Bitcoin ‘still has some room’ to rally amid market downturn: CoinShares CEO

Bitcoin ‘still has some room’ to rally amid market downturn: CoinShares CEO

Occurring parallel to the recent downturn in equities markets has been a sizable pullback in the prices of cryptocurrencies. According to CoinShares CEO Jean-Marie Mognetti, though the space has been taking a beating, popular cryptocurrencies like Bitcoin (BTC-USD) may still be able to recoup losses even in the face of rising interest rates.

“It's going to be interesting to see how it's reacting in a bit of a more medium term perspective, but I think Bitcoin still has some room,” Mognetti told Yahoo Finance Live. “And it's going to be almost testing the capacity of the Fed to tighten the economy and also the interest rate, and get back the grip on the economy.”

Mognetti joined Yahoo Finance Live to discuss the outlook for the crypto space in light of the recent market downturn. Based in London, CoinShares is the largest digital asset manager in Europe and manages the first-ever regulated Bitcoin hedge fund.