The crypto market, similar to most other types of financial markets at the time, is struggling with dropping prices. The market saw three major crypto projects from two different firms fail, wiping away billions from the market. If that wasn’t bad enough, worsening socio-economic conditions meant that investors were not as willing to take on more risk.
Therefore, many investors in the market were quick to let go of cryptocurrencies, as the market crashed to record lows. Plenty of traditional financial institutes believe that this is the time for a crypto winter. But despite what most major banks or investment firms have to say about the current state of cryptocurrencies, the truth is that they are still growing.
Despite how bad the market is looking; many are still showing an interest in the market and are still trying to learn more about it.
Over 180 Active Crypto Exchange-Traded Funds
Despite the massive drop in the market with assets spiraling down by 70%, many firms have just recently brought up their ETFs and ETPs. Of the 180 active ETFs in the market right now, over half of them are just recent additions after Bitcoin’s very sharp decline. Therefore, it goes to show that the market is still growing, and it will not stay down for long.
Report from Morgan Stanely
Wall Street has long had a bone to pick with cryptocurrencies, especially because they can function without no real oversight. However, even one of the oldest and biggest Wall Street firms, Morgan Stanely, had to acknowledge the tenacity of the crypto market.
They were quick to point out that crypto exchange products have continued to grow, even after facing multiple setbacks. Despite seeing trillions fly off the market in a matter of months, financial companies, asset managers, and customers in general still haven’t given up on the market.
Finding New Ways to Bring in More Clients
The difficult situation that has come as a result of various socio-political factors has allowed various firms in the crypto space to adapt and adjust to tough times. Not only have they become better at presenting the possibilities that come with cryptocurrencies, but they have also become more competitive.
Various exchange firms have even gone as far as to take a page out of various other types of finance companies. Exchanges are charging less in fees to ensure people that don’t have to worry about paying too much. Of course, these companies will never take a loss, since they can rely on these same customers by pivoting them towards better and more lucrative investments.
And as clients become more comfortable, offering them new crypto assets to choose from can be much easier.