The fall has hit the market hard, especially with the collapse of one of the leading DeFi protocols, the Terra network.
Nevertheless, the bank which he heads as CEO, JP Morgan, has been easing its stance towards digital assets and has moved forward with various plans to provide its customers with cryptocurrency trading options.
The CEO made the stance known at a financial services conference where he explained that an ‘economic hurricane’ would rock the market.
Looking at the charts, it doesn’t take an expert to see that the crypto market has had a rough first half of 2022.
This crash has seen more than $1 trillion wiped off the market in less than a year and if Dimon is right, this may only be the beginning.
Such a decline could set the market back by a couple of years, putting it in the territory of 2020 lows.