Adrien Treccani, CEO of Switzerland-based crypto-focused company Metaco, stated that the latest correction in the market will likely wipe out some of the start-ups in the country. The famous CEO is making 6-month crypto forecasts as a result of this.
“Crypto startups face ‘terrible’ consequences due to market crash”
Speaking to Swiss Info on July 13, Treccani said the market crash was disastrous for businesses in the industry. As a result, he predicted that crypto-focused start-ups would enter a new phase within six months. Treccani’s highlights:
The market crash will be disastrous for many Swiss start-ups. I would estimate that about 20% to 30% of these will disappear. They will disappear in the next six months.
Crypto predictions that will result in new opportunities
However, despite the predicted collapse, Treccani notes that weaker players will be eliminated. The expert also argued that this elimination process will benefit the sector. According to the manager, the current market movement is a bubble burst that will potentially lead to new opportunities. In the words of Treccani:
This popping bubble will filter out the noise and simplify the market. Normally, after a major crash, new opportunities arise.
Despite the bearish movements of the cryptocurrency market in recent months, most start-ups in Switzerland remain resilient. One of the main reasons for this; Switzerland has friendly regulations that attract more players to the country. On the other hand, Santiment data speaks of the growing social media interest in cryptocurrencies.
Santiment reports exploding social interest in Bitcoin and Ethereum
Santiment said that social media mentions of Bitcoin and Ethereum have increased due to volatility. The analytics firm says that Bitcoin and Ethereum benefited from growing popularity as a topic of discussion prior to the release of CPI data:
Towards the end of the workweek last week, things were looking for crypto as improvements occurred in the industry. However, prices are fluctuating and go back as July 13 CPI approaches. BTC and ETH are seeing increases in discussion rates.
According to Santiment, Bitcoin’s dominance on social media platforms as a topic of discussion is at a 12-month high. Company analysts interpret this situation as follows:
The ratio of Bitcoin-related discussions to all crypto topics has increased rapidly on social media. BTC’s social dominance is currently at its highest point since June 2021. Historically, a refocus on BTC is a good sign for crypto bulls.
In the case of Bitcoin, the analytics firm says the leading crypto has experienced relatively high levels of optimism on social media platforms this week:
Bitcoin’s social sentiment is seeing unprecedented optimism this week as we enter the second half of July and the Federal Reserve’s next [interest rate] decision. An ideal setup would be for the crowd to remain skeptical as prices climb with little resistance.
On the altcoin, Santiment says they are experiencing a “severe dip” in interest amid falling crypto prices:
As crypto remains sluggish and prices have started to drop again since the weekend, we can see that the participants and general discussion about the markets continue to decline. Altcoins, in particular, are showing a serious drop in crowd interest.
cryptocoin.comAs we covered in our analysis, Bitcoin is trading at $21,000 at the time of writing.
