The article discusses how the current market downturn is affecting both equities and cryptocurrencies, particularly Ethereum (ETH) and Bitcoin. It highlights the interconnectedness of these two sectors and the impact of macro narratives on their performance. The presence of big traditional financial institutions like BlackRock in the crypto space is seen as a positive during good times but also contributes to the downturn when market sentiment turns negative. The article suggests that in the short term, more pain can be expected for the crypto market, but in the long term, the belief in the strength of cryptocurrencies remains. It also notes that the current cycle is one of the first instances of the integration of traditional financial institutions and crypto.



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