Cryptocurrency prices have left investors confused as to whether the worst of the storm has passed or prices could drop further. A crypto executive thinks that a strong recovery in Bitcoin and some altcoins may be in question in the second half of the year.
“Bitcoin and altcoin market will recover in the second half of the year”
PolySign CEO Jack McDonald believes that the worst in crypto markets may be over and investors can expect a strong recovery in the coming months says. He states that the falling prices of Bitcoin, Ethereum, Cardano, Solana and other cryptocurrencies are due to their being viewed as “risky, risk-free assets” with an increasing correlation with the broader markets. As you can follow from
Kriptokoin.com news, crypto markets saw a big sell-off as Bitcoin fell to $28,000 with billions of dollars liquidated. The decline in prices was exacerbated by the fact that TerraUSD (UST) lost its dollar peg followed by LUNA’s “die”.
Jack McDonald adds that the narrative that Bitcoin and other cryptocurrencies are a hedge against inflation has shifted, alluding to the growing correlation between crypto markets and the stock market, largely fueled by the war in Europe .
Indicating that corporate interests have increased due to the growing belief that markets have bottomed out, Jack McDonald claims that the second half of the year will herald a major cryptocurrency recovery. The veteran CEO said, “I think the Hodlers will remain stable. “I think the real money coming into space sees the market crash as a real opportunity in the long run, and I’m very optimistic,” he says.
Leveraging chaos to launch new products!
Crypto firms are taking advantage of the recession in prices to test the current situation with new products for their community. Robinhood CEO Vlad Tenev revealed at the Permissionless conference that the company is on the verge of releasing an unsupervised crypto wallet that will give users full control over their private keys. The announcement comes barely a month after the company announced the launch of its first cryptocurrency wallet. In an interview with
CNBC, Tenev said, “Whenever people think crypto is gone, people develop new products. In fact, now is the best time to build.” Tenev also says that leading products in the space were largely built during the crypto winter.
