Celsius’s CEO said he believes the cryptocurrency market is going to explode and that the inflation is not a long-term problem
Celsius CEO Says Cryptocurrency Market Will Recover
Alex Mashinsky, CEO of Celsius Network, believes that the crypto markets will recover. In addition, Alex believes that inflation is not a long-term issue.
Over the last few days, the price of Bitcoin (BTC) has risen slightly. So far, the flagship digital currency has been hovering around the $32,000 mark. If you follow Wall Street, you’ll see a mixed signal of red and green.
The red signal affects cryptocurrency, whereas the green alert affects the stock market. This discrepancy, according to Alex, is due to the fact that $1.8 billion in expirations are taking place today. Crypto investors are taking positions that indicate the digital currency’s ability to recover.
BTC Record Nine Consecutive Weeks Of Loss
The most popular cryptocurrency, Bitcoin, has now lost nine weeks in a row, extending its record-breaking losing streak.
On the Bitstamp cryptocurrency exchange, it concluded the week down 2.70 percent at $29,448. In just over two months, the largest cryptocurrency has lost 37.24 percent of its value.
JPMorgan Getting Involve In Crypto
Even JPMorgan is getting more involved in crypto, according to Mashinsky. The market’s sentiment this week was influenced by JPMorgan’s pronouncements the week before. Bitcoin, he asserted, has “significant upward potential.”
The level of concern is so high that even JPMorgan, which does not address cryptos, released a study this week. JPMorgan speculated that “maybe they overestimated the crypto and saw a recovery to $40,000 from where we are now.”
The enthusiasm that existed in the cryptocurrency market when Bitcoin was approaching $30,000 is still present today.
In just 24 hours, the market capitalization of all digital assets grew by $60 billion. In the last twenty-four hours, the entire value of the global crypto market has climbed by 3% to $1.3 trillion. Bitcoin’s price has also risen three percent to $31,677 at the time of writing.
