Crypto markets exiting hype era, says GlobalData

Following the news that Crypto prices fell in the aftermath of Russia invading Ukraine George Monaghan, Thematic Analyst at GlobalData offers his view:

“There is speculation that the Russia-Ukraine conflict will eliminate the prevalent belief that crypto is safe from geopolitical disruption, in a way akin to gold.

“The idea of crypto being a safe haven should be dead, but it’s not, and this won’t kill it. If you can think of a belief about crypto, someone has it. The interest-understanding balance is just too skewed.

“That being said, the price decline reflects a general trend. Crypto markets are exiting the era of hype, speculation, and headlines. Increasingly, the price will be based on the product’s usefulness. The crypto market cap has currently declined to only $1.5 trillion dollars. However, it could reach $3 trillion again, but only if cryptocurrency can offer $3 trillion of value but that’s a long way away. Like any other product, it needs use cases and useful products.”

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