The crypto market has gone through difficult stages, but the core system is working well, said Giles Keating, director of Bitcoin Switzerland, a crypto financial services provider. CNBC..
In an interview earlier today, Keating said that the core blockchain of cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) is not facing any problems. He added that the recent market defeat is the result of the collapse of TerraUSD (UST) Stablecoin and the Decentralized Finance (DeFi) platform.
Keating sentiment came after the crypto market collapsed on Saturday, June 18th, before it corrected upwards on Sunday. Due to the crash, BTC trading fell below $ 17,800. At the time of the press, the flagship cryptocurrency is trading at $ 20,495.25.
Meanwhile, ETH fell below $ 900 on Saturday. Similar to BTC, Coin has recovered its loss on Saturday and is now changing hands at $ 1,127.53.
Commenting on weekend crypto market performance, Keating said the market is approaching the point where some of the actual excess leverage is coming out of the system and bottoming out.
Mentioning yesterday’s double-digit rise in BTC and ETH, Keating said it marks the end of a major liquidation in the crypto market.
Experts claim that bears are not done in cryptocurrencies
Keating believes the crypto market is bottoming out, but Valkyrie Investments CEO Riawald believes the early asset classes are still in the bear market.In an interview with CNBCBTC has found support for just under $ 20,000, Wald said.
According to her, this is at the same level that most institutional investors have been in the crypto era, so it makes sense for BTC to find support for less than $ 20,000. She added that “these market participants” would do everything possible to prevent their transactions from going underwater.
Wald said it will probably take longer to recover the crypto space, as confidence in the industry has been shaken.
She gave an example of a crypto hedge fund, Three Arrows Capital (3AC), which was unable to respond to margin calls and was forced to liquidate by creditors. In addition, Wald said that the seemingly bankruptcy of Celsius was widespread because the platform’s impact was a lender to many private and institutional investors.
Like Wald, Dan Ives, Managing Director and Senior Equity Analyst at Wedbush Securities, believes that the crypto winter isn’t over yet.
Talk to Financial TimesIves Said:
This is a dark winter for cryptocurrencies, as the era of free money ends this weekend with an entirely different brutal sellout. All risk assets are thrown out the window.
