CEO DAO.vc George Galoyan: crypto winter is already here. Bu | DAO.vc — Announcements
CEO DAO.vc George Galoyan: crypto winter is already here. But it will be gone
In January 2022, George Galoyan, crypto expert, CEO and founder of the autonomous venture ecosystem DAO.vc, predicted the fall of bitcoin down to $20000.
As early as June, the price of the flagman cryptocurrency fell to that level. But each decline is followed by rapid recovery and growth. It is the reason crypto winter does not cool down the interest of investors in the industry, and digital assets remain attractive for investment .
The course of Bitcoin has pulled along the rest of the market.
Over the last half a year, the cost of other leading cryptocurrencies — Ethereum (ETH), Cardano (ADA) и Polygon (MATIC) — went down by more than 60%.
Galoyan believes that this situation is quite predictable since the correction is regular. The market is cyclical, therefore the periods of incredible growth are followed by a rapid downfall, but then crypto recovers and its price goes up. According to George, there are two possible versions of events in the next few weeks: bitcoin falls down to $18 000 or goes up to $22000. Stagnation, the phase of the unstable price of bitcoin and top coins are the possibilities for new investors and the period of coin storage in the of holders. In any case, recovery of the sector awaits us: despite the drop in prices, digital assets go on attracting investors’ attention, as confirmed by Bank of America.
According to George Galoyan, cryptocurrency turmoil was influenced by a range of factors:
low activity of miners (low mining intensity during correlation);
global and rapid sale of assets by major companies;
geopolitical conflicts.
The expert believes that even with the influence of global events on the market price of bitcoin and crypto winter, cryptocurrencies remain independent of the politicians’ actions. According to him, there is no connection between political decisions and the digital assets market.
Any conflict destroys the economy, leading to high inflation. However, the economic downturn makes governments and regulators look for new ways to replenish the budget. The legalization of crypto assets may become such a step. For example, galloping inflation in Ukraine devalues accumulations, causing a high level of mass adoption of cryptocurrencies.
Check out the full text of the article on Blockchain24.pro.
