00:00 Speaker A
Bitcoin continues to struggle as it falls below 100,000. This represents a wave of risk aversion in the markets. The crypto market remains under stress with some 19 billion liquidations which in turn exceed a trillion dollars of the total market capitalization of all cryptocurrencies. This is according to data from Coin Gecko. And to learn more about the themes we’re seeing in crypto markets. Let’s welcome Ava Lab President John Woo. So John,
00:36 Speaker A
Let’s talk a little bit about the current setup that you’re seeing across the market. And you know, we had a discussion here yesterday on Yahoo Finance. Someone said, hey, it’s only been four, I guess five Fridays from today that we’ve seen this massive dislocation on this date of October 10th. It seems like we still haven’t really healed ourselves in the broader crypto space since then. Is this how you guys feel?
01:06 John Wu
There is no doubt that the situation is still healing from an asset class perspective. Um, I think what people misunderstand is of course that there was a color so to speak on October 10th. But the reality is that in the last six months, maybe even a year or so, there have been so many new instruments for people to access the crypto asset class, whether it’s ETFs, digital asset treasuries, or even IPOs like Circle, figure, uh or or uh.
01:43 John Wu
you know, Gemini, all these new titles, it’s just a lot of supply in the market, plus there’s a lot more tokens too, and there’s just not enough demand to absorb all of that. And the irony here happens when real world usage and adoption happens, from the JP Morgans to the Black Rocks to virtually every industry you’re talking about, there are brands using blockchain technology to streamline their processes. So it’s ironic that just as adoption is happening, the asset class is struggling a bit.
