Bitcoin Has Not Bottomed Out, Data Suggests; Ether and Other Altcoins Fall in Monday Trading

In an interview on CoinDesk’s “First Mover” TV program, Lex Sokolin, head economist of decentralized protocols at software company ConsenSys, said that cryptocurrencies respond to external events similar to other riskier assets. “The story about the macroeconomic environment is, if it allows consumers to have a larger budget – and certainly the COVID-19 environment was that – they’re more likely to take risks, they’re more likely to use Web3 and try new protocols,” he said. “And if they’re compressed, and they’re much more worried about paying down their mortgages or their rents, they’re going to have less discretionary budget. And so that’s going to be damaging for crypto prices in the short term.”