The cryptocurrency market experienced a bloodbath in May and June, losing $1 trillion in value in weeks. The crypto market has been hard-hit by the challenging macroeconomic environment. In May, Bitcoin fell below the $26,000 mark for the first time in 16 months, dragging other cryptocurrencies with it. The crash has also increased the chances of regulation.
Bitcoin has been trading between $20,000 to just over $24,000 since mid-June after the crash wiped off 50% of its value this year.
The latest 75 basis point interest rate hike by the Fed is raising expectations of a risky asset like crypto to remain bearish in the near term. As crypto is a relatively new and speculative investment without a long history to base predictions, other conventional assets might be better investments in this volatile economic backdrop.
Hence, we think the cryptocurrency stocks Marathon Digital Holdings, Inc. (MARA - Get Rating) and Riot Blockchain, Inc. (RIOT - Get Rating) might be best avoided now.
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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...