Although the cryptocurrency market is in a state of uncertainty following the gloomy economy, Bank of America Corporation expects the digital asset to make a recovery in early 2023.
Therefore, investors will have a golden opportunity to add more investments in crypto or stocks that are also making improvements.
According to Bank of America's chief US strategist, surveys have shown a massive selling session has occurred in the market.
It is understood that investors have started to sell their digital assets en masse as the crypto market and stocks show a negative correlation.
In fact, the market did not make any recovery due to the actions of the Federal Reserve (Fed) to make quantitative tightening and raise interest rates by 75 basis points.
Nevertheless, experts believe that the Fed is likely to act to protect global financial stability following a significant increase in deflation and stagflation.
The survey indicated that market liquidity has declined significantly and the stock market is rightly signaling investor pessimism.
In the meantime, Bank of America is confident that market recovery will occur in the first half of 2023.
Despite this, Floria Grummes, crypto and market expert insists that the fall of the crypto market will continue for another year or half a year.
