry, and even former President Trump.

CryptoQuant CEO Ki Young Ju recently posted that the crypto market may continue to remain sluggish before the sentiment in the U.S. market improves. He noted that there is no significant change in on-chain activity, key indicators remain neutral, and the bull market cycle is still ongoing. The fundamentals remain strong, with more mining machines coming online. If this cycle were to end here, it would be an outcome no one wishes for — not whales, mining companies, the traditional financial industry, or even Trump.

In the broader market, the U.S. stock market lost $1.5 trillion, and the cryptocurrency market lost $300 billion. Trump held a lavish press conference, which may have contributed to the market's volatility. Meanwhile, Arthur Hayes, the former CEO of BitMEX, predicted that BTC could drop to $70,000 but still believes that the bull market cycle is on.

Despite the short-term market sentiment, the crypto market's fundamentals remain strong. The ongoing bull market cycle and the increasing number of mining machines indicate a positive outlook for the crypto market. However, investors should remain vigilant and monitor the market's developments closely.