Odaily Planet Daily reports that Galaxy Digital’s Head of Global Asset Management and Co-Head of Digital Assets, Steve Kurz, believes that the recent decline in cryptocurrencies is caused by liquidity and leverage unwinding rather than systemic failure. This indicates that the cryptocurrency cycle is more mature than in 2022, and most forced sell-offs may have already been absorbed by the market. The integration of stablecoins, tokenization, and blockchain with traditional finance is accelerating, making cryptocurrencies both a financial asset and a core component of the financial system.
Steve Kurz predicts that cryptocurrencies will not experience a V-shaped recovery but will undergo a period of sideways consolidation. Subsequently, with the injection of institutional capital and the continued “big integration” of cryptocurrencies with traditional finance, cryptocurrency prices will gradually rise. (CoinDesk)
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