The cryptocurrency industry has experienced a major drop over the year 2022, in addition, the recent collapse of the algorithmic stablecoin Terra chain has raised many more questions about the reliability and future of the crypto market.
Circle CEO Jeremy Allaire is of the opinion that not all stablecoins are created equal, as it will help people identify fully secure and well-regulated tokens.
Reacting to this the governments worldwide are not racing behind to regulate the strict rules on cryptocurrencies. The latest edition of the World Economic Forum (WEF) has seen the major differences from the last one back in 2020, the talks over cryptocurrency 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 which currently exists, says the summary of a CNBC report. Similarly, we can not 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 that Ripple is still involved in a lawsuit against the US SEC over the nature of its native token XRP, the outcome of this may change the outlook of the commission regarding 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.
