Guggenheim Partners founder warns traders about crypto market volatility

by in Cryptocurrency News

Guggenheim Partners founder warns traders about crypto market volatility

In May, the founder of Guggenheim Partners, Scott Minerd, stated that after the collapse of the Terra ecosystem and the aggravation of volatility in the cryptosphere, Bitcoin could collapse to $8,000.

In his opinion, the bearish phase in the market will drag on. However, BTC did not fall to $8,000, but the retreat of the cryptocurrency was indeed delayed.

This week, the founder of Guggenheim Partners warned investors that in the long term, digital currency cannot be seen as a promising tool. Some traders were able to capitalize on the rebound, but their profits were very modest.

Trending: Finance Minister: El Salvador will not sell bitcoins

Minerd again compared the cryptosphere to the dot-com market, which collapsed in the early 2000s. A similar scenario awaits the digital currency ecosystem.

The collapse of the market is also inevitable because control over the cryptosphere is increasing in many of the largest states. Institutions are still not going into digital assets, as the industry is not mature, and its permanent participants are mainly speculators.