Investors are bracing for more gyrations in bitcoin and other cryptocurrencies, as worries over a hawkish Federal Reserve threaten to squelch risk appetite across markets.
Some investors are steeling themselves to ride out the volatility in bitcoin, betting that the long-term value proposition of blockchain technology, the built in supply limit, and the network effect it produces, will endure despite frequent price swings.
Jurrien Timmer, director of global macro at Fidelity, likened the current speculation in cryptocurrencies to the turbulence tech stocks experienced during the dot-com era more than two decades ago, a boom-and-bust period that saw a comparatively small group of companies left standing. "Amazon is still around and Apple is still around and they're bigger than ever and the thinking is that for bitcoin that will be the same," he said. "But it's not immune to those waves of speculation and sentiment."Others believe mature cryptocurrencies like bitcoin and ether are unlikely to deliver the kind of eye-watering gains they have notched since their founding.
Some altcoins include cosmos, Terra Luna, and Polkadot, which are down around 20.5%, 38% and 25.5% year-to-date, respectively, according to coinmarketcap.com.and decentralized finance is going to be one of the main challenges for investors in 2022, said Lily Francus, director of quantitative research strategy at Moody's Analytics.
Cryptocurrencies "are going to remain very volatile going forward, but there are significant players on both the institutional side and the retail side that are still growing, so the interest is still growing," said Oanda's Moya.Reporting by John McCrank; Editing by Ira Iosebashvili and Louise HeavensSubscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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