00:00It's Benzinga, bringing Wall Street to Main Street.
00:03Bitcoin's drop towards $60,000 has divided major crypto research firms
00:07on whether the market has bottomed. On the Milk Road podcast on July 5th,
00:11Bitwise Chief Investment Officer Matt Hoogan said,
00:15Galaxy Digital, NYDIG, and Standard Chartered recently reached different conclusions on
00:20Bitcoin's near-term outlook. Galaxy said Bitcoin has not yet bottomed and could fall toward $40,000.
00:27NYDIG said drawdowns have become shallower and suggested a roughly 50% decline from the peak
00:33could put the bottom near $50,000. Standard Chartered said the worst is likely over
00:39and pointed to improving spot ETF flows, placing the bottom near $59,000.
00:45Hoogan said all three firms agree the cycle is not over. He said the more important question
00:50is where Bitcoin tops, not where it bottoms. For all things money, visit Benzinga.com.
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