Wall Street Giant Issues Stark NFT Prediction After Huge $1 Trillion Bitcoin, Ethereum And Crypto Price Crash
, 2022-05-17 18:15:57,
Bitcoin, ethereum and other major cryptocurrencies have been hit by a huge crash over the last week, partly triggered by the shock collapse of a major coin.
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The bitcoin price has lost 25% over the last month with its biggest rival ethereum down over 30%. Other smaller cryptocurrencies have been even harder hit—sparking fears others could collapse entirely.
Now, as serious economic “shock therapy” warning signs flash, analysts at Wall Street giant Morgan Stanley have predicted prices of digital collectible non-fungible tokens (NFTs) could come under pressure.
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“Hyped and leveraged areas of crypto, such as decentralized finance (DeFi) and crypto-backed stablecoins, are seeing mass liquidations, as it is becoming clearer that all the elevated prices were traded on speculation, with limited real user demand,” Morgan Stanley analysts led by Sheena Shah wrote in a report seen by Coindesk.
Last week’s luna and terraUSD (UST)-induced bitcoin and crypto market meltdown sparked a “broader re-evaluation of where many crypto prices should be trading at,” wrote the analysts, warning…
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