CNBC Bullish On Bitcoin and FED Gets Asked About Dogecoin

As Bitcoin seems to struggle to regain its recent new all time high of $64,000 and mostly trades in the $50,000 to $55,000 range, market analysts believe that investors are simply taking some of the profits obtained this year and are redistributing it into altcoin investment. This also explains the reduced volatility of Bitcoin witnessed as of late and the declining Bitcoin dominance.

COO of GDA Capital Zachary Friedman explained it as follows:

As we have seen with most bull cycles, bitcoin typically leads the charge.

Once bitcoin tops, money is redistributed into altcoins, which marks the nearing end of these cycles, historically.

CNBC Picks Crypto Investment

Over at CNBC, the team of Power Lunch had their semi-annual Draft Picks where analysts could choose their favorite investments for the coming months ahead. First out of the gate, aka the choice that analysts believe will do best for the remainder of the year was still Bitcoin.

ROUND 1: @timseymour’s first pick is in, and it’s #Bitcoin. pic.twitter.com/gsdckqyVBj

— Power Lunch (@PowerLunch) April 29, 2021

That is quite the endorsement.

Powell on GameStop, Dogecoin

FED Chair Jay Powell commented on recent trends in equity markets in the US during a virtual session with the press. He was asked what he thought of the recent run ups of certain new asset classes, meaning the reporter wanted to find out his opinion on GameStop and Dogecoin. Both assets which have gone up thousands of percentages that financial analysts feel are undeserving.

Powell stated:

So we don’t just jump from one thing to another. I know many people just look at asset prices and they look at some of the things that are going on in the equity markets, which I think do reflect froth in the equity markets.

“You are seeing things in the capital markets that are a bit frothy, that’s a fact,” Fed Chair Powell says when asked about financial stability concerns around Dogecoin and other popular assets https://t.co/BmwRil8jA8 pic.twitter.com/CsjmFypZj7

— Bloomberg Quicktake (@Quicktake) April 28, 2021

Mainstream media jumped on the topic and in the past hour the FED and Dogecoin now get mentioned in the same headline in Benzinga, Bloomberg and Yahoo Finance.