The cryptocurrency market is still suffering from the after-effects of the FTX collapse. Many crypto experts seem to be disturbed while talking about the future of cryptocurrencies.
As the market is yet to recover from the volatility caused by the demise of FTX, further news broke out that two of the biggest crypto lending firms BlocFi and Genesis Global are on the verge of Bankruptcy.
In case Bitcoin falls from $16000k to $10,000 this will further worsen the industry’s situation. It is worth mentioning that Gemini is another crypto firm, currently facing solvency threats.
The Future of the World’s Biggest Cryptocurrency
In recent times the biggest turning point regarding the cryptocurrency market was the fall of FTX which has forced Bitcoin to plunge just above $16000 from $21,000.
CoinGecko’s head of marketing research recently during an interview said that we are thoroughly monitoring the after-shocks of FTX.
He also added that another area they are keenly watching is the development trend in the cryptocurrency markets.
Apart from the current volatile nature of the cryptocurrency market across the globe, other global issues such as China’s Covid-19 worries and the Ukraine-Russia war also seem to have an impact on Bitcoin’s future price.
Despite the fact that after the fall of FTX, Bitcoin (BTC) has shown price stability at $16000, the chances seem higher that the world’s most prestigious cryptocurrency might fall to $1000.
Bitcoin and Current Political-Economic Factors
Delphi Digital’s leading market analyst Jason Pagoulatos recently voiced his opinion by opening up about the current political landscape. He said that the Russia-Ukraine war and China’s Covid 19 worries can’t be ignored.
He also added that as per his expertise in the coming few weeks Bitcoin prices might experience another price drop-down.
According to him for the next several months, Bitcoin (BTC) can circulate between $9,000 to $12,000 ranges.
Delphi Digital Analyst Hinted at another Economic Recession
Jason Pagoulatos also added that Bitcoin, Ethereum, and other crypto tokens are not the only currencies that seem suffering from the current economic turmoil.
China’s Covid issues and ongoing tensions between Ukraine and Russia also have an adverse impact on Stocks and the Forex market. Furthermore, he said that the world is heading toward another economic recession in 2023.
Jason also believes that the second half of 2023 will be a time of strong growth for the worlds overall economic and cryptocurrency markets.
The current analysis shows that the recent market indicators are not favorable for those investors who are aiming at short-term profits. But those seeking long-term profits, need to be a bit more patient.
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