Build business: An outlook on the Web3 industry during the downtrend
2022.07.09 16:07
Build business: An outlook on the Web3 industry during the downtrend
By the end of May, Bitcoin’s (BTC) price had dropped 40%, Ether (ETH) had lost 50% of its value, and the entire crypto market dipped below its $1-trillion capitalization for the first time since January 2021. As we enter a clear bear market trend, it’s essential to focus on what the blockchain industry has always suggested: build.
Bitcoin, Ether and the broader crypto market’s downturn correlate to macroeconomic uncertainty. The uncertainty is driven by rising interest rates coupled with quantitative tightening, resulting in asset price sell-offs across the stock exchange and the crypto market. It’s entirely possible that we can see the repeat of events like the Terra ecosystem’s unwinding, crypto lending service Celsius’ fallout, and the hedge fund Three Arrows Capital’s $400-million liquidation losses.
Raymond Hsu is a co-founder and the CEO of Cabital, a cryptocurrency wealth management platform. Prior to co-founding Cabital in 2020, Raymond worked for fintech and traditional banking institutions, including Citibank, Standard Chartered (OTC:SCBFF), eBay (NASDAQ:EBAY) and Airwallex.
