Alan Lane, CEO of crypto-focused bank Silvergate, made some statements about the cryptocurrency market. According to Lane, the bear market that affects all parties in the cryptocurrency market is not over yet. Lane predicts that all digital currencies in the market will fall a little more in the coming days.
Cryptocurrency Market Comment from Silvergate CEO
Silvergate’s top name, Alan Lane, made some statements evaluating the cryptocurrency market. In the statements made by Lane, it was emphasized that the decline period would continue for a while. Alan Lane told CoinDesk, “Cryptocurrency market has been down for a while for some exchanges and cryptocurrencies. But at some point there will also come when the arrows reverse. So we look forward to what will happen in the future.”
Recently, inflationary pressures and increasing interest rates are on the agenda of the whole world. Lane also touched on this issue and said that these situations should be taken into account in the declines in the crypto money market. In addition, Lane pointed out that the events should not be compared with previous declines.
Silvergate’s shares have also fallen by 42 percent this year. But last week, it started to rise again with 33 percent slice. Rising interest rates and recessionary concerns in the market also damaged the global stock sector. Even the Nasdaq has slumped nearly 25 percent to date.
According to this decline in the crypto money market, analysts predict that the next 4 months will be weak. Also, Lane stated that the company’s best way to escape the pitfalls of a bear market is to work nonstop.
Finally, Lane stated in an interview that the stablecoin launch will take place this year and that it is working at full speed.
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