Block Journal
No Result
View All Result
  • Login
en English
nl Nederlandsen Englishfr Françaisde Deutschit Italianopt Portuguêsru Русскийes Españolth ไทยzh-CN 简体中文hi हिन्दीja 日本語
  • Home
  • News
  • Crypto
  • Markets
  • Investing
  • Glossary
  • Videos
  • Charts
    • Crypto
    • Forex
    • Stocks
    • Commodities
  • Magazine
Magazine
Newsletter
  • Trending Now
  • Bitcoin
  • Altcoin
  • Ethereum
  • Analysis
  • Blockchain
  • Metaverse
  • NFT
  • DeFi
  • Web3
  • GameFi
  • ICO
  • Legal
  • Security
Block Journal
  • Home
  • News
  • Crypto
  • Markets
  • Investing
  • Glossary
  • Videos
  • Charts
    • Crypto
    • Forex
    • Stocks
    • Commodities
  • Magazine
en English
nl Nederlandsen Englishfr Françaisde Deutschit Italianopt Portuguêsru Русскийes Españolth ไทยzh-CN 简体中文hi हिन्दीja 日本語
No Result
View All Result
Block Journal
No Result
View All Result
  • News
  • Crypto
  • Markets
  • Investing
  • Videos
  • Charts
Home Crypto NFT

Grayscale CEO Michael Sonnenshein Updates Crypto Market Outlook, Names One Thing He’s Excited About

News Room by News Room
March 11, 2023
in NFT
Reading Time: 2 mins read
0 0
A A
0

Grayscale CEO Michael Sonnenshein says the worst of the crypto markets is likely over and digital currencies are showing signs of decoupling from traditional equities.

In a new interview with crypto analyst Scott Melker, Sonnenshein says the contagion from the FTX collapse and other crypto sector setbacks is no longer something to worry about.

“I’d like to say that of the shoes that are going to drop, I’m hopeful they’ve all dropped by now. Certainly, we’re saddened as an organization and certainly me, having been in crypto as long as I have, I am obviously very sad to see a lot of people who got tripped up in either FTX or who are waiting to see how Genesis’s bankruptcy turns out. But I’m cautiously optimistic.”

He says that while equity markets are showing volatility, crypto prices remain in a relatively narrow value channel, suggesting they may start to perform independently of traditional financial markets.

“I honestly think that the combination of what we’re seeing again now in the equity markets with volatility again, kind of not sure where rates are headed, but kind of starting to see how crypto is holding in a pretty tight band from a price perspective maybe are signs that things are decoupling from the equity market. And perhaps, for most investors, they think that whatever pain is going to be in the market has now been out there and digested, and it hasn’t just been bankruptcies or insolvency, we’ve seen a lot of pressure put on the miners and other parts of the ecosystem.”

The Grayscale CEO says that it’s unclear if crypto will return to all-time highs any time soon, but he says the relative price stability could make for a healthier crypto sector overall.

“I’m hopeful. Whether we zip right back to all-time highs or not obviously remains to be seen. But I will say that it is interesting in these kinds of environments where prices become a little bit more stagnant you really start to weed out those that are long-term players and folks that are really building and focusing on the crypto ecosystem from those that are just kind of trying to turn a quick buck or not really invested in crypto for the long term.”

Sonnenshein also says he is excited by the new crypto use case, ordinals. Ordinal Inscriptions are digital assets inscribed on a satoshi, the lowest denomination of a Bitcoin (BTC), and similar to non-fungible tokens (NFTs).

“Well, certainly one thing that’s ticked up over the last couple of months is the idea of ordinals, which I think is super interesting. I continue to be impressed with how crypto as an industry continues to unlock new use cases.”

I

Generated Image: Midjourney
Featured Image: Shutterstock/Zalevska Alona UA



Read the full article here

ShareTweetSharePinShareShareSend

Related News

Alchemy Pay Starts a Partnership with Mastercard for NFT Checkout Globally
NFT

Alchemy Pay Starts a Partnership with Mastercard for NFT Checkout Globally

June 2, 2023
NFT market will reach $2.7 billion
NFT

NFT market will reach $2.7 billion

June 2, 2023
NFT Market Activity Declines, Signaling Shift in Sentiment
NFT

NFT Market Activity Declines, Signaling Shift in Sentiment

June 2, 2023
Exploring the Gateway To Exclusive Digital Collectibles
NFT

Exploring the Gateway To Exclusive Digital Collectibles

June 2, 2023
Finalists Compete for Contract & Collaboration with Jordin Sparks
NFT

Finalists Compete for Contract & Collaboration with Jordin Sparks

June 2, 2023
How ZK Technology Can Transform NFTs for the Better
NFT

How ZK Technology Can Transform NFTs for the Better

June 2, 2023
Azuki Gives Spirit DAO A Comic Book Token Trait
NFT

Azuki Gives Spirit DAO A Comic Book Token Trait

June 1, 2023
Content Creators Need More Token Standards, Folklore Founder Says
NFT

Content Creators Need More Token Standards, Folklore Founder Says

June 1, 2023
Iconic H.R. Giger ‘Alien’ Sculpture to be Fractionalized as NFTs
NFT

Iconic H.R. Giger ‘Alien’ Sculpture to be Fractionalized as NFTs

June 1, 2023

Discussion about this post

Latest News

Snek (SNEK) Meme Coin Saw Enormous 200% Price Spike

Snek (SNEK) Meme Coin Saw Enormous 200% Price Spike

June 2, 2023
Examining Different Multichain Solutions

Examining Different Multichain Solutions

June 2, 2023
Markets Recover with LINA and NIHAO Dominating

Markets Recover with LINA and NIHAO Dominating

June 2, 2023
Binance Experiences Market Share Decline Post Regulatory Clampdown

Binance Experiences Market Share Decline Post Regulatory Clampdown

June 2, 2023
Terra Classic-Based Terraport Gets Certik Audit But Faces Post-Hack Criticisms

Terra Classic-Based Terraport Gets Certik Audit But Faces Post-Hack Criticisms

June 2, 2023
ADVERTISEMENT

Popular

  • Dow futures rise on debt deal optimism

    Dow futures rise on debt deal optimism

    0 shares
    Share 0 Tweet 0
  • Terra Classic Project Burns LUNC For Edward Kim AI Chain “Block Entropy” Testnet Token

    0 shares
    Share 0 Tweet 0
  • Dow futures gain ahead of public holiday

    0 shares
    Share 0 Tweet 0
  • Reliance’s JioCinema signs content streaming deal with NBC Universal

    0 shares
    Share 0 Tweet 0
  • USD Index: Soft close would imply a peak in the short run at least and greater downside risk – Scotiabank

    0 shares
    Share 0 Tweet 0
Block Journal

Block Journal is the world’s leading source in blockchain news and updates. Follow us to stay up-to-date with all you need to know in web3.

LEARN MORE »

Recent Posts

  • Snek (SNEK) Meme Coin Saw Enormous 200% Price Spike
  • Examining Different Multichain Solutions
  • Markets Recover with LINA and NIHAO Dominating

Trending Topics

Altcoin Analysis Bitcoin Blockchain Commodities Crypto DeFi Ethereum Forex Futures GameFi ICO Investing Legal Markets Metaverse News NFT Security Stocks Uncategorized Videos Web3

Get Informed

The most important crypto and finance news and events of the day

Be the first to know latest important news & events directly to your inbox.

By signing up, I agree to our TOS and Privacy Policy.

  • About
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

Copyright © 2023 Block Journal - Created by Sawah Solutions.

No Result
View All Result
  • Home
  • News
  • Crypto
  • Markets
  • Investing
  • Glossary
  • Videos
  • Charts
    • Crypto
    • Forex
    • Stocks
    • Commodities
  • Magazine

Copyright © 2023 Block Journal - Created by Sawah Solutions.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.