CEO of PolySign, Jack McDonald says the worst has passed and investors can be hopeful since there’s going to be a strong recovery in the upcoming months, reports CNBC.
He also explained that since cryptocurrencies including Bitcoin, Ethereum, Cardano, and Solana are considered “risk-on, risk-off assets” with an increasing correlation with the wider markets, therefore their prices were falling.
With the flagship currency Bitcoin going down to $28,000 with billions of dollars liquidated, the crypto markets went through a great sell-off.
The de-pegging of TerraUSD (UST) from the US dollar and the downfall of LUNA following that worsened the decline in crypto assets’ prices.
McDonald also believes that cryptocurrencies including Bitcoin are no longer considered a hedge against inflation. He has attributed war in Europe as the reason for the increasing correlation between crypto markets and the stock market.
The CEO further said that the belief that the market has touched its bottom has led to increased institutional interests.
At the end of the interview, McDonald gave the prediction that the second half of the year will witness a major cryptocurrency recovery.
He believes that the hodlers will remain steady, adding that the cash that’s going to flood in will look at the market downtrend as a real opportunity for the longer term and he remains bullish.
“Now is the best time to Build,” Says Robinhood CEO
Many crypto companies are grabbing this opportunity and releasing their products to experiment.
Vlad Tenev, CEO of Robinhood, disclosed that the company almost launched a non-custodial crypto wallet that would grant users full control over their private keys. The announcement is made almost a month after the company revealed the release of its first cryptocurrency wallet.
In an interview with CNBC, Tenev said that every time people accept that crypto is over, people develop new products. He added that right now is the best time to build as the leading products in the space are the result of crypto winter.
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Source: https://www.thecoinrepublic.com/2022/05/22/crypto-investors-in-the-last-few-weeks-have-suffered-a-lot-but-whats-worse-is-that-they-dont-even-know-if-the-storm-has-passed-or-not/