Cryptocurrency exchange Coinbase does not see any sign of the so-called "cryptocurrency winter" as even with macro uncertainty the current market is not like in 2018. The company wrote in a recent blog post the cryptocurrency industry "appears to be hitting escape velocity."
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Even though the market appears uncertain in the near term, the future is brighter than it has ever been, Coinbase reiterates. The exchange noted that the year 2021 brought more regulation and compliant ways for institutional to gain crypto exposure than ever before. The exchange added:
"We expect this to be an ongoing theme in 2022."
Coinbase's comments come after bitcoin (EXANTE: Bitcoin) shortly fell below the $33,000 mark earlier this month. The total capitalization of the cryptocurrency market decreased to $1.6 billion, losing over 40% since the highs of November 2021.
Earlier in January, the International Monetary Fund (IMF) warned that growing interconnectedness between cryptocurrencies and stocks can destabilize financial markets. The organization believes that increased correlation between stocks and cryptocurrencies raises the possibility of "spillovers of investor sentiment between those asset classes."
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