Dan Tapiero’s Insights: A Positive Outlook on the Crypto Market

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Dan Tapiero, co-founder of Gold Bullion International, has opened up about the cryptocurrency market, reflecting on the past year and the impact of the FTX incident.

In a recent interview with Coin Bureau Clips, Tapiero discussed his optimism for the crypto space, stating that the fallout from the FTX incident last November impacted sentiment but didn’t deter him. He mentioned that the market downturn coincided with the FTX fraud announcement, and this moment is when he spotted a bullish divergence in the price charts, indicating that selling pressure had eased.

Despite the price corrections in Bitcoin and Ethereum, he found that some of the companies in his portfolio were still performing well, and he stressed the importance of looking beyond the surface when evaluating the crypto market.

Tapiero noted the energy and enthusiasm present, suggesting that the bear market had concluded and a new bullish phase was emerging. He also commented on the regulatory environment, emphasizing that regions like Singapore, Hong Kong, and the United Arab Emirates actively encouraged crypto businesses to set up shop. In contrast, the United States was navigating regulatory uncertainties.

He said, “I think that the low in price happened right on that FTX announcement and the Ethereum price couldn’t make a new low on the announcement of that fraud. So, as an old-time trader, that’s called a bullish divergence. When you have the worst piece of news that you can imagine, and the market can’t make a new low in price, it tells you that all the selling has dried up.”

Tapiero also highlighted the global nature of the crypto industry, with the majority of cryptocurrency trading volume occurring outside the United States. He stressed the need for the US to catch up and recognized the decentralization of the industry.