Michael Gayed slams Dogecoin in his statement assessing prospects of near end of bear market
Well-known financial market expert and portfolio manager Michael Gade Told The collapse of the financial markets is not over as long as Dogecoin has a market capitalization of $7 billion as an example of a worthless asset in his view.
Referring to the statements of the expert on the same day, an opinion can be understood, according to which the bearish trend on the stock market, and thus also on the closely correlated crypto market, will end when the collapse of the real estate market is over.
That said, the state of US housing remains murky, with existing home sales falling at the same time that existing home sales have historically fallen.
Crypto market tied to U.S. economy – unfortunately
Thus, in Gayed’s view, the markets are far from over, and there is no immediate solution. The expert’s opinion refers to the well-known principle that if people as far away from investments as possible are interested in them, smart investors should leave the market.
This is indirectly confirmed by yesterday’s Fed rate meeting. Despite the expected decision to increase the indicator by 0.75%, the crypto market reacted with a sharp drop. However, the main focus was on the Fed chief’s speech, in which he announced an increase in rates to a restrictive level above neutral, reflecting the regulator’s strict and extremely harsh stance on measures to contain inflation.
As long as Dogecoin is worth $7 billion in the near-recessionary state of the economy, do not expect positivity or a return to the bull market.
