{"id":513577,"date":"2022-12-24T13:00:53","date_gmt":"2022-12-24T18:00:53","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=513577"},"modified":"2023-03-08T07:25:43","modified_gmt":"2023-03-08T07:25:43","slug":"crypto-holiday-past-present-future-blofin","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/interview\/crypto-holiday-past-present-future-blofin\/","title":{"rendered":"A Crypto Holiday Special: Past, Present, And Future With Blofin"},"content":{"rendered":"

2022 is coming to an end, and our staff at NewsBTC decided to launch this Crypto Holiday Special to provide some perspective on the crypto industry. We will talk with multiple guests to understand this year\u2019s highs and lows for crypto.<\/strong><\/p>\n

\n
Related Reading: Dogecoin (DOGE) Price Is Up 5% On This News<\/a><\/div>\n<\/div>\n

In the spirit of Charles Dicken’s classic, \u201cA Christmas Carol,\u201d we\u2019ll look into crypto from different angles, look at its possible trajectory for 2023 and find common ground amongst these different views of an industry that might support the future of finances.\u00a0<\/strong><\/p>\n

We kicked us this special with an institutional guest, asset management firm Blofin<\/a>. In early December, they wrote an essay called \u201cCatastrophe, Survival, and Evolution: Writing After November\u2019s Crypto Markets<\/a>\u201d which inspired this series.<\/p>\n

Blofin: \u201cOne of the apparent signals is that in December 2022, monthly crypto spot volumes have returned to 2020 levels.\u201d<\/strong><\/p>\n

In their essay, the firm argues that the crypto industry has been heavily impacted by the collapse of hedge fund Three Arrows Capital, FTX, Terra (LUNA), and others. These events forced crypto investors into inactivity as their confidence in the sector shattered.<\/p>\n

Blofin: \u201cThere is no doubt that crypto is the future direction of finance. Still, a series of previous events have shown that if investors’ money cannot be protected, they will eventually give up the crypto market (\u2026).\u201d<\/strong><\/p>\n

But there is light at the end of the tunnel for Bitcoin and other cryptocurrencies; albeit a long recovery is ahead, the nascent asset class will emerge from its ashes. For Blofin, the crypto industry is on the brink of a critical evolution. Once completed, the sector will rise again on the back of new institutional support. This is what they told us:<\/p>\n

Q: What\u2019s the most significant difference for the crypto market today compared to Christmas 2021? Beyond the price of Bitcoin, Ethereum, and others, what changed from that moment of euphoria to today\u2019s perpetual fear? Has there been a decline in adoption and liquidity? Are fundamentals still valid?<\/strong><\/p>\n

A: The most significant difference comes from two aspects: liquidity and investor confidence. In 2021, the liquidity of the crypto market is still sufficient, and the impact of the liquidity contraction in the risk asset market has not yet fully manifested. In 2022, with the Fed’s (U.S. Federal Reserve) continuous interest rate hikes, Luna’s collapse, 3AC Capital’s (Three Arrow Capital) bankruptcy, and chapter 11 of the FTX exchange, the liquidity of the crypto market is basically squeezed dry. One of the apparent signals is that in December 2022, monthly crypto spot volumes have returned to 2020 levels.<\/p>\n

\"Crypto
Source: The Block Research via Blofin<\/figcaption><\/figure>\n

In addition, the blow to investor confidence from a series of events in 2022 will be huge. At Christmas 2021, institutions and retail investors feel they have a lot to do in the crypto market. At the end of 2022, even professional investment institutions have lost so much due to the collapse of exchanges. As a result, they no longer trust the crypto industry; they feel that there are Ponzi schemes and scammers everywhere. In the end, institutions choose to withdraw funds, followed by retail investors.<\/p>\n

However, the number of investors in the crypto asset market is still high. Many people are just not active in a bear market, but that doesn’t mean they have left the crypto market. They are watching and waiting for the best time to buy the dip. Non-Zero on-chain addresses are still increasing steadily, and the hash rate of miners has not been significantly affected by the bear market in 2022.<\/p>\n

\"Crypto
Source: Glassnode via Blofin<\/figcaption><\/figure>\n
\"Crypto
Source: Glassnode via Blofin<\/figcaption><\/figure>\n
\"Crypto
Source: The Block Research via Blofin<\/figcaption><\/figure>\n

The influence of fundamentals is still valid for the crypto market, but it is mainly concentrated on the macro perspective. During the bear market period, liquidity is concentrated in BTC and ETH, and it is difficult for altcoins to obtain more liquidity. Therefore, macro factors such as interest rate hikes and strong USD significantly impact BTC and ETH. At the same time, because of the bad liquidity status, improvements in the fundamentals of altcoins and project tokens are difficult to bring about sustained performance improvements.<\/p>\n

Q: What are the dominant narratives driving this change in market conditions? And what should be the narrative today? What are most people overlooking? We saw a major crypto exchange blowing up, a hedge fund thought to be untouchable, and an ecosystem that promised a financial utopia. Is Crypto still the future of finance, or should the community pursue a new vision?<\/strong><\/p>\n

A: In our opinion, the changes in the market in 2022 depend on the position of the crypto market in the risk asset system. There is no doubt that crypto assets are at the tail end of the risk asset market due to the high volatility levels of the crypto market and the “Wild West” era it is in. Therefore, once there is any trouble, it is easier for investors to choose to sell and form a run, causing a more significant crisis.<\/p>\n

The crypto market in 2022 is somewhat like the Nasdaq in the late 1990s. Adventurers and warriors gained a lot of wealth before 2000 and in 2021, which stimulated more people to come and take risks. Most people ignore the risks and end up with nothing.<\/p>\n

Therefore, compliance and security should be an integral part of the future narrative of the crypto market. There is no doubt that crypto is the future direction of finance (faster speed, more programmatic, more global, more reasonable credit system, and more substantial innovation potential). Still, a series of previous events have shown that if investors’ money cannot be protected, they will eventually give up the crypto market and will not continue to pay for the potential of the market and new technologies, even if these technologies have potential and attractiveness.<\/p>\n

Q: If you must choose one, what do you think was a significant moment for crypto in 2022? And will the industry feel its consequences across 2023? Where do you see the industry next Christmas? Will it survive this winter? Mainstream is once again declaring the death of the industry. Will they finally get it right? <\/strong><\/p>\n

A: The collapse of FTX is the culmination of the 2022 bear market in the crypto market. The incident interrupted the slow recovery process of the crypto market and aroused widespread concern from regulators in major markets such as the US and the EU. In addition, many institutions have closed down due to the collapse of FTX or encountered operational difficulties and urgently need rescue.<\/p>\n

It can be expected that in 2023, the aftermath of the FTX incident may eventually cause some institutions to go bankrupt, and more regulatory policies will also be introduced. In addition, from a macro perspective, due to the continuation of high interest rates, it is difficult for the crypto market to usher in new liquidity, and it will take longer to recover.<\/p>\n

However, in the above questions, we have mentioned some characteristics of the crypto market that are difficult to be replaced by traditional markets (faster speed, more programmatic, more global, more decentralized, more reasonable credit system, and more substantial innovation potential). Therefore, as long as investors have trading needs, the crypto industry will continue to exist, but it will become more compliant and secure.<\/p>\n

Q: To summarize for our readers, what sectors have been the most resilient in this crisis? Which ones are the most likely to recover in 2023? And how do you see the evolution of the nascent industry playing out?<\/strong><\/p>\n

A: Considering the degree of acceptance, mainstream currencies such as BTC and ETH are still the most resilient sectors in the crypto market. Public chains and crypto infrastructure are also one of the most resilient sectors in the crypto market in the future, for all applications in the crypto market need their support.<\/p>\n

In addition, the exchange sector is also quite resilient, for as the market stabilizes and gradually recovers, the trading needs of investors still exist and will start to grow again. Looking back at the history of the crypto market, many exchanges will go bankrupt in each bear period, but new exchanges will emerge in the bear market and shine in a new round of bull.<\/p>\n

However, it is difficult to determine who will be the first to recover in 2023. Since there is still a long time before the liquidity faucet reopens, the current liquidity shortage situation is still difficult to improve. The crypto market will likely continue to consolidate at a low level for a long time.<\/p>\n

\n
Related Reading: MATIC Price Enters Recovery Mode But Can It Touch $0.90?<\/a><\/div>\n<\/div>\n

The crypto market is now at the end of the “Wild West”. As the crypto market continues to develop and mature, after the events of 2022, lawmakers will gradually have examples to help, and the regulatory and compliance framework will also take shape. The above may limit the crypto market’s development in some directions, but it is also good for the long-term growth of the crypto market. Under the compliance framework, more funds from traditional markets and other sources can enter the crypto market, and the builders of the crypto market will have more opportunities to obtain investment.<\/p>\n

\"Bitcoin
BTC’s price trends to the downside on the weekly chart. Source: BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

As of this writing, Bitcoin trades at $16,800 with sideways movement across the board. Image from Unsplash, chart from Tradingview.<\/p>\n","protected":false},"excerpt":{"rendered":"

2022 is coming to an end, and our staff at NewsBTC decided to launch this Crypto Holiday Special to provide some perspective on the crypto industry. We will talk with multiple guests to understand this year\u2019s highs and lows for crypto. Related Reading: Dogecoin (DOGE) Price Is Up 5% On This News In the spirit of Charles Dicken’s classic, \u201cA Christmas Carol,\u201d we\u2019ll look into crypto from different angles, look at its possible trajectory for 2023 and find common ground amongst these different views of an industry that might support the future of finances.\u00a0 We kicked us this special with an institutional guest, asset management firm Blofin. In early December, they wrote an essay called \u201cCatastrophe, Survival, and Evolution: Writing After November\u2019s Crypto Markets\u201d which inspired this series. Blofin: \u201cOne of the apparent signals is that in December 2022, monthly crypto spot volumes have returned to 2020 levels.\u201d In their essay, the firm argues that the crypto industry has been heavily impacted by the collapse of hedge fund Three Arrows Capital, FTX, Terra (LUNA), and others. These events forced crypto investors into inactivity as their confidence in the sector shattered. Blofin: \u201cThere is no doubt that crypto is the future direction of finance. Still, a series of previous events have shown that if investors’ money cannot be protected, they will eventually give up the crypto market (\u2026).\u201d But there is light at the end of the tunnel for Bitcoin and other cryptocurrencies; albeit a long recovery is ahead, the nascent asset class will emerge from its ashes. For Blofin, the crypto industry is on the brink of a critical evolution. Once completed, the sector will rise again on the back of new institutional support. This is what they told us: Q: What\u2019s the most significant difference for the crypto market today compared to Christmas 2021? Beyond the price of Bitcoin, Ethereum, and others, what changed from that moment of euphoria to today\u2019s perpetual fear? Has there been a decline in adoption and liquidity? Are fundamentals still valid? A: The most significant difference comes from two aspects: liquidity and investor confidence. In 2021, the liquidity of the crypto market is still sufficient, and the impact of the liquidity contraction in the risk asset market has not yet fully manifested. In 2022, with the Fed’s (U.S. Federal Reserve) continuous interest rate hikes, Luna’s collapse, 3AC Capital’s (Three Arrow Capital) bankruptcy, and chapter 11 of the FTX exchange, the liquidity of the crypto market is basically squeezed dry. One of the apparent signals is that in December 2022, monthly crypto spot volumes have returned to 2020 levels. In addition, the blow to investor confidence from a series of events in 2022 will be huge. At Christmas 2021, institutions and retail investors feel they have a lot to do in the crypto market. At the end of 2022, even professional investment institutions have lost so much due to the collapse of exchanges. As a result, they no longer trust the crypto industry; they feel that there are Ponzi schemes and scammers everywhere. In the end, institutions choose to withdraw funds, followed by retail investors. However, the number of investors in the crypto asset market is still high. Many people are just not active in a bear market, but that doesn’t mean they have left the crypto market. They are watching and waiting for the best time to buy the dip. Non-Zero on-chain addresses are still increasing steadily, and the hash rate of miners has not been significantly affected by the bear market in 2022. The influence of fundamentals is still valid for the crypto market, but it is mainly concentrated on the macro perspective. During the bear market period, liquidity is concentrated in BTC and ETH, and it is difficult for altcoins to obtain more liquidity. Therefore, macro factors such as interest rate hikes and strong USD significantly impact BTC and ETH. At the same time, because of the bad liquidity status, improvements in the fundamentals of altcoins and project tokens are difficult to bring about sustained performance improvements. Q: What are the dominant narratives driving this change in market conditions? And what should be the narrative today? What are most people overlooking? We saw a major crypto exchange blowing up, a hedge fund thought to be untouchable, and an ecosystem that promised a financial utopia. Is Crypto still the future of finance, or should the community pursue a new vision? A: In our opinion, the changes in the market in 2022 depend on the position of the crypto market in the risk asset system. There is no doubt that crypto assets are at the tail end of the risk asset market due to the high volatility levels of the crypto market and the “Wild West” era it is in. Therefore, once there is any trouble, it is easier for investors to choose to sell and form a run, causing a more significant crisis. The crypto market in 2022 is somewhat like the Nasdaq in the late 1990s. Adventurers and warriors gained a lot of wealth before 2000 and in 2021, which stimulated more people to come and take risks. Most people ignore the risks and end up with nothing. Therefore, compliance and security should be an integral part of the future narrative of the crypto market. There is no doubt that crypto is the future direction of finance (faster speed, more programmatic, more global, more reasonable credit system, and more substantial innovation potential). Still, a series of previous events have shown that if investors’ money cannot be protected, they will eventually give up the crypto market and will not continue to pay for the potential of the market and new technologies, even if these technologies have potential and attractiveness. Q: If you must choose one, what do you think was a significant moment for crypto in 2022? And will the industry feel its consequences across 2023? Where do you see the industry next Christmas? Will it survive this winter? Mainstream is once again declaring the death of the industry. Will they finally get it right? A: The collapse of FTX is the culmination of the 2022 bear market in the crypto market. The incident interrupted the slow recovery process of the crypto market and aroused widespread concern from regulators in major markets such as the US and the EU. In addition, many institutions have closed down due to the collapse of FTX or encountered operational difficulties and urgently need rescue. It can be expected that in 2023, the aftermath of the FTX incident may eventually cause some institutions to go bankrupt, and more regulatory policies will also be introduced. In addition, from a macro perspective, due to the continuation of high interest rates, it is difficult for the crypto market to usher in new liquidity, and it will take longer to recover. However, in the above questions, we have mentioned some characteristics of the crypto market that are difficult to be replaced by traditional markets (faster speed, more programmatic, more global, more decentralized, more reasonable credit system, and more substantial innovation potential). Therefore, as long as investors have trading needs, the crypto industry will continue to exist, but it will become more compliant and secure. Q: To summarize for our readers, what sectors have been the most resilient in this crisis? Which ones are the most likely to recover in 2023? And how do you see the evolution of the nascent industry playing out? A: Considering the degree of acceptance, mainstream currencies such as BTC and ETH are still the most resilient sectors in the crypto market. Public chains and crypto infrastructure are also one of the most resilient sectors in the crypto market in the future, for all applications in the crypto market need their support. In addition, the exchange sector is also quite resilient, for as the market stabilizes and gradually recovers, the trading needs of investors still exist and will start to grow again. Looking back at the history of the crypto market, many exchanges will go bankrupt in each bear period, but new exchanges will emerge in the bear market and shine in a new round of bull. However, it is difficult to determine who will be the first to recover in 2023. Since there is still a long time before the liquidity faucet reopens, the current liquidity shortage situation is still difficult to improve. The crypto market will likely continue to consolidate at a low level for a long time. Related Reading: MATIC Price Enters Recovery Mode But Can It Touch $0.90? The crypto market is now at the end of the “Wild West”. As the crypto market continues to develop and mature, after the events of 2022, lawmakers will gradually have examples to help, and the regulatory and compliance framework will also take shape. The above may limit the crypto market’s development in some directions, but it is also good for the long-term growth of the crypto market. Under the compliance framework, more funds from traditional markets and other sources can enter the crypto market, and the builders of the crypto market will have more opportunities to obtain investment. As of this writing, Bitcoin trades at $16,800 with sideways movement across the board. Image from Unsplash, chart from Tradingview.<\/p>\n","protected":false},"author":535,"featured_media":513595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12262],"tags":[428,1119,78790,8323,1946,78803,9892],"class_list":["post-513577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interview","tag-bitcoin","tag-btc","tag-btcusdt","tag-eth","tag-ethereum","tag-ethusdt","tag-holiday"],"acf":[],"yoast_head":"\nA Crypto Holiday Special: Past, Present, And Future With Blofin<\/title>\n<meta name=\"description\" content=\"2022 is coming to an end, and our staff at NewsBTC decided to launch this Crypto Holiday Special to provide some perspective on the crypto i 2022-12-24\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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