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The sudden crash of the LUNA cryptocurrency last week preceded a bear market (where the value drops by more than 20%), with various currencies following the ill-fated token in a downtrend. Both Bitcoin and Ethereum fell two points, while Doge and Solana fell 3.39 and 7.56 points respectively. But Michael Kamerman, CEO of leading trading platform Skilling, told that cryptocurrency will not just rebound, it will change the UK economy, in ways that can help the average UK consumer. .

Mr. Kamerman said, “Cryptocurrency is going to be one of the key innovations of our generation.

“What’s happening right now is just kind of a natural cyclical activity that has been shown to take place with cryptocurrencies.

“If you look back at the price of just looking at Bitcoin, you will see it going through the wave.

“We are going through this wave right now.

“It will be a mainstay of the British economy because Britons are technology first, innovation first.

“Particularly compared to the US economy, even the Chinese economy which bans things like mining. But it will be a world-changing innovation.

Kamerman added that the current downturn is even “probably a good thing that we’re going through a downturn cycle right now to kind of clean up the ecosystem and weed out some of the low value projects.

“It will rise again and that will change the UK economy. We are still in the prologue of this story.

Cryptocurrencies are by nature very volatile, mainly due to the lack of regulation in the market.

There is no regulation for most of the market, and momentum is now building to put it in place.

Plans for the UK to regulate cryptocurrencies more tightly were outlined in April, with Chancellor Rishi Sunak highlighting the potential long-term benefits of integrating cryptocurrencies into the economy, including the creation of jobs and investor security.

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Market analysis from Bitfinex, a Virgin Islands-based cryptocurrency exchange, highlighted that institutions are venturing into the market.

The exchange wrote: “The recent market volatility we have witnessed is attracting an increasing number of institutional investors to the space, particularly those interested in derivatives.

“This contradicts the outflows seen in digital token investment products, which indicates that interest – for Bitcoin in particular – remains high.”

Bitcoin recently reclaimed the key benchmark worth $30,000.

Although this has since declined slightly, it shows promising signs that the currency could still come back.