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Opinion: Yes, Crypto is crashing again, but Blockchain will survive

Eirwen WilliamsEirwen WilliamsJune 19, 2022 at 5:24 AM0
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The US Federal Reserve’s actions and recession fears have brought pressure on financial markets as Crypto has become one of the most challenged assets since the turn of the year.

Just last week, Bitcoin fell from $23,000 to $22,000 and then to $21,000. This week, the Crypto industry rapidly fell for the 2nd time in a month, alongside a quick drop in world stock markets. 

This collapse, which is not the first time, has shown how the swings of an unregulated market can affect transformative technology. 

For many, Crypto is one part of the bigger blockchain and as such needs some slacks. They believe that despite the consistent pressure and the second crashing in a month, blockchain will survive. How true is this? Read on!

The Crypto market is fallen apart. Why? 

This crashing isn’t limited to Crypto, the stock market has been suffering some downturns. 

The US policymakers attempt to tame inflation by raising interest rates and tightening monetary policies, thereby mounting pressure on the fall.

This has made investors move away from risky investments and assets like Crypto. Also, the fall in Crypto prices has put stress on large players, institutions, and others who made investments close to the top of the industry.

This first recent crash was mainly set off by the Crypto death spiral known as Terra Luna, which consists of the coin Luna and its stablecoin, TerraUSD. 

It represented about 3% of the overall Crypto market at its spring’s dizzying heights, creating fear throughout the exchanges alongside panic selling.

According to the Guardian, “The immediate cause was contagion from the catastrophic failure of another cryptocurrency project, called terra, which was once valued at more than $50bn and ended the week effectively worthless.”

These are the trends; 

  • Terra collapsed and was followed by the crash of other Cryptos. 
  • Terra’s related project values stumble.
  • Investors became afraid they may follow suit.  
  • Then panic caught the broader sector, including blue-chip tokens, and even Bitcoin, which tumbled.

After this week’s second crash, the Crypto market is still worth roughly $1 trillion (one-third of last year November’s peak). Now, it’s showing no sign of getting back to its heights of April.

Generally, Cryptocurrency is volatile. This isn’t due to its underlying technology but because of the difficult and often unstable junction between some rising technologies and money. 

Will the Blockchain survive?

While some Crypto opponents have been celebrating the blockchain death, insisting that every Crypto is fraudulent, the pro-crypto libertarians clamor for a financial space without regulations.

Some also believe that the blockchain dream is too good to be true, and it’s not surprised to struggle to hit its past highs

Whatever be the case, many onlookers expect to see the final death of Crypto and blockchain.

With many indexes and benefits, blockchain has come to stay! It can be as transformative as the internet innovations that humans depend on daily. 

Industries like finance, supply chain management, and pharma have already been imbibing Blockchain to their uses.

With Blockchain, it’s possible to see a future where humans will look up at the fate of all tax dollars paid, and where government corruption becomes impossible.

And where important stories, music, art, and games will never go away from the internet.

Whenever independent, tamper-proof record-keeping is required, blockchain could become a haven where all the receipts are safe and available for anyone to see.

The way forward

To make a Crypto space and world as described above possible, Crypto and blockchain must be integrated responsibly into the existing world economy. 

The media, regulators, and market participants should be united to balance the gains of blockchain innovation to prevent harm. And the naked greed must be chastised.

For many, the chance of big profits is the most attractive thing about Crypto. Many believe it’s a gold rush where they can quickly become wealthy.

Regrettably, this get-rich-quick mindset has long become associated with Crypto investment, and it must end.

Just as most people keep working whether the stock market is tanking or soaring, the real-world work of developing blockchain will continue to go, independent of the market histrionics.

According to the managing director and fintech analyst at BTIG, Mark Palmer, there is a crucial catalyst that will permit Cryptos and other blockchain-based businesses to rebound.

For him, “Once we begin to have a more rational approach concerning valuation and that some of the fervor associated with the Fed moves begins to calm down, that will create a baseline off of which Crypto and the entire space will be able to bounce.”

Final lap

The 2022 drawdowns come as the Crypto market is bracing for the US government action on multiple fronts. 

And as monetary officials raise interest to slow inflation, the Joe Biden government has ordered federal departments to design detailed roadmaps for Crypto oversight.

Such developments remind one that Crypto is still relatively new and whose full impacts on the global economy aren’t yet clear.

While Crypto prices are volatile, some unanticipated events could send prices into decline.

Regrettably, for the short-term Crypto bulls, the US central bank isn’t signaling a slowdown in its rate hikes soon.

Be that as it may be, the Crypto sector has survived huge crashes before. Yes, this is bad, but spring comes after winter. Investors should try to sit this out and wait for the big return.

Blockchain, which houses Cryptos, has vital benefits; it increases the security, trust, transparency, and traceability of shared data. 

Blockchain and Cryptos will certainly survive again!

Image by Maicon Fonseca Zanco from Pixabay

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