- Bitcoin, Ether slide
- Top coins trade in red
- Market cap down
The bloodbath in the cryptocurrency market that began Friday has continued with top coins Bitcoin and Ethereum trading below expectations, leading the market cap to slide 1.86% to $1.61 trillion as of 2.20 a.m. ET. Experts, however, remain optimistic, and have termed the slide a “correction phase” for the market.
Bitcoin fell 0.81% to $35,213. Ethereum slid 2.54% to $2,419, CoinMarketCap data showed.
Experts attribute the crypto market bloodbath primarily to the tightening of regulations and rising inflation.
“The hint to uncertainties started from the tightening of crypto regulations in many countries,” Anndy Lian, Chairman, BigONE Exchange, told International Business Times. “This process of regulatory enforcement has made many new crypto investors worried about their portfolio.”
Jay Hao, chief executive officer of OKX.com, a global cryptocurrency exchange, called the downward slope of the market a “correction phase.”
“We might witness some inter crypto investment which will increase the market volume even if the overall market cap dips due to the falling prices,” he added.
In other news, online trading app Robinhood has announced that it has begun rolling out crypto wallets to 1,000 users from the top of the wallets waitlist. The company plans to expand to over 10,000 customers by March.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.