Real Vision founder Raoul Pal expects the market to bottom in March 2023, after which a slow recovery will begin. He attributed this to the end of the Fed’s rate hike cycle. According to Pal, bitcoin is the least attractive of the major assets because it is more stable. Ethereum has more upside potential.
SEC Director Gary Gensler said the cryptocurrency market can operate under the same rules as the stock market. However, he stressed that crypto assets are highly volatile and speculative, which exposes investors to significant risks.
According to CoinGecko, over the past year, 3,300 cryptocurrencies (about 40%) have left the market out of more than 8,000 at the start of the year. According to the rules of the portal, cryptocurrency can be removed from the site due to inactivity for two months or if the project is confirmed to be fraudulent. More than 117,000 fraudulent codes have appeared on the market since the beginning of 2022, Solidus Labs estimates.
Nigeria intends to recognize cryptocurrency as an investment asset. A new proposal for investment and securities passed the second hearing in the country’s parliament.
By FxPro Senior Market Analyst Alex Kuptsikevich