It might get much worse for cryptocurrency bulls
Breitman explains that the most recent bull run was “inflated” by cheap money. “There was a lot of easy money going into the system,” she said.
The Tezos co-founder believes that cryptocurrency companies were overvalued. She pointed to the fact that the leading NFT marketplace OpenSea is still valued at a whopping $13.3 billion despite the fact that its sales volume crashed compared to 2021. “There was a lot of cheap money that went in. Valuations went super sky-high,” Breitman noted.After the U.S.
Later today, the Fed is on track to announce another significant rate hikes as it persistently attempts to bring inflation under control. Breitman believes that only those things that actually have utility are going to “thrive” in the future now that low-interest rates are a thing of the past. She says that it is only a “small minority” of cryptocurrencies.
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