The crypto market has struggled a lot post the crash in the year’s first half. Several economic factors and extreme global inflation came to the market’s undoing. The major cryptocurrencies have failed to consolidate after falling to their lowest in the previous few years. The bearish market is a dilemma for investors; the crypto debacle will influence other tech industries connected to it. ZyCrypto reports that Coinbase’s CEO Brian Armstrong believes that the bearish market trend will continue for the next year and a half; he feels that a crypto recovery is not around the corner, and the traders will have to contend with the fickle market.
The crypto market might surprise us in the long-term
ZyCrypto quoted Armstrong’s interview with CNBC on Tuesday: “We all hope it will be 12-18 months and nice recovery, but you obviously have to plan for longer than that, and so that’s how we think about it. Obviously, we are in a little bit of a down cycle here, but it’s not unsual for us. We have been through four cycles like this. As a company, we’re only 10 years old.” Armstrong also commented on the market’s unpredictable nature and the investors’ fears.
“When crypto goes down, everyone gets very pessimistic, and others fear or get distracted. They move on to other things, and when crypto is running up, they think it’s everything, and there;s a rational exuberance, and so neither one is true. We have this saying internally… it’s never as good as it seems it’s never as bad as it seems.”
Coinbase witnessed a 64% drop in revenue
The crypto market crash proved fatal for Coinbase, and its revenue plummeted significantly. ZyCrypto reports that the company’s Nasdaq listed stock ‘COIN’ showed an 80% decline since November last year; the crypto assets shed over 40% between March and June.