Crypto is Here to Stay: The Bottom is In and the Worst is Over

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Crypto is Here to Stay: The Bottom is In and the Worst is Over

Crypto has been through a lot in the past few years, with the U.S. Securities and Exchange Commission (SEC) threatening to wipe it off the map. But the industry has persevered, and the overall mood of the crypto scene has shifted. Last week the Greed & Fear index for measuring sentiment in bitcoin markets flipped bullish. Major crypto news headlines, such as BlackRock’s move into the realm of crypto exchange-traded funds (ETFs) and PayPal’s just-launched stablecoin, are pointing a way forward. Even Ripple Labs, which didn’t exactly win its long legal battle with the SEC, could be significant for token issuers going forward.

The New York Times recently published an article essentially calling the end of people who call the end of crypto. It seems clear enough now that Bitcoin is battle-tested, and, while governments may want to step up oversight of crypto, the real anarchic core to all of this is basically untouchable. As the SEC has unloaded its worst against sector giants Binance and Coinbase, FedNow didn’t siphon off all interest in crypto and meaningful legislation has passed never-before-seen hurdles, it seems like the worst is over yet.

At this point, it seems clear enough now that Bitcoin is battle-tested, and, while governments may want to step up oversight of crypto, the real anarchic core to all of this is basically untouchable, said The Node newsletter.

Many in crypto have already started tuning out the news cycle. People buy and hold coins and are entirely unconcerned whether PayPal’s recent announcement that it will pause crypto services in the U.K. until 2024 or its just-announced tie-up with Ledger will mean more for market sentiment. Crypto isn’t just playing the long game; it’s playing a game that may not have an end. But like all things that go up, prices and sentiment will likely crash again.