Glory, gloom & doom! Are cryptocurrencies losing asset class status?

economictimes.indiatimes.com:

crypto market is coming true as the digital token market is in a tight bear grip. The winter in the digital asset class is likely to last longer than expected, as signaled by a number of crypto companies, who are laying off their staff and human resources amid the crash and dire cash crunch. Manit Ankhad — Vice President and Head of Crypto Research, 1Finance said, «In the past nine years of crypto being in existence, we have seen two bear markets in 2015 and 2018.»

Did you Know?

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Each time, it has bounced back harder and seen extraordinary returns being earned by investors who continued investing during these times, he added. «The issues causing this sell-off are broad economic factors and not asset class-specific.» Other market experts, with a more critical outlook, said that cryptos are not short-term money making machines. Perhaps, they would have a binary outcome — either they will be very valuable or will be written off in future, they argue. To invest or not to invest in cryptos depends on the investment horizon, Atanuu Agarrwal, Co-founder, upside AI. They should be not more than low single digits in your asset allocation, and it should be money you are willing to lose. In the last eight months, crypto investors across the globe have lost more than $2 trillion of their wealth as the total market capitalisation of the crypto assets breached $1 trillion levels earlier this week from its peak. Behemoth crypto tokens including Bitcoin, Ethereum and BNB are down by 70 per cent from their peaks. Altcoins including Solana, Avalanche, Dogecoin, Shiba Inu