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The Market Is Still “sensitive” To Many Factors That Affect The Price Of Cryptocurrencies, They Say From Belo

In a conversation with Cointelegraph, Manuel Breadroit, the CEO of Belo, shared his view on the current crypto market, arguing that unfortunately the market is still “sensitive” to certain external factors that affect the value of assets.

For Manuel, the events of 2022 around the cryptographic space like the Celsius bankruptcy lawsuitwhich has lasted throughout 2022 and in which the outlook for the company is still unclear, put investor confidence at risk.

Terra and Luna, for their part, have revealed how projects with conception and execution errors are capable of causing damage to the ecosystem in such a fast way, in addition to the fact that what happened with FTX clearly demonstrates that the cryptographic ecosystem is hit by these events that generate mistrust and, therefore, the markets are affected.

However, it considers that all these unfortunate but systemic events can be controlled and avoided, if the service providers also modify the way of acting so that the feeling that the user faces when entering the market is not biased by uncertainty or distrust.

And he believes that those who are offering these services must ensure that these “bad actors” be less and less, and communication is essential so that these bad practices are isolated and thus avoid a negative impact on the ecosystemand considers it important to have the ability to continue building financial solutions, with the security and confidence that people need.

From Belo they point out that Community work, in a transparent and efficient way, will make it possible to strengthen the projects and solutions that are more reliable, and in the same way the less reliable projects would be discarded. This with the purpose of taking advantage of the communication means available, and continue strengthening the cryptographic ecosystem, without neglecting that decentralized work and together will allow two things.

The first one is that those who deviate from the standards of the majority, are not taken into account; and this is just a type of filter necessary for the industry. In this way, more cases can be avoided that continue to hit the market and negatively affect the development of these disruptive solutions.

In this sense, In Latin America a disruptive event has occurred in this first month of 2023, El Salvador has approved a law that allows clear rules for the issuance of cryptocurrencies in the Central American country. In this regard, Manuel indicated that El Salvador has become a disruptive countrywhich he considers excellent news, and indicates that although we must wait for how this new law develops, he considers that it is an example of innovation, to which we must join and not always wait to see how things develop in other places and then try to get involved. She pointed out that this is a line that other countries must walk and ended by saying: “Being precursors, innovators, seems fundamental to me to embrace this type of technology.”.

Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

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