![]() “Crypto has had the double impact of credit defaults and a loss of confidence with the Celsius and Three Arrows Capital failures,” Jon de Wit, CIO of crypto trading firm Zerocap told Blockworks. While unemployment remains low, costs of goods have risen significantly over the last 18 months, with wage growth remaining flat in most developed economies, meaning less money in back pockets and reduced individual purchasing power. ![]() They’ve been dogged, along with equity markets, by significant macroeconomic factors including rising interest rates, inflation and the impact of war in Ukraine. “We try not to get focused on short-term ups and downs, we just zoom out.”ĭigital assets are nearing five months of price depreciation following a crash at the end of March. “It’s never as good as it seems, it’s never as bad as it seems,” Armstrong told CNBC over questions on the macroeconomic outlook. In an interview with CNBC on Tuesday, Armstrong said his company was looking to long-term prospects rather than focusing on the short-term narrative in the markets. Armstrong touted plans to shift away from its trading fee revenue model to a subscription-based oneĬoinbase is seeking ways to maintain profitability despite slumping trading activity, with CEO Brian Armstrong expecting the crypto bear market to last up to 18 months - or even more.Coinbase CEO Brian Armstrong told CNBC he’s focused on cutting costs amid a tough macroeconomic outlook and depreciating crypto prices.
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