The meltdown of the crypto market in 2022 has in part created suspicions regarding the sustainability of the respective sector, while investors are going through enormous losses. A noteworthy thing here is that the collapse has also triggered the bankruptcy of several businesses. Nonetheless, Gavin Michael – the CEO of Bakkt (a platform specified for the management of digital assets) – while talking in an interview on 19th August, opined that the market of cryptocurrency is not going to end.
CEO Bakkt Stays Positive for Crypto’s Future amid Skyrocketing Volatility
The CEO mentioned that the institutional, as well as the retail investors, are even now taking a great interest in the respective market. He added that the majority of the organizations are at the moment contemplating the operation of this sector, particularly in the case of volatility. In the words of Michael, after the recent declines, the market interest is reliant on the possibility that a bull market would take place at the beginning of the coming year.
As per the executive, crypto is moving toward its end. Instead, he stressed, there is even now a great interest as well as the momentum maintained among the market members as well as several of those who are multinational platforms. As Michael put it, hence they have been keeping a close eye on the space for a considerable period. He was of the view that with a thorough experience of working within the market, they now can comprehend the market’s overall behavior.
Michael disclosed that they are now aware of the ups and downs of the market in a clear manner. He moved on to say that in the present scenario of the market there is solid consumer interest in the crypto market. Apart from that, he asserted that they will activate the crypto services in the year’s 2nd half and that a lengthy rally will be witnessed in the next year. It is noticeable that Bakkt – which runs a venue for crypto trading for organizational investors – keeps on expanding its boundaries across the world of digital assets.
Bakkt Keeps on Taking Endeavors for Crypto Expansion
Recently, the company declared to have Visa as its collaborator to provide credit as well as debit cards for cryptocurrencies. Moreover, the firm has already run a collaboration with Mastercard to permit the organizations to provide the crypto as included in their projects dealing with loyalty rewards. Currently, the top cryptocurrency is undergoing a battle to keep its price higher than $20,000. The present trading point of the primary crypto token is around $21,300.
The reports have highlighted that Mike McGlone – a well-known commodity strategist operating at Bloomberg Intelligence – has opined that following the first half collapse of this year, the market of cryptocurrency is prepared to front-run the rest of the asset classes in the bull run during this year’s 2nd half. Two notable instances of bankruptcy, taking into account Voyager Digital and Celsius are noteworthy here. These crypto platforms referred to volatility in their bankruptcy filings.
