Short-term scenario of the cryptocurrency market remains bleak: Reports

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Short-term scenario of the cryptocurrency market remains bleak: Reports
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The crypto market incurred one of the worst quarter performances over Q2 of 2022. All major cryptocurrencies fell hard during this period. Bitcoin [BTC] and Ethereum [ETH] headlined the steep decline of the state of the crypto market. The fall in asset prices has also resulted in a change in wealth distribution patterns across investors. […]

headlined the steep decline of the state of the crypto market. The fall in asset prices has also resulted in a change in wealth distribution patterns across investors.on the future of crypto exchanges with Bitget and Foresight Ventures. The report attempts to capture the various aspects of crypto trading across the crypto market. Increasing crypto adoption and macro trends have led to a sharp rise in global crypto trading volume.

As per the report, the global centralized exchange volume reached $54 trillion in 2021. Historically speaking, spot trading volume strongly correlates with overall crypto market cap and volatility. The massive increase in volume is further reflects the growing interest in crypto assets. According to Goldman Sachs, cryptocurrencies currently account for roughly 20% of the global “store of value” market.

Moving over to Southern Asia, the region accounts for about 2-3 % of global crypto trading. India, Thailand, and Vietnam remain the largest contributors in terms of trading value. India represents the highest growth potential in the region with a high number of retail traders. It is expected that growth will boost in the region with increasing regulation clarity.

Problems exist in the current crypto economy and will continue to plague development if left unchecked. Coupled with the intensifying macro conditions, the short-term crypto scenario remains bleak right now. However, the report ends on a positive note as senior members of BSG remain optimistic about the crypto industry.

“Despite the recent market disruption, we believe the market has opportunities for growth ahead. With competition intensifying, crypto exchanges must adapt to the dynamic market situation and transform their strategy to beat the competition.” – Tjun Tang, Managing Director & Senior Partner, BSG.Subscribe to get it daily in your inbox.

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