Bitwise Asset Management CIO Matt Hougan argued that markets are experiencing a macro-driven risk repricing of all risk assets, including bitcoin, which introduces “significant volatility” in the short-term.
The tech-heavy NASDAQ fell 1.5% last week, and has lost about 28% year to date, hurt by the potential of persistent inflation, which is forcing the Fed to raise rates despite slowing growth.
Adding to more fears of volatility in the crypto market was the decoupling of the TerraUSD, a stablecoin whose value was tied to $1, the"Long-term, cleaning up risks like that, regulating the stablecoin market, will be good for crypto, but over the short-term, it introduces significant volatility and if I’m being honest, I think that volatility could continue for a period," Hougan said on Thursday.
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