Tough Year Ahead for Cryptocurrencies as Over-all Market Fumbles

  • Institutional investors won’t hesitate to sell their holdings.
  • In only one week, ATOM’s value has risen by 44%.

Today’s significant cryptocurrencies are all in decline. The value of ETH has fluctuated between $3.1k and $3.2k. The current value of XRP is around USD 0.75. Moreover, a decline in the ADA’s value to below USD 1.20 was followed by a bit of surge.

BTC/USDT: Source: TradingView

ATOM, ONE, QNT, MANA, ZEC, FXS, OSMO, and JEWEL are among the cryptocurrencies that have gained more than 5% in value. ATOM’s price surged 20% in a single day and exceeded the $43 threshold, making it the market leader. In only one week, the altcoin’s value has risen by 44%.

ETH/USDT: Source: TradingView

BitMEX CEO Arthur Hayes forecasted that cryptocurrencies will collapse 90% from where they are now trading in a bleak Medium article.

“Diamond hands” may not be able to prevent a “catastrophic fall” in the value of Bitcoin, according to Hayes. According to him, institutional investors won’t hesitate to sell their holdings if the market circumstances alter. Due to their lack of faith, they are not devoted to Lord Satoshi. Furthermore, Bitcoin and Ethereum, the two most well-known cryptocurrencies, are expected to decrease significantly less than other cryptocurrencies.

Regulatory Concerns

Speaking on CNBC’s “The Exchange,” Chris Grisanti, chief equities strategist at MAI Capital Management, predicted that 2022 would be a challenging year for cryptocurrency.

Furthermore, many countries are ramping up regulation to prevent the new asset class from becoming a victim of its own success, says Grisanti. Moreover, a wide range of sources will compile regulations from multiple countries. According to him, Bitcoin and Ethereum, the two most renowned cryptocurrencies, will not be much affected, unlike other altcoins from government intervention.

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