Fed-induced crypto bear market could last 12 to 18 months

The collapse of the Terra blockchain in May this year has not helped the crypto world. With the implosion of Terra, 40 billion dollars in assets went up in smoke and the entire market was affected. According to Anatoly Yakovenko, the founder of Solana Labs, we still have 12 to 18 months to go.

Not for long

“Looking at the macro picture, I’m guessing we still have 12 to 18 months of Federal Reserve rate hikes ahead of us. But the end is in sight and just like the last bear market, many teams are now building to get great products ready for the bull market,” Yakovenko said of the bear market.

Yakovenko’s Solana is also suffering from the bear market. The price of the SOL token has fallen by more than 80 percent since the start of 2022. This is partly due to the problems that the blockchain has encountered this year, which has brought the project to a complete standstill several times. Last week it happened again and the Solana blockchain came to a standstill.

Important moment for Solana

Yakovenko’s statements come at an important time for Solana. At the beginning of November, Solana’s annual Breakpoint conference is scheduled in Lisbon, Portugal. After last year’s first edition, Solana’s conference is circled in red on every Web3 enthusiast’s calendar.

Yakovenko sees the event as an opportunity to discuss everything in the Solana ecosystem. By which he does not only mean the good, but as a real businessman also wants to review the bad things. “I think it’s important to stop sometimes and look back at what we’ve achieved, what challenges we had last year and to re-energize everyone,” Yakovenko concluded.

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