Negative investor sentiment due to the multi-decade high inflation, Russia’s attack on Ukraine, soaring crude oil prices, and the possibility of aggressive interest rate hikes by the Federal Reserve dragged the market indexes down into correction territory earlier this year. Cryptocurrencies did not fare any better, witnessing wild price swings.
However, the markets have staged a recovery from their lows over the past few weeks after factoring in all the adverse developments that drove the volatility. And the recent signing of an executive order by President Biden to address the risks and harness the benefits of cryptocurrencies, on the back of their growing popularity and acceptability, bodes well for crypto-related stocks. According to a Research and Markets report, the global cryptocurrency market is expected to grow at a 58.4% CAGR, reaching $32.42 trillion by 2027.
