After a court ruling about cryptocurrency XRP XRPUSD excited the digital asset industry last week, this week has been relatively quiet.
I spoke to Hunter Horsley, chief executive at Bitwise Asset Management, a crypto-focused firm with over $1 billion assets under management, about his expectations for the market in the next few years. Each bull market had a different catalyst, Horsley said. Bitcoin’s creation in 2009 led to crypto’s first bull market which lasted through 2013, and ether’s launch in 2015 triggered a bull cycle that ended in 2018. Crypto prices received a boost from different applications of blockchains from 2019 to 2021, said Horsley.
Bitcoin gained over 80% so far this year to around $30,000, but is still down more than 50% from its all-time high in 2021, according to CoinDesk data. To be sure, the crypto space is still relatively young, while past performance is not necessarily indicative of future results. Read: Crypto can become regular part of investors’ portfolios once regulations are clear, says Franklin Templeton
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A Crypto Ruling Ripples Across the Industry - The Journal. - WSJ PodcastsLast week, a federal judge ruled that crypto company Ripple Labs did not violate securities laws by selling its token to retail investors. The ruling is seen as a setback for the Securities and Exchange Commission's strategy to regulate cryptocurrencies and as a victory for the crypto community as a whole. WSJ’s Vicky Huang explains. Further Listening: -SEC Chair Gary Gensler On His Crypto Crackdown -A Crypto Exchange Crackdown Further Reading: -Ripple Ruling Deals a Blow to SEC’s Effort to Regulate Crypto
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