Crypto selling platforms fear financial 'implosion' from persistent 'selling pressure,' says expert
Cryptocurrency selling platforms attempt to continue 'business as usual' amid rate hike
Mauricio Di Bartolomeo on the cryptocurrency markets and its continued volatility on ‘Mornings with Maria.’
During an interview on ‘Mornings with Maria,’ Thursday, Ledn Inc co-founder and CSO Mauricio Di Bartolomeo discusses the crypto crash, saying bitcoin falling below $10,000 would ‘not be out of the realm of possibility.’
BITCOIN PLUNGES BELOW $24K AS HEADWINDS MOUNT
MAURICIO DI BARTOLOMEO: I think you have a couple of things impacting markets. Obviously, you have the Fed bringing down a hammer on most markets and asset prices, but you also have some specific events within crypto that are stemming, I believe, from the sort of implosion of Terra and Luna and the Luna ecosystem, which brought down $60 billion worth of wealth. And I think what you're seeing is due to that implosion that is impacting some of the companies and entities that were heavily involved with those very highly speculative and risky assets.
Cryptocurrency illustration (REUTERS/Dado Ruvic/Illustration / Reuters)
And I think that's creating some challenges which are added, adding to the further selling pressure. But I think what this exemplifies very well is that not all lending platforms and not all assets within crypto are created equal. So for example, in we don't expose our client assets to any decentralized finance protocols, we were not impacted by Luna or Terra, and for us, it is just business as usual. But to your point, you know, these challenges are creating some selling pressure.