“Some cryptos will die out in 2022,” reports “Big Four” firm KPMG | Cryptocurrency

  • According to KPMG, the cryptocurrency market will continue to slow throughout the next quarter.
  • 2022 saw significantly higher mid-year investments compared to previous years.
  • Cryptocurrency market leaders Bitcoin and Ethereum noted another 5% drop in the past 24 hours, taking BTC to $18,820.

2022 was one of the most devastating years in cryptocurrency history, as Bitcoin surged from $50,000 to $18,000. The crashes and declines seen over the past nine months have certainly made many people wonder about the future of the market, and KPMG seems to have a not so uplifting view on this.

What does Q3 have in store for crypto?

According to a report by KPMG, one of the “Big Four” in the accounting industry, interest in cryptocurrencies and other investments in similar organizations will slow. Particular focus could be on cryptocurrency companies that have a niche in the token and NFT markets.

Instead, the focus will now be on infrastructure when it comes to crypto and blockchain investments. The report said,

“While cryptocurrency investment is expected to slow further, the focus will likely continue to be on using blockchain in modernizing financial markets. »

Alexandre Stachtchenko, director, Blockchain & crypto assets at KPMG France, even stated that “some cryptos will disappear this year, in particular those that do not have clear and strong value propositions”.

But that doesn’t mean 2022 hasn’t been a successful year in terms of growth. In fact, despite the deluge of crashes triggered by external factors such as the Russian-Ukrainian war, record inflation rates and regulatory hurdles, mid-year investment was well above 2021 levels. over the same duration.

As of June 30, approximately $14.2 billion had been invested in the blockchain and crypto space in 2022. However, by the end of the year, it will not be possible for investments to match the 32.1 billion dollars of 2021.

Total cryptocurrency investment through June 2022

The Crypto Market Today

The past three weeks have not been kind to cryptocurrencies, with even the King’s Coin taking a heavy hit. Knocked down by 22.4%, Bitcoin is trading at $18,980 at the time of writing. While $20,000 was a good range of support, the 5% drop in the past 24 hours has pushed it below the range.

Now that BTC has lost support from its 50-day simple moving average (SMA) (red) and 100-day SMA (blue), it may find it difficult to recover. But on the Relative Strength Index (RSI), BTC is approaching the oversold zone, which has always been a trend reversal zone.

1662506413 640 Some Cryptos Will Extinguish in 2022 Reports Big Four FirmBitcoin Price Action – Daily Chart

Considering historical indices, it took Bitcoin 56 days to recover from the lows and reach the highs of the indicator. So, even if a rally is triggered, it will take some time for the uptrend to find its strength.

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“Some cryptos will die out in 2022,” reports “Big Four” firm KPMG | Cryptocurrency

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