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Kraken Head of Strategy Says Four Main Catalysts Likely To Boost Crypto in 2024

July 15, 2024

The head of strategy at US-based crypto exchange Kraken foresees four events likely to help the crypto markets this year.

In a new interview with Bloomberg, Kraken strategy head Thomas Perfumo says “four big catalysts” coming for digital assets in the second half of 2024.

Per Perfumo, slashed interest rates and the Ethereum (ETH) exchange-traded fund (ETF) will help push crypto higher this year.

“Yes, I think in the short run I’d say there are about four big catalysts in the second half that I’m looking out for. So broadly speaking, risk assets, we’re talking about the macro economy. So Canada, Europe already cutting interest rates. The question is when is the Fed going to do it and to what degree are they going to do it with crypto? Specifically, the Ethereum ETF launch is a big deal that brings a lot of attention on crypto again and brings a lot of capital flows. It’s a rising tide lifts all boats story.”

Furthermore, the Kraken executive says global acceptance of crypto exchange-traded products plus the outcome of the upcoming US Presidential election are both likely to send digital assets soaring.

“Looking forward, U.S. election sets the tone for policymaking and the legislative agenda for the next four years. And then beyond that, you know, I think it’s just the ongoing trend of adoption of Bitcoin global engagement with exchange-traded products like the U.K. and Hong Kong launching their own, as well as increased access to crypto ETFs here in the U.S.”

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