Grayscale CEO: Market Sell-off Hasn’t Deterred Crypto Investors

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Michael Sonnenshein spoke about how crypto investors are responding to the recent market sell-off and the fall of Terra
Sonnenshein expressed that despite the market sell, investors were optimistic about cryptocurrencies
He stated crypto-investors were looking at the current slump “opportunistically”
Despite the current cryptocurrency market sell-off Michael Sonnenshein, CEO of crypto asset management firm Grayscale, remains optimistic. On 24th May 2022, Michael Sonnenshein spoke with Yahoo Finance at the World Economic Forum in Davos, Switzerland. He spoke about how crypto investors are responding to the recent market sell-off and the fall of Terra.
He started by saying that people need to look at crypto with a broader lens on current market trends. Sonnenshein stated that the rising interest rates in the United States have produced a lot of volatility in a variety of asset sectors, including crypto.

Grayscale CEO’s thoughts on Terra and Luna

To move further, Michael opined on the hot topics of the cryptocurrency space: Terra’s UST and Luna. He stated that the recent Terra event allowed a number of investors to analyze the stablecoin ecosystem as a whole. Furthermore, he said this is a critical aspect of maintaining liquidity in the crypto space while avoiding the need to return to the traditional banking system.
According to Michael, when an incident like this occurs investors take a step back and the investors start looking at additional stablecoins like USDC and others to make sure they’re working properly.