This Expert Claims Crypto Winter Is Not Over But There’s A Catch
03 Novembro 2022 - 11:54PM
NEWSBTC
The ongoing crypto bear market seems like an unending journey, with
more firms coming down with financial crises due to asset
devaluations and other effects. Although some assets have seen
brief rallies, many remain in decline. Regarding the crypto bear
effects, Kathleen Breitman, CEO of Tezos, a blockchain platform,
shared her opinion. Breitman thinks the end of the crypto winter is
not near yet, but she is confident about the survival of a few
useful crypto applications. Related Reading: Bitcoin Shocker:
Lightning Network Capacity Reaches 5,000 BTC Reasons For Price
Devaluations The Tezos CEO argued that the recent rallies do not
signify the end of the bear market. In her opinion, easy money from
venture capitalists seeking profit and low-interest rates
artificially hiked the valuations of many crypto companies.
Kathleen further said that even if the Feds stop hiking interest
rates, only a few useful crypto applications that can grow organic
users will survive. The CEO also commented on the fall in the price
of many digital assets in 2022. She said easy money going into the
system inflated the values of digital assets. She cited examples of
crypto devaluation in the industry using the OpenSea NFT
marketplace as a case study. According to data from Dune Analytics,
OpenSea’s trading volume dropped from ~$3 billion in September 2021
to less than $350 million in September 2022. Kathleen explained
that the cheap money phenomenon started and spread into many
markets. She said OpenSea has a $13 billion valuation currently.
Other top industry players gave their opinions regarding the end of
the bear market. Charles Hoskinson, founder of Cardano, Brett
Harrison, ex-president of FTX US, and Brain Amstrong, CEO of
Coinbase, predicted when the bear market would end. Only Useful
Crypto Applications Can Survive Bear Market, Breitman According to
the Tezos CEO, since the easy money is unavailable, get the
communities (organic users). When asked if a pause in Fed’s rates
hikes could revive the crypto market, Breitman said there would
still be a shift in crypto and tech valuations. She said that the
valuations would base on user growth and not the use of cheap
tactics (easy money) that quickly goes. Furthermore, Breitman said
no metric had evaluated cryptocurrency or technology in the last
ten years when interest rates were low. However, she maintained
that practical crypto applications would thrive no matter the
challenges. As per Breitman, the demand for digital arts and their
trading on blockchain was the driving factor for Tezos’ increased
popularity in 2021. According to Breitman, the use case of
blockchain in creating and trading digital arts is among the only
sources of organic growth in the crypto industry. Related Reading:
Lightning Speed: 5 Ways To Make Money/ Earn Sats Using The
Lightning Network Amid the crypto winter, the end of the easy money
era has been a hot topic among analysts. Some believe the recent
Bitcoin price stability is good for the industry. The founder of
Nexo, a crypto lending firm, told reporters that BTC performance
strongly indicates that the digital asset market has matured.
featured Image from Pixabay | Charts by TradingView
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