Cryptocurrencies have been pummeled this year so far, but some cryptocurrency executives think that this is a good thing despite the fact that the industry is losing money and prestige.
Earlier today, Web3 Foundation Bertrand Perez told business media outlet CNBC that the ongoing market correction would make low-quality projects disappear. Meanwhile, industry participants will be more focused on building instead of making a quick buck.
As reported by U.Today, Ripple CEO Brad Garlinghouse urged investors to zoom out in response to the recent price crash. The executive remains bullish in the long term despite the ongoing market turbulence.
The valuation of the cryptocurrency market has now shrunk to $1.18 trillion after peaking at roughly $3 trillion in early November 2021.
Bitcoin, the top cryptocurrency, has slumped to as low as $28,336 earlier today.
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reported by U.Today
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