Crypto Portfolios Plummet 80% in 2023 as Political and Macro Backdrops Shift

BanklessTimes CEO Jonathan Merry spoke on the status of the crypto industry:

The crypto market is experiencing a significant decline in value. However, there is long-term potential for digital currencies. Despite the shift in politics and macro, the crypto industry innovates and evolves. In turn, laying the foundation for a more resilient and stable market in the future.

BanklessTimes CEO, Jonathan Merry
The crypto market is highly volatile, with prices fluctuating rapidly based on various factors. One of the primary reasons for the decline in crypto portfolios is the shift in political and macroeconomic backdrops. The US government has become more stringent on crypto regulations. The rigorous regulations negatively impact the market’s sentiment. Additionally, the ongoing tensions between the US and China have caused investors to lose confidence in the market.