2024-08-19 23:48:34
Investing.com – With the focus of cryptoactive investors mainly focused on this year, after the approval of Exchange Traded Funds (ETFs) in the United States as a driver of the institutional market, the period of the bull market is still expected with for altcoins. The cycle hasn’t really started, according to Guilherme Sacamone, Country Manager for Brazil at OKX, but it looks like it will.
“When we look at this altcoin market, there are many opportunities on the table. Since April of this year, more than 1 million new tokens have been listed. Today there are six times more of the signals we are trading compared to what we saw in the bull market in 2021″, emphasizes the expert, who understands that there is some pollution in the market, and so much options available making it difficult for investors to choose.
“Of course, the main altcoins, the different players attract a lot of attention, in particular, they have great results”, says Sacamone.
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See what experts expect for the crypto-active situation:
Investing.com – Investors’ expectations for a US interest rate cut in September have increased. How do you see this situation affecting the crypto market?
Guilherme Sacamone – In general, interest rate cuts or more liquidity in the market have a positive impact on the prices of volatile assets such as Bitcoin and other crypto assets. But I believe we have to be careful, because historically there have been cases where interest rate cuts in turbulent environments, like ours right now, can lead to a sell-off right after the cut. So this is something that we are keeping an eye on, it may be possible in the short term, depending on how these cuts play out.
If there is an interest rate cut in response to a possible crisis, we may have a short-term selling movement. In any case, in the long term, the vision is the same: a liquid market, volatile assets like crypto go up.
Inv.com – Another closely monitored topic in the second half of the year is the progress of the American elections. How can election choice and sentiment affect markets?
Sacamone – Of course we would like to see more political movements for the market. On the other hand, the crypto market is already operating on a global scale. We are less and less dependent on the movement of any specific government.
In our long-term view, market development does not require political priority in the next elections. We really believe that the crypto market will swallow the world, with or without the participation of some specific governments. Of course, if there is someone in the American government who, in some way, helps to develop this market in the short term, it gives more opportunities here in America. But, at the end of the day, we are very focused on the long term.
Inv.com – What was your assessment of the movement after cash Exchange Traded Funds (ETFs) were allowed on the American market?
Sacamone – It far exceeded our expectations, especially the Bitcoin ETF, it was the most traded in the first few months, which shows the appetite, the demand that was dampened, but we were not in there is easy access to these assets. I think the Bitcoin ETF will always be a flagship project, mainly because of its digital gold qualities. It will be very interesting to see how all this pent-up demand will play out.
The ETF is nothing more than a simplified path for institutions to achieve crypto adoption. The adoption of Bitcoin from more traditional models by an exchange involves some work, especially in the accounting part. Through the ETF, it is much easier for institutions to gain exposure without major accounting and financial work.
Inv.com – How do you see the scenarios for altcoins, and which ones have upside potential?
Sacamone – I believe we are not through the bull market yet, not even close to a strong altcoin bull market. We have seen that they are not responding at nearly the speed that Bitcoin responded, mainly due to the demand that was damp and specifically helped to raise this asset.
The altcoin cycle hasn’t really started yet. When we look at this altcoin market, there are many opportunities on the table. Since April of this year, more than 1 million new tokens have been listed. Today there are six times more signals that we are trading compared to what we saw in the bull market in 2021. We see that the market is very polluted, let’s put it that way, with many options.
Of course, the main altcoins, the various players attract a lot of attention, especially Ethereum, Matic, Solana had great results.
Our team of experts handpicks less popular engagement signs. They put this Jump Start program inside, which allows users to access it, as if it were a air drop same, within OKX.
So we recently launched it, we made the first partnership with Matrix, which is a gaming platform with the Max token, which is doing very well here in Brazil, with some users. So this is our way of offering a little more insight to the Brazilian user specifically.
Inv.com – You said the bull market hasn’t started, but do you believe this is the way forward?
Sacamone – We believe so, we hope, without a doubt.
Inv.com – How is the exchange performing in Brazil and expansion plans?
Sacamone – Latin America is a region we believe a lot, mainly because of the different use cases we see in the crypto market. What happens in El Salvador is very interesting, what happens in Argentina and Venezuela too. And what happens in Brazil is also very different, very interesting, much more focused on the speculative market.
When OKX looks at this market, it is very interested in expansion, because we are seeing the establishment of a crypto lab that could be very interesting for this market as a whole. So, being here makes a lot of sense from a global company perspective. When we think about expanding in Latin America, it makes a lot of sense to expand through Brazil, which is the biggest market, with 26% of the population investing crypto in Latin America here.
However, competitiveness is very high in Brazil. This is already a very competitive market, not only for exchanges, but with other players, such as banks entering this market. We believe that all of this helps to push this industry forward, but it is still an extremely competitive market.
We separate this comprehensive market into two worlds. The local players who can offer a good product experience, a product that is easy for Brazilians to use, good customer service, are Brazilians building products and serving Brazilians. However, they do not have as many resources as a global company and the product portfolio will be more limited because they can only focus on one jurisdiction.
On the other hand, we have the opposite problem, which is that the major global exchanges operate in Brazil almost as if they don’t really have an entity here. They can’t afford to make good products specifically for Brazilians, their support service is a bit more distant, shifted, but they have a lot of resources and a global product portfolio.
It is at the intersection of these two worlds that we believe we have an opportunity. To bring OKX global crypto excellence, which is focused, designed and thought by the Brazilian market. We are the first major exchange to come to Brazil, open an entity, participate in ABCripto and have a 100% Brazilian service.
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