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Bitcoin has been put to the acute check throughout the previous few weeks as this 12 months’s cryptocurrency market crash has raised questions in regards to the viability of the business, with traders bearing the brunt of the collapse and market concern hitting a brand new excessive.

Fears of a worldwide recession and the very best inflation in over 4 a long time have delivered a heavy blow to the younger cryptocurrency market in 2022, spawning a brutal crypto winter that has pushed once-soaring corporations to close down and traders into panic-selling.

Nearly $2 trillion in market worth, billions of {dollars} in frozen property, and 1000’s of jobs have been misplaced due to the turbulence, however these losses might solely be the start.

Bitcoin Isn’t Going Anywhere, CEO Says

Despite the grim outlook, the chief govt officer of this digital property administration firm is optimistic.

Gavin Michael mentioned in an interview with Yahoo Finance on Friday that the cryptocurrency business is “not going away.” In reality, he claims that curiosity within the area is motivated by the chance of a major resurgence subsequent 12 months, following the latest decline of Bitcoin and different cryptocurrencies.

The ICE-founded Bakkt, which affords a platform for institutional traders to commerce bitcoin and different cryptocurrencies, continues to make good points within the digital property market. The web site simply introduced a partnership with Visa to offer crypto debit and bank cards. Mastercard can be an current accomplice of Bakkt.

According to Michael, Bakkt’s companions, nearly all of that are worldwide firms, proceed to exhibit important curiosity and enthusiasm.

“They have been monitoring this area for a very long time. They comprehend the peaks and troughs that we are witnessing.”

In his analysis, Mike McGlone, senior commodity analyst at Bloomberg Intelligence, believes the cryptocurrency market’s sharp turnaround in early August, led by Bitcoin, is simply getting began.

(As of this writing, Bitcoin was buying and selling at $21,416, down 13 % within the final seven days, information from Coingecko present).

Bitcoin Major Rally Just Around The Corner

After the crypto market meltdown within the first half of 2022, in keeping with McGlone, the crypto market will lead different asset lessons in a restoration within the second half of this 12 months.

After reaching $3 trillion in worth in November of final 12 months, the cryptocurrency market had its worst first half ever, falling greater than 70% by July.

According to analysts, the cryptocurrency market has now regained virtually 33% of its losses, however remains to be down greater than 60% from its all-time excessive.

Meanwhile, Michael states that Bakkt continues to innovate as a result of “customer interest in crypto remains robust.”

The CEO mentioned:

“We continue to expand our crypto capabilities in order to suit these changing market demands.”

Crypto complete market cap at $999 billion on the weekend chart | Source: TradingView.com

Featured picture from GOBankingRates, Chart from TradingView.com