The stock market has faced relentless selling since the beginning of the year due to concerns over aggressive interest rate hikes by the Federal Reserve to tame the surging inflation and the possibility of a recession. The crypto market has fared even worse, with the most popular cryptocurrencies, Bitcoin and Ethereum, falling more than 55% year-to-date.
Many experts believe that we are in the midst of a “crypto winter,” which means a prolonged bear market in the crypto space. DBX Digital Ecosystem’s CEO Igor Zakharov said, “The crypto market was already feeling the effect of world events, especially the Russia-Ukraine conflict that caused turmoil in global finance.”
“By the time TerraUSD and Luna collapsed and set in motion a domino effect in the crypto world, crypto winter had already begun,” he added. Investors’ bearish stance on crypto is evident from the ProShares Bitcoin Strategy ETF’s (BITO) 56.8% decline year-to-date.
With the stock and crypto markets expected to remain...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...