In a recent interview with Coin Bureau Clips, Dan Tapiero, the co-founder of Gold Bullion International, shared his insights on the cryptocurrency market, reflecting on the past year and the influence of the FTX incident.

Here, we break down his key points.

Optimism Runs High

Tapiero, an experienced player in the crypto space, expressed his optimism regarding the industry’s future. Despite the adverse effects of the FTX incident in November last year on market sentiment, Tapiero remained undeterred. He highlighted that this market downturn coincided with the FTX fraud announcement. It was during this tumultuous time that he noticed a positive turn in the price charts, indicating a decrease in selling pressure.

Even in the face of price corrections in Bitcoin and Ethereum, Tapiero observed that several companies in his portfolio continued to perform admirably. He stressed the importance of not judging the crypto market solely by its surface fluctuations.

Also Read: Crypto Market Analysis: End Of Bear Market is Near; When Will Bitcoin & Altcoins Bounce Back?

Bullish Phase is Coming!

Tapiero pointed out the resurgence of energy and enthusiasm in the crypto sector, signaling the end of the bear market and the dawn of a new bullish phase. He also commented on the regulatory landscape, noting that regions like Singapore, Hong Kong, and the United Arab Emirates actively encouraged the establishment of crypto businesses. In contrast, the United States was grappling with regulatory uncertainties.

“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.”

Crypto is Global

Tapiero also highlighted the global character of the cryptocurrency industry, with the majority of trading volume occurring outside the United States. He underscored the necessity for the US to catch up and recognized the industry’s decentralized nature.