The stock market has faced relentless selling since the beginning of the year due to concerns over aggressive interest rate hikes by the Federal Reserve to tame the surging inflation and the possibility of a recession. The crypto market has fared even worse, with the most popular cryptocurrencies, Bitcoin and Ethereum, falling more than 55% year-to-date.
Many experts believe that we are in the midst of a “crypto winter,” which means a prolonged bear market in the crypto space. DBX Digital Ecosystem’s CEO Igor Zakharov said, “The crypto market was already feeling the effect of world events, especially the Russia-Ukraine conflict that caused turmoil in global finance.”
