Bull markets led to exuberance in crypto, bear markets will mature it: Ashish Singhal, CoinSwitch

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“It's worth noting there’s a flight towards quality crypto in the market. The Bitcoin dominance has climbed to 45%, suggesting investors have moved capital from lesser-known coins to quality crypto,” says Ashish Singhal, Co-founder and CEO, CoinSwitchThe crypto market, with no doubts, is in a tight bear grip. How do you see this phase and how long can it sustain? Do you think the Indian market and investors are mature enough to handle the long crypto winters?The supersized hike by the US Fed to control inflation has impacted the capital markets – be it traditional equities or cryptos. With capital becoming expensive, it was inevitable the markets would be bearish as investors temper their risk appetite. It is worth noting the strong correlation between Bitcoin and Nasdaq Composite, suggesting investors are valuing crypto assets in the same breath as deep tech stocks. We also have to keep in mind that asset classes such as cryptos are coming off a multi-year bull run. Course correction is thus understandable.

Did you Know?

Fan tokens or sports crypto are digital assets that enable sports teams, leagues, clubs, associations and players to strengthen fan engagement.

The fundamentals of crypto, however, remain strong. The true power of cryptos is the underlying technology—blockchain—which will be the foundation of the new internet, or Web3. Today, the sentiments are bearish, but this is a phase in the market cycle and won’t be permanent. History has shown that companies that have put their head down and built during the bear market have emerged stronger.

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