According to Morgan Stanley analysts, the downturn in the crypto market has not negatively affected the pace of new digital asset launches, CoinDesk has reported.
According to them, around 100 new tokens were launched last week.
The bank's experts have highlighted that the expected tightening of the US Federal Reserve's (Fed) policy has contributed to the decline in cryptocurrency market capitalization from its peak of $2.92 trillion to the current $1.9 trillion.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
It is worth noting that since the early 2020s, the tenfold increase in the indicator has correlated with the overall rise in money supply in the context of the Central Bank's monetary stimulus due to the pandemic. However, now "liquidity-based cryptocurrency trading" has reversed.
There is now a higher correlation between Bitcoin and stocks, whereas the crypto has had almost zero correlation with gold.
Recall that Arthur Hayes, co-founder of crypto exchange BitMEX, has predicted the price of Bitcoin will fall to $30,000 by the end of the second quarter due to the fall of the Nasdaq.