While it is difficult to predict where cryptocurrency market is headed in the second half of 2022, experts have advised to keep track of regular and institutional adoption of cryptocurrency payments. According to a report named “What does the future hold for crypto exchanges?”, published by Boston Consulting Group (BCG), Bitget, and Foresight Ventures, despite the recent slowdown in cryptocurrency market, cryptocurrency economy is here to stay due to presence of stability in the second half of 2022. “I expect the second half of 2022 to be more stable than bullish. Even though cryptocurrencies didn’t perform well in the first half of 2022, level of corporate participation has kept the industry from entering a bear market,” Sathvik Vishwanath, co-founder and CEO, Unocoin, a cryptocurrency exchange, told FE Digital Currency.
It is believed that the potential to protect long-term investors, prevent fraudulent activity within cryptocurrency ecosystem, and provide solutions for companies to invest and innovate in cryptocurrency space, depends on when the bill is passed at the parliament. According to Prashant Kumar, founder, weTrade, a cryptocurrency application, cryptocurrency market has been bearish due to being kept in line with worldwide equity markets for last couple of months. “It is anticipated that cryptocurrency market will move along with larger market sentiments. There has been positive movement across market in last couple of weeks. Currencies like ethereum, polygon and bitcoin have witnessed five percent growth, lately. We expect a cryptocurrency comeback in the upcoming months,” he added.
Moreover, according to experts, the second half of 2022 will help to clear uncertainties over cryptocurrencies that were created due to Russia-Ukraine war, inflation, and supply-chain problems. “Uncertainties that cryptocurrency market wasn’t ready to face at beginning of the year have resulted in improved investors’ sentiment. Cryptocurrency market has improved in recent times as has been mirrored by traditional financial markets, especially by Nasdaq, an American stock exchange,” Rajagopal Menon, vice-president, WazirX, a cryptocurrency exchange, said.