The cryptocurrency industry has seen a major downturn in the year 2022, moreover, the recent collapse of the algorithmic stablecoin chain Terra has raised many more questions about the reliability and future of the market. crypto.
Circle CEO Jeremy Allaire is of the opinion that not all stablecoins are created equal, as this will help people identify fully secure and well-regulated tokens.
In reaction to this, governments around the world are not rushing to regulate the strict rules on cryptocurrencies. The last edition of the World Economic Forum (WEF) saw major differences from the last in 2020, cryptocurrency discussions still rule the conference for different reasons.
The Crypto Market Will Crash Further
According to a recent analysis, there are more than 19,000 crypto tokens floating around the various crypto exchanges around the world. while several digital asset industry giants believe that the market status is still uncertain.
In the future, few tokens may disappear from the crypto market that currently exists, says the summary of a CNBC Report. Likewise, we cannot ignore the bear market conditions of existing stablecoins.
Ripple CEO Brad Garlinghouse said a few digital tokens might go away in the coming time and aren’t really needed at the moment as there are currently 180 fiat currencies.
Meanwhile, he says Ripple is still embroiled in a lawsuit against the US SEC over the nature of its native XRP token, the outcome of which could change the commission’s outlook on the cryptocurrency.
In addition, Web3 Foundation Manager Bertrand Perez, in comparison to the current state of the market with the beginning of the Internet era, mentioned that there are many scams registered at an early age and only adding no market value. Adding further, he said that we are in a bear market that is considerably good, which will clear the air of people who were in the market for the wrong reasons.