PANews reported on April 16 that according to Cointelegraph, Markus Thielen, founder of 10x Research, said in a research report on April 16 that the stock and cryptocurrency markets may be "about to usher in a key turning point," leading to a sharp price adjustment. "We sold all our positions last night," Thielen wrote. He believes that continued inflation, fewer interest rate cuts, and rising bond yields are the reasons for his bearish outlook. He wrote: "The main trigger is unexpected and persistent inflation. Given that the bond market currently expects fewer than three rate cuts and the 10-year Treasury yield to exceed 4.50%, a key turning point for risky assets may have been reached."
According to the research note, the reason for Bitcoin's decline may be due to reduced expectations of an upcoming rate cut: "Much of Bitcoin's rise in 2023/2024 was driven by expectations of rate cuts, and this narrative is now being seriously challenged." Thielen added that the company sold all of its technology stocks at the open of Monday's trading session; "We only hold some high-conviction cryptocurrencies and, overall, we are bearish on risk assets."
