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Companies are More Conservative About Investing in Crypto According to Bakkt

The recent crypto market struggles have left multinational companies more cautious about investing in cryptocurrency. This was revealed by Gavin Michael, CEO of crypto platform Bakkt, in a recent interview with Yahoo Finance Live.

According to Michael, there is still a lot of interest from companies in investing, but they are approaching the cryptocurrency market more conservatively.

“We are anticipating that the partners may move at a slightly more conservative pace. They’re being more thoughtful about how they enter the crypto economy,” said Michael.

Michael also shared that Bakkt expects more engagement from companies in the second part of 2022, followed by a significant uptick next year. This is backed by their observation that crypto is gaining more recognition from the stance of utility.

After a crypto boom in 2021, the crypto assets had a total market cap of around $2.2 trillion in January. Then came a crypto market crash that erased half of that cap in the following months and brought it down to $1.1 trillion.

Bitcoin, the world’s most popular cryptocurrency, entered 2022 at $47,744 per coin but is now trading at $23,266, which represents a 51.26% loss in value. It also dipped below $19,000 at one point in June for the first time since late 2020.

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