- A popular crypto executive says that cryptocurrencies like Bitcoin, Ether, Cardano, Solana will rally for the rest of 2022 after the widespread panic selling they have experienced over the past few weeks.
Price movements in cryptocurrencies, investors; It causes them to worry about whether the market is past the worst of the storm or whether prices will continue to drop. A crypto executive also thinks there is a strong recovery in the crypto market in the second half of the year.
The cryptocurrency market will revive in the second part of the year.
PolySign CEO Jack McDonald said in an interview with CNBC that he thinks the worst-case scenario for the crypto market may be over, and that investors can expect a strong recovery in the coming months.
The manager also Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Left (LEFT) He noted that the falling prices of cryptocurrencies and other cryptocurrencies are due to perceived “risky, risk-free assets” with an increasing link to larger markets, and that this is about to improve.
Crypto markets experienced a massive sell-off as Bitcoin plunged to $28,000 with billions of dollars liquidated. fall in prices, TerraUSD (UST) It was made worse by the “death” of LUNA, which followed its de-peggin from the US dollar.
McDonald added that the narrative that Bitcoin and other cryptocurrencies are a hedge against inflation has changed. He also touched on the growing correlation between the crypto markets and the stock market, largely fueled by the war in Europe.
“I still believe you will see a breakout from some other market trends in the longer term, but it cannot be denied that there has been a very strong correlation lately.”
Adding to his words that institutional interest has increased due to the growing belief that the markets have bottomed out, the investor interview concluded by stating that the second half of the year will herald a major cryptocurrency recovery.
“I think the Hodlers will remain stable. “I believe the serious money going into the industry sees the market downturn as a tremendous opportunity in the long run, and I’m pretty optimistic about it.”
Leveraging chaos to launch new products
Crypto firms are taking advantage of the price drop to try out new products for their communities. In a very short time Robinhood CEO Vlad Tenev said at the Permissionless conference that the company will give users full control over their private keys, non-custodial announced that it is on the verge of releasing a crypto wallet. The announcement comes just a month after the company announced the launch of its first cryptocurrency wallet.
In an interview with CNBC, Tenev said, “Every time people think that crypto is gone, people continue to develop new products.” He added:
“Actually, now is the best time to build. The leading products in the space are largely developed in the crypto winter.”
For example, the crypto lending platform recently aave; After its founder was removed from Twitter, it announced the launch of Lens Protocol, a Web.3 social media platform designed to give users full control over their profiles using non-fungible tokens (NFTs) technology.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.