The recent ‘crypto winter’ put through Bitcoin and other cryptoassests with an extreme test with the market fear peaking. The emerging space witnessed many prominent crypto firms declaring bankruptcy. The crypto industry has dropped to nearly $2 trillion while thousands of jobs were lost due to the turbulence. It is now being suggested that these losses might be just the beginning.
Gavin Michael, the CEO of Bakkt, continues to be optimistic about the crypto space. In an interview on Friday, August 19, the CEO said the crypto industry is not going away. According to him, a significant resurgence next year is what is driving the space.
Meanwhile Bakkt seems to be unaffected by the recent crypto crash as it continues to generate in the digital assets market. To the unfamiliar, Bakkt is a platform that allows institutional investors to trade other cryptocurrencies including Bitcoin. It recently announced a partnership with Visa to offer crypto credit and debit cards. Mastercard is also one of Bakki’s existing partners. Michael also shares that Bakki’s partners continue to show enthusiasm and interest. Michael further says that Bakkt will continue to innovate as the customer interest in crypto remains robust. The CEO said they are continuously increasing their crypto capabilities to keep up with the changing market demands.
Bitcoin Will Lead Sharp Turnaround in Crypto: Bloomberg Analyst
On the other hand, a senior commodity analyst at Bloomberg intelligence, Mike McGlone, performed an analysis and concluded that the sharp turnaround in crypto market in August is just beginning. And, Bitcoin is leading it.
McGlone also believes that the crypto market will be leading the other asset classes in a recovery in the year’s second half. The crypto market has suffered a major decline since reaching $3 trillion in value in November last year, suffering a decline of 70%, as of July. Though the market has recovered 33% of its losses, it is still down by 60% from its ATH.
Source: https://www.thecoinrepublic.com/2022/08/23/this-digital-asset-company-ceo-says-bictoin-isnt-going-anywhere-amid-crypto-crash/