The crypto market suffered in 2022 as many assets fell from their 2021 all-time highs. The bearish trend reduced people’s confidence in digital assets resulting in a panic sell-off of tokens. However, some investors saw the bearish trend as an opportunity to accumulate digital assets and earn later.
In a recent development, the CEO of CME, Terry Duffy, spoke on the positive business flow for his company amid the devastating condition of the crypto market. Also, he highlighted the effects of continuous hikes in the interest rates by the US Federal Reserve.
CME Had More Uptick Despite Challenges In Crypto Industry
Duffy revealed that his firm saw a surge in trading interest amid the sell-off pressure in 2022. This was during his interview with CNBC.
Duffy expressed his excitement about the market’s recent price trend for Bitcoin. For him, high volatility from the primary crypto token is spiking more interest from many investors across the globe.
Further, the CEO recounted the ugly events and crises in the crypto industry during the final quarter of 2022. He noted that the sudden bankruptcy of FTX Exchange, a prominent crypto exchange, dealt a terrible blow to the industry. The events led to losses worth billions of dollars for investors and created a loop crippling other crypto-related firms.
But amid all the chaos, Duffy said they witnessed an impressive performance. He said that CME’s derivatives marketplace gained more investors between November and December last year.
Duffy noted that the future would be profitable as more traders keep using the CME group. Notably, CME launched Ether futures on its platform and is now planning to introduce Euro-dominated futures.
Terry Duffy Speaks On The Crypto Market
Concerning the current state of the crypto market, the CEO sees more growth and development despite the prevailing issues. Furthermore, he noted that the crypto market would receive more widespread adoption and traction with jurisdictional regulations.
He cited that using a regulated exchange like CME is one of the best trading steps to avoid unnecessary uncertainties. In addition, it is part of the reasons for the recent uptick in their product investments amid challenges in the crypto space.
Additionally, Duffy talked about the influence of the recent actions of the Federal Reserve. He appreciated the Fed’s effort in curbing inflation through its monetary policies.
Last year, the Fed maintained a hawkish stance in its control measures against inflation. However, people were still trying to predict the next possible move.
Featured image from Pixabay, Chart from TradingView.com