The Worst for the Crypto Market is Over, According to Grayscale’s CEO
Grayscale CEO Michael Sonnenshein recently shared his views on the current state of the cryptocurrency market in an interview with crypto analyst Scott Melker.
According to Sonnenshein, the crypto market appears to be decoupling from traditional equities, indicating that the worst of the market downturn may be over.
He expressed hope that the market has already experienced all of the negative surprises that could impact it in the near future.
Despite volatility in the equity markets, Sonnenshein pointed out that crypto prices have been relatively stable, suggesting that they may be starting to perform independently of traditional financial markets.
He also noted that this stability could lead to a healthier crypto sector overall, as long-term players who are invested in the ecosystem continue to build and innovate while others who are simply trying to make a quick profit fall away.
Sonnenshein also expressed excitement about a new crypto use case called ordinals. These are digital assets inscribed on the lowest denomination of a Bitcoin, similar to non-fungible tokens (NFTs).
He believes that the crypto industry continues to unlock new use cases and that ordinals represent an interesting development in this regard.
Although Sonnenshein is cautiously optimistic about the future of the crypto market, he acknowledges that it is unclear whether cryptocurrencies will return to all-time highs anytime soon. Nonetheless, he believes that the combination of price stability and decoupling from traditional equities could bode well for the sector in the long term.