Cryptocurrency crisis: experts expect the worst

The current situation of virtual currencies continues to worry, and experts do not give confidence. At least that’s the overlooked view Russell Thomson The CEO of digital asset management firm LibertyRoad Capital during an interview. According to that, “There are no signs of a bottom right now. And we need to lay the groundwork for this market to recover.” In other words, the market will not immediately improve, things could get worse. via illustration, Bitcoin drops almost -70% in 18 months. Just like Ethereum, which has dropped -76% in just 4 months.

Advisor to digital asset broker GlobalBlock Marcus Sotiriou We believe that the inflation observed in the United States at the beginning of the month is one of the main causes of this cryptocurrency crisis. It should be emphasized that Uncle Sam’s country has crossed a new border. 8.6% inflation, record of the last 4 years. The conflict in Ukraine is behind some of this price increase. As Europe is currently experiencing an inflation of 8.1%, an increase that does not spare any space in the world.

According to experts, the cryptocurrency market will collapse

To make things worse for the stablecoins fall, Crypto loan giant Celsius No longer accepting any transactions since June 13. Marcus Sotiriou is alarmed and warns “Crypto markets are collapsing in part as Celsius, one of the largest lending platforms, risks going bankrupt after widespread speculation that customers are irresponsible for their funds. “.

So the question all investors are asking right now is when will the cryptocurrency crisis end? It’s hard to answer because positions now agree that it won’t, but are split on the exact date of the resumption.

For Thomson, the stock market needs to hit the lowest scores. Therefore, he waits for Bitcoin to trade for $17,000 before an actual click occurs. Marcus Sotiriou is less avoidant and expects a recovery by 2023. Same story for the boss of the crypto exchange buy Ucoin Shivam Thakral For whom, the future of cryptocurrencies will depend on the relaxation of tight monetary policies.

Source : crypto slate