Exchange CEO Forecasts Crypto Market Uptick in Coming Weeks

As the world sits in flux between coronavirus and financial market concerns, AAX crypto exchange CEO, Thor Chan, thinks cryptocurrencies will ultimately make out ok.

“During a period of intense panic, many investors fled the markets in search of cash, or to defend their positions elsewhere,” Chan told The Merkle in a March 30 interview, referencing recent plunging crypto and mainstream markets. “Cryptocurrency markets suffered together with all other markets,” he continued, adding:

“But over the coming weeks and months, as governments cut interest rates, I think we will see the crypto markets surging.”

All markets have fallen during the coronavirus pandemic

Over the past month or so, in the face of the coronavirus pandemic, mainstream markets suffered carnage comparable to the market crash of 1987, as well as the 2008 recession.

Initially, crypto assets fell alongside traditional markets, with Bitcoin reaching its most recent pinnacle of pain between March 12 and 13,