What goes up, must come down. Bitcoin’s meteoric rise in 2021 was overdue for a correction, said Ben Samaroo, CEO of WonderFi.
“I think when you see an overexuberance in the price action on the upside for Bitcoin, where there are certain events that happen then you’re going to see more of a correction,” Samaroo told David Lin, anchor for Kitco News.
The prospect of tightening monetary policy may have played a role in the recent price correction of cryptocurrencies.
“The U.S. Federal Reserve’s plan to hike interest rates are a key macro factor that affects the markets and that affects Bitcoin, and those types of things are really important for an investor to keep in mind,” he said.
WonderFi is a DeFi platform “that is aggregating and simplifying all these great things that are happening in DeFi. So, that’s trading on decentralized exchanges that’s lending and borrowing, that’s earning yield on your assets through staking and doing things like buying indexes that cover the whole DeFi market,” Samaroo said.
WonderFi recently agreed to acquire First Ledger Corp., the parent company of Bitbuy Technologies Inc.
For mor information on the terms of the acquisition as well as the future of mergers and acquisitions in the DeFi and crypto sectors, watch the interview above.
Follow David Lin on Twitter: @davidlin_TV (https://twitter.com/davidlin_TV)
Follow Kitco News on Twitter: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
This news is republished from another source. You can check the original article here