The bear market is in play, however that hasn’t affected how institutional traders are wanting on the cryptocurrency market.
LMAX Group CEO David Mercer instructed TechCrunch in a latest interview that institutional traders within the crypto area haven’t modified their stance concerning the market.
The cryptocurrency market has been in a bearish pattern for almost a 12 months now, with the costs of most belongings down by greater than 60% throughout that interval.
The overall market cap has dropped from its all-time excessive of $3 trillion to face round $1 trillion.
When requested in regards to the institutional curiosity in cryptocurrencies, Mercer mentioned;
“It hasn’t gone backward. After the chaos surrounding crypto lending platforms like Celsius and BlockFi and the collapse of the Terra LUNA ecosystem in Could, everybody anticipated establishments to retract their engagement.”
Nonetheless, the LMAX CEO mentioned the institutional engagement in the present day is identical as final 12 months, and may even be described as higher. He identified establishments are transferring forward regardless of the present market place.
LMAX launched LMAX Digital in 2018. The corporate was designed to be an institutional cryptocurrency trade. Mercer instructed TechCrunch that;
“[When we launched] we requested 35 banks in the event that they wished to commerce this product and have market knowledge, they mentioned no. At this time, 14 of these 35 take our market knowledge.”
The cryptocurrency market has been underperforming for the reason that begin of the 12 months. In November 2021, the entire cryptocurrency market cap reached an all-time excessive of $3 trillion.
On the time, a number of cryptocurrencies, together with Bitcoin and Ether, additionally reached new all-time highs.
Nonetheless, the bear market has been in play since then, with Bitcoin and Ether each down by greater than 60% from their all-time highs.
Bitcoin has been struggling to remain above the $20k psychological stage in latest weeks, whereas Ether continues to commerce at round $1,500 regardless of the latest Ethereum Merge occasion.
