The cryptocurrency industry has experienced a major drop over the year 2022, in addition, the recent collapse of the algorithmic stablecoin Terra chain has raised many more questions about the reliability and future of the crypto market.
CEO of Circle, Jeremy Allaire is of the opinion that not all stablecoins are equal, as this will help people to identify the well-regulated fully backed tokens.
Reacting to this the governments worldwide are not racing behind to regulate the strict rules on cryptocurrencies. The latest edition of the World Economic Forum (WEF) has seen the major differences from the last one back in 2020, the talks over cryptocurrency still rule the conference for different reasons.
Crypto Market To Collapse More
According to a recent analysis, there are more than 19,000 crypto tokens floating around the different crypto exchanges globally. whereas several digital asset industry giants believe that the status of the market is still uncertain.
In the future few tokens may disappear from the crypto market which currently exists, says the summary of a CNBC report. Similarly, we can not ignore the bear market conditions of existing stablecoins.
Ripple’s CEO, Brad Garlinghouse says a few digital tokens may leave in the time ahead and are not needed much as of now, as there are 180 fiat currencies right now.
Meanwhile, he says that Ripple is still involved in a lawsuit against the US SEC over the nature of its native token XRP, the outcome of this may change the outlook of the commission regarding cryptocurrency.
Further, the head of Web3 foundation, Bertrand Perez in comparison of the current market status with the early internet era mentioned that there were many scams recorded in the early age and were not adding any value to the market. Adding further he said that we are in a bear market which is considerably good, which will clear the air from people who were in the market for bad reasons.