Cryptocurrency market capitalization will fall below the final local minimum as the industry has not yet “cleaned itself” of troubled participants. This was stated by Scott Minerd, Guggenheim Partners’ chief investment officer, in a conversation with Bloomberg.
“Think about it [рынок] and it will continue to blow. I think we’re in for something akin to the dot-com collapse to figure out who’s the winner and who’s the loser here. “I don’t think we’ve completely cleaned the system,” he said.
According to Minerd, an increase in cryptocurrency prices can be expected in the short term, which is a good opportunity for speculators to make money.
He emphasized that the sector will have problems in the long run. According to him, regulatory pressure and lack of strong institutional support will be effective.
On July 27, the US Federal Reserve System (FRS) raised the key rate range 75 basis points at once to 2.25%-2.5%. The cryptocurrency market reacted to this decision with growth – on July 28, Bitcoin rose above $ 23,000, Ethereum passed $ 1,600.
CIO Guggenheim Partners expects US inflation to exceed the regulator’s target by the end of 2022. According to him, the value will be 5% – 6%. He also said it’s hard to deny a recession in the US economy.
Recall that Minerd allowed bitcoin prices to drop to $8,000 in May.
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Source: Fork Log
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