The crypto enthusiast called the correction, due to which there was an outflow of capital from the crypto market, a routine stress test for the digital currency industry

Alexey Mashinsky, CEO of the Celsius Network crypto lending service, is confident that the tightening of the Fed’s measures to combat inflation will have a positive impact on the digital asset industry. In his opinion, inflation indicators are able to determine the direction of the crypto market trend.

The expert believes that the current correction, against which there was an outflow of capital from the market, is a routine stress test for the digital currency industry. The current situation can become the basis for reaching new highs in the future.

“Our industry is undergoing a real stress test, unlike banks that do it once or twice a year on an Excel spreadsheet. Stress tests are actually good. They remove from the industry all the superfluous — those who take leverage. In essence, they move crypto assets from weak hands to strong hands and create a new basis for the growth of cryptocurrencies,” he said.

The CEO of Celsius Network hopes that the value of the main crypto coin will reach “$25,000 as a new basis.” Alexey Mashinsky noted that every time there is a correction in the market, Bitcoin sets another price high.

According to the expert, the Fed is taking various actions to bring inflation under control, which can negatively affect high-risk assets, i.e. cryptocurrencies.

“Inflation is like a monster. Once it is released from Pandora’s box, it cannot be brought back immediately. We need to solve a lot of issues in order to defeat inflation,” said the crypto enthusiast.

The head of the investment department of the ICB Fund, Aaron Chomsky, believes that the current state of the economy, as well as the falling demand for risky assets, will be the reasons for bitcoin to reach new historical lows. According to the expert, the crypto coin could drop to $20,000.

And the CEO of the FTX crypto platform, Sam Bankman-Fried, is sure that the main cryptocurrency will not go anywhere, as it is the best tool for preserving values, and many experts agree with him. For example, Galaxy Digital founder Michael Novogratz previously stated that investing in BTC could help preserve assets when national currencies depreciate.

Do you agree with the businessman’s opinion?