Overall, from late 2021, the market values for digital assets like cryptocurrencies and non-fungible tokens have tumbled. Some large lenders like Celsius Network and Three Arrows Capital have filed for bankruptcy protection amid claims of poor risk management, while some of the biggest players, like Coinbase, are laying off staff.
Despite turmoil in the market and falling values, some are optimistic about for crypto’s future. William Cai, co-founder and managing partner of the financial services company Wilshire Phoenix, which was founded in 2018, said that the latest crash doesn’t necessarily point to crypto’s downfall.
“The biggest insight that we have is that this time it is different than the prior so-called crypto winters,” Cai told “Marketplace Morning Report” host David Brancaccio. “I think one thing that crypto investors and all investors should look at is the crypto market has been taking a lot of signals from overall markets, economic conditions and stocks.”
Listen to the interview