Crypto Catch: Top banker says survivors of crypto crash could be next industry titans

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Crypto Catch: Top banker says survivors of crypto crash could be next industry titans

 Crypto Catch: Top banker says survivors of crypto crash could be next industry titans
Image source: © Fazon1 | Megapixl.com

Highlights:

  • A top banker has claimed that those who survive the current crypto crash could become the next big industry giants
  • The banker compared the current crypto downturn to the early days of the internet, where a select few companies, like Amazon and eBay, were able to rise from the ashes

A top banker has claimed that those who survive the current crypto crash could become the next big industry giants.

The astonishing claim was made by The Bank of England deputy governor, Jon Cunliffe, speaking during the Point Zero Forum in Zurich this week.

Cunliffe compared the current crypto downturn to the early days of the internet, where a select few companies, like Amazon and eBay, were able to rise from the ashes and go on to become business titans.

Also Read: Jupiter crypto doubles its value. Why is JUP token rising?

Cunliffe added that the crypto technology and finance will continue to exist irrespective of whatever happens to the crypto space in the coming months.

The crypto space has experienced a harrowing past seven months after the market hit an all time high in November.

In November 2021, Bitcoin was priced at a record US$67,500. Since then it’s lost over 65% of its value.

Much of cryptocurrency’s woes has much to do with wider economic conditions such as rising inflation, rising interest rates as well as the ongoing conflict between Russia and Ukraine, which started in February.

Moving on to market news, and Bitcoin grew around 3% in the past 24 hours to rise above the US$21K mark and was recently trading at US$21,100.

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 Meanwhile, Ethereum grew 6% overnight and was recently trading at US$1,154.

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Image Description: winners and losers in cryptocurrency trading 

Data Source: CoinMarketCap.com, based on top 100 cryptos. 

Note: Growth from the 24 hours prior to 12:30pm AEDT 

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