Some of the crypto-community’s biggest supporters are leaning into the current market crash, but this doesn’t mean the tech is doomed. Despite the recent crash, many still insist that blockchain technology has a brilliant future. Here are some examples: Bitcoin, Stablecoin, Oil, and Gas prices. In addition to Crypto, many blockchain believers point to other sectors such as the Nasdaq 100.
According to many blockchain believers, the recent cryptocurrency market crash does little to shake their faith. But the crash is not the only cause for concern. Many proponents of blockchain technology say that a decentralized network will help push the entire industry forward. The executive director of the Filecoin Foundation, Marta Belcher, said that the bitcoin market crash does little to shake her faith in the technology. The Bitcoin crash is also not enough to deter her from developing the technology further.
In a parallel financial system to bitcoin, stablecoins are used by investors and traders as a safe haven. Unlike the volatile market, these coins are backed by a government. Two of the biggest stablecoins are USDC and USDT, which are both backed by bank accounts. However, there is much debate over the use of Tether.
The Nasdaq 100 crash does little to sway some believers. In its mid-crash, the stock market has lost more value than the entire crypto space. This is unfortunate, but bear in mind that the price of bitcoin is still up by more than tenfold. While the market is still volatile, it may be more stable than a video-on-demand internet service in 1999. However, it would be more difficult to bet on crypto because of the uncertainty surrounding its future.
Oil and Gas prices
Despite the ongoing debate on the benefits of blockchain technology for energy companies, there is little doubt that the sector can benefit from new approaches to price discovery, services contracts and transaction life cycles. This new technology can also save time and money by simplifying contracting and providing a secure method of collaboration. Despite these benefits, the oil and gas industry remains one of the most speculative and challenging industries in which to invest.
FDA’s Juul ban
The FDA’s ban on flavored vape pens does little to dent the faith of some cryptocurrency enthusiasts. The decision was taken after public health experts called for the agency to clarify its conditions of operation and rule on the products of larger companies. In a statement, Juul said it “respects” the FDA’s review process. However, it is unclear what the ban will do to the future of blockchain-based cryptocurrency exchanges.
Netflix’s staffing cut
In a bid to be taken seriously, Netflix has spent billions of dollars in recent years. It began branding its logo on original films in 2015 and began branded TV shows in 2017. The company also tried to break away from its “digital dollar bin” reputation. In the early years, Netflix was known mainly for its direct-to-DVD sequels, stand-up specials, and candy-colored kid cartoons. Now, it focuses on original content and aims to differentiate itself from its former snail-mail service.
The cryptocurrency market is experiencing its worst run ever, with Bitcoin still hovering around $20,000, nearly 70% below its high of November. This week alone, Coinbase laid off 1,110 employees and Celsius Network stopped allowing withdrawals. While many experts have warned of a “crypto winter,” some advocates see a silver lining in these declines. The current market turbulence may have temporarily deterred some users, but the underlying technology behind blockchain technologies is still promising.