Cryptocurrencies are in free fall. One of the world’s largest crypto exchanges is cutting nearly a fifth of its work force. And a major crypto lender is halting all withdrawals and transactions for its customers, citing “extreme market conditions.”
One crypto bull is particularly blunt about the likelihood of more problems ahead for the industry, even as he continues to invest in it.Kevin O’Leary believes the major dips in the market this week are just the beginning of a wider meltdown. If anything, he says the next fall for crypto will be much bigger.
“A much bigger player will need to collapse completely, so that it can lead to more volatility for crypto. This is a space that has never seen that kind of volatility yet, which means it’s also never seen maturation yet either.” Still, also on Wednesday, WonderFi announced it will be listed on the Toronto Stock Exchange as of June 22 under the stock symbol “WNDR,” becoming the first regulated crypto marketplace to do so. On top of that, Chicago-based CoinFlip will announce on Thursday that it is launching multiple crypto ATMs in Toronto and Vancouver.
“We want to support the companies we work with to get to long-term success, so we don’t necessarily look at these short-term concerns over a few months. It’s important to note, that for global investors, Canada, and very specifically the TSX, has been known as the home for blockchain- and crypto-related companies over the last number of years,” he added. ”We don’t see that changing any time soon.”
Yea for the small investor no don’t big money pple will capitalize on that
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