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.
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