What awaits cryptocurrencies? An outstanding name has announced its expectations!

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Bitcoin and altcoins are trying to heal the wounds of Terra these days. Will altcoins recover? The CEO of the Celsius Network crypto lending platform explained what awaits crypto investors in the coming period. Is it a good time to buy cryptocurrencies? What are their expectations?

What awaits cryptocurrencies?

In a new interview with InvestAnswers, Alex Mashinsky says that the current correction, which has taken hundreds of billions of dollars from the market, is a routine stress test for the industry. The CEO of the Celsius Network crypto-lending platform believes that the inflation data will determine the direction of the cryptocurrency markets.

“Our industry does not pass simple stress tests, as banks do in an Excel spreadsheet once or twice a year. He is undergoing much more serious real stress testing. You should think of it as another stress test. Stress tests are actually good… Stress tests remove all unnecessary things in the industry. The lifts have been cleared. All weak hands disappear. In fact, they are transferring money from weak hands to strong ones and creating a new foundation.”

When will Ascension come?

Alex Mashinsky points to $25,000 as the bottom for Bitcoin. We didn’t see this level even during last year’s recession, but the massive destruction of Terra UST led to the fact that this year we reached the worst bottom. Mashinsky believes that when this whole process is completed, we will see new ATH rallies where bitcoin and the surviving altcoins will create much stronger support zones.

Mashinsky said that the upcoming inflation figures will be an important factor in the trend of the crypto market. According to Mashinsky, he expects the Federal Reserve to do everything possible to curb inflation, which can have detrimental consequences for risky assets such as cryptocurrencies.

“Inflation is a monster. Once Pandora comes out of the box, you can’t put it back, so you may have to do a lot to fight inflation and make money on it. I lived and grew up in Israel, and we had 400 percent inflation… prices changed every day. We don’t want that, and basically the Fed is determined to fight inflation. They don’t care how much damage will be done to Bitcoin, the stock market or anything else, so that’s their number one priority.”

The latest inflation data turned out to be slightly higher than expected. Nevertheless, the PPI dropped for the first time this month. There is hope that these positive data will affect the CPI next month, and the Fed will calm down.