The current situation in the crypto sector has been relatively uncertain since the beginning of this year, also due to the ongoing war in Ukraine, and still without any prospects for peace. If we look at this year not only in a few months, but as a whole, we could once again witness a decent evaluation, which is also the case of Bloomberg’s chief commodity analyst, Mike McGlone. According to him, we could see that Bitcoin is moving at low numbers without significant movements due to market uncertainty, but there is no need to worry as the year has just begun.
“Facing the Federal Reserve, inflation and war, 2022 may be primed for risk-asset reversion and mark another milestone in Bitcoin’s maturation. It’s unlikely for Bitcoin to stop outperforming gold, stock market amid bumps in the road as the Fed attempts another rate-hike cycle.”
We have already seen good news for Bitcoin last week, with official Coinmarketcap statistics trading 4.84% higher than the previous week, with a total market capitalization of the cryptocurrency of $778 billion. In addition, the European Union’s failed vote to ban the Proof of Work algorithm on which Bitcoin operates has allayed concerns among European investors, who are now reassured that investing in the cryptocurrency is still safe. The latest development of Bitcoin thus looks more than promising, while the miners themselves enjoy themselves, as the hashrate is constantly creating new highs, despite the fact that the price of BTC is about 40% away from historical highs.
