The recent ‘crypto winter’ that is sweeping across the market has already had a drastic effect on major cryptocurrencies. Bitcoin has lost over 60% of its value, dropping from $45,000 to just over $19,000 in three months, resulting in its worst performance in the last 11 years. The other leading coins, like Ethereum, are not faring any better. Altcoins are persistently in the red, showcasing some of the most gloomy prospects since the market collapse of 2017-2018.
Though analysts are forecasting that the crisis will be protracted and may result in a colossal market crash, there are signs that multiple avenues and opportunities are opening up against the backdrop of general negative sentiment. 2022 has proven to be one of the most bountiful years for blockchain adoption as large global corporations like the Global Shipping Business Network (GSBN) consortium and the Bank of China are integrating decentralized solutions. DBS Bank and HSBC are developing their own blockchain frameworks for finance. De Beers is deploying its blockchain for logistics. The Indian state of Maharashtra uses blockchain for certificate issuance, and the Romanian Financial Supervisory Authority is using it to speed up workflows. Lockheed Martin is developing decentralized satellite services, and the Government of Brazil relies on blockchain to monitor budgetary movements. There are many other examples of companies working on integrating decentralized solutions in their businesses.
While investors are scurrying to sell off their risky assets, the integration of blockchain technologies into key businesses and industry sectors allows blockchain-based currencies to be used on a broader scale. As fiat funds can be used to purchase multiple cryptocurrencies and altcoins at market lows, those understanding the true prospects of the blockchain can start taking advantage of the exchange prices to stockpile assets.
All markets are cyclical by nature, and the gradual stabilization of the global economy and inflationary spiral will result in a general crypto market thaw. The result will be the rise in prices of cornerstone cryptocurrencies and the accelerated use thereof in the blockchain economy of Web-3.0, which is rapidly being integrated into the frameworks of leading businesses.
Crypto bank cards and their issuing services will thus be at the forefront of change, allowing users to leverage both fiat funds and digital currencies to access Web-3.0 services at low entry points. Various cryptocurrencies are used in metaverses and Web-3.0 as the main means of payment. Using crypto bank cards like Embily debit cards is a natural and immediate solution that allows users to bypass lengthy wallet registrations and other inconveniences of conventional interface user onboarding procedures.
Furthermore, the eventual and inevitable stabilization of the cryptocurrency market will allow the holders of digital currencies to use their crypto bank cards to effectively generate yields on asset price valuation. Built-in OTC service is a straight off-ramp to exchanging cryptocurrencies in bulk for fiat and vice versa. In combination with instant and zero-fee cashouts at ATMs in Europe, Embily provides a host of other features and functions that will be invaluable for accessing Web-3.0 paid services.